Top 3 Changes to Thrift Savings Plan (TSP) Withdrawals in 2019
Submitted by Washington Wealth Advisors | Falls Church and Ashburn, VA on August 26th, 2019
By Maura C. Schauss, CFP® and Jane Huang, MBA, CFP®
If you’ve been frustrated by the complexity and inflexibility surrounding your federal Thrift Savings Plan (TSP), you’re not alone. Fortunately, many of the rules and restrictions surrounding your options for contributing and withdrawing will be relaxed when the TSP Modernization act goes into effect on September 15th, 2019. The new rules are designed to give you more control over your money and apply to all TSP account owners, regardless of whether or not you’re already receiving monthly payments. The top three changes to TSP withdrawals in 2019 are greater flexibility in partial withdrawals, making withdrawal changes at any time, and the ability to choose which accounts your withdrawals are coming from.
