Financial Hardship Versus Age-Based In-Service Withdrawals

• 1). Review your TSP balance. You may only withdraw the amount of money that you contributed and its earnings. TSP allows for two types of withdrawals -- financial hardship or age-based. If you do not qualify for either, you may take a loan from your TSP contributions.
  
  
• 2). Determine eligibility for a financial-hardship withdrawal. Financial-hardship withdrawals are limited to the financial need involved, and they must be at least $1,000. Withdrawal due to financial hardship must meet at least one of the following conditions: recurring negative monthly cash flow, medical expenses that you have not yet paid and not covered by insurance, personal casualty losses that are not yet paid and not covered by insurance, or legal expenses for a separation or divorce from your spouse that you have not paid.
  
  
• 3). Complete Form TSP-76 - Financial Hardship In-Service Withdrawal Request. If you are married, your spouse must also sign this form, consenting to a financial hardship-inservice withdrawal. Submit it by mail to:Thrift Savings Plan, P.O. Box 385021, Birmingham, Alabama, 35238 or fax to: 866-817-5023. Your money will either be mailed to you or electronically deposited into your checking or savings account.
  
  
• 4). Determine eligibility for age-based in-service withdrawal. If you are 59 1/2 and active civilian Federal employee or member of the uniformed services, you qualify for an age-based in-service withdrawal. As with the financial hardship withdrawal, you can only withdraw funds which are vested. The amount of your request must be at least $1,000 or, if less than $1,000, the entire account balance. Lastly, you may take only one age-based withdrawal during your active employment.
  
  
• 5). Complete Form TSP-75, Age Based In-Service Withdrawal Request Form. If you are a married employee under the Federal Employees Retirement System, your spouse must sign this form and consent to the withdrawal. Submit it by mail to: Thrift Savings Plan, P.O. Box 385021, Birmingham, Alabama, 35238 or fax to: 1-866-817-5023. Your money will either be mailed to you or electronically deposited into your checking or savings account.