So I don’t think I would’ve ever been in this point especially in my military career but it seems like the only option I have for money is getting money out of my tsp im in not serious debt but it just stresses me out have debt and not having money for my self, can anyone explain how I’m able to take out some money in tsp and not all
Posted by SilverTrifle1329
3 Comments
Real quick, before you do this, what’s causing you to be in debt? How will taking money out of it stop the bleeding?
Please provide some additional details. You have debt, but how much? What is the balance on your TSP compared to your debt? You could potentially take a loan, but this is not a great option usually since while it is getting paid back the funds are stuck in G fund (last I looked but has been awhile so double check). The other option could be the withdrawal but you will pay a penalty of 10% and have to pay the tax and you will have lost the opportunity cost.
I would venture to guess your best bet is going to be lowering expenses or temporarily getting a second gig to get that debt paid.
Like everyone else has said, try any other resource before doing this. Once you tap into this resource once, you’re going to view it as an option again.