Browsing: TSP loan

Q. I am retiring at the end of January 2016 with 32 years in the work force. I’m turning 55 in February 2016. Can I take a TSP loan out in January 2016, not pay it back, but pay the taxes? Does this still conserve my partial withdrawal option down the road? I was told I would have to take a partial withdrawal in the year I turn 55 to avoid the penalty, but if I do that, I eliminate the option later, and the amount I need would bump into a higher tax bracket. I’d ultimately like to take…

Q. I am planning to retire within months of hitting 20 years in the government, which will be in September 2016. I will be 57 years old at that time. I will wait until I’m 60 to take my annuity, so I need to fund my existence out of savings for two years or so. My husband currently collects a military retirement and is a federal employee, too. He will quit when I do and will have about eight or nine years in the government. He will also wait so that his payments aren’t reduced. Our only income for the “gap” will…

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