Can You Withdraw TSP Funds Without The 20% Tax Hit?

[@bva5362]

Retired this year. I will be saving this video for when I start withdrawing in the near future.

[@TheMoneyBriefing]

Congrats on the retirement!

[@terriepatterson2039]

Thank you so much! 😊 Great information for me being that I will be eligible to retire in a few months but thinking about staying for 5 more years at mandatory 57. Your awesome 👏🏽

[@TheMoneyBriefing]

Thank you!

[@jftube3333]

Excellent information. Much appreciation for this 👍

[@TheMoneyBriefing]

My pleasure!

[@reno6142]

Thank you! Great video!

[@TheMoneyBriefing]

Thanks!

[@rose4u111]

Thanks for sharing this helpful information.

[@TheMoneyBriefing]

Glad it was helpful!

[@DefyingtheOdds504]

Thank you!

[@TheMoneyBriefing]

Thanks for watching!

[@ericolens3]

Thanks for the video, but please clarify the acronyms at times.
I've never heard of a TSP before. I compare all retirement plans just so I'll know which ones are available and which ones work best for me. Personally, since I'm a public employee 401ks aren't available but I do have a Roth IRA, HSA, and a life insurance with a rider for living benefits (long term healthcare)
while Im not a financial advisor, I dont want my generation to get broadsided by another inflation or have their earnings and savings eaten up by inflation.
essentially We have Pensions but I dont want them to be on a "fixed income" where inflation eats up their savings in their older years.
so please, I ask you to clarify the acronyms at times. And yes, I'll do my due diligence and read upon it on my own time.

[@TheMoneyBriefing]

TSP stands for Thrift Savings Plan. It is the retirement savings plan for federal employees and members of the uniformed services. It works very similar to the 401K plan that private industry employees use.