Q:

How do you make a withdrawal from your Thrift Savings Plan?

A:

Quick Answer

Withdrawal policies vary based on whether or not the account holder is an active federal service employee or military member, according to Thrift Savings Plan. However, both types of withdrawals can be initiated by filling out a withdrawal request form. Financial hardship and age-based withdrawals are available for in-service members.

Continue Reading

Full Answer

It is vital for account holders to carefully read all terms and conditions before requesting a withdrawal, warns Thrift Savings Plan. If an in-service withdrawal is completed, the account holder must pay federal and possibly state taxes on the withdrawal amount.

When a plan member leaves federal service, withdrawals must begin no later than the year the member turns 70 1/2, according to Thrift Savings Plan.

Learn more about Bank Accounts
Sources:

Related Questions

Explore