P>It's a big decision to make, but it might be easier than you think. Your TSP is your financial future. It's not just money, it's the money you'll need to live on in retirement. So in this video, I'm going to explain what you need to know to make that decision about your TSP easy, fast, and without losing money unnecessarily. Music: Hey, I'm Lacey Langford, the military money expert. I hope military servicemembers, veterans, and their families stop being fearful of money and start having control and confidence with it. If you're new here, be sure to hit the subscribe button below and check out all the links I mentioned in this video, which I will put in the description below. Today, we're going to talk about what the heck you should do with your TSP when you get out. But before we delve into the options, let me give you a quick review of what it actually is. The TSP, aka the Thrift Savings Plan, is a retirement saving and investing account sponsored by the Department of Defense. It's the government's version of a 401(k), which means it's long-term savings. So long, in fact, that you can't take the money out without taxes and penalties until you're 59 and a half. I have a video on what the heck is the TSP that you can watch here, plus I have a detailed article on the TSP, which I will put in the description below. Now, let's discuss the three options when you separate from service. Option 1: If your account balance is more than $200, you can leave it right where it's at until you're 70 and a half. However, you will no longer be able to contribute to your TSP once you leave service. Option 2: You...
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Tsp 78 Form: What You Should Know
Do this before the end of the year. Use this form when you can leave your agency or when you are separated from your agency. You can leave or terminate your service during the year or at any time. Use this form when you: Terminate your service during the year Use this form when the employee or an authorized agent has withdrawn an amount that is equal to or greater than the employee's vested balance and the amount is reported on a TSP-OI or TSP-Q Form, including Form TSP-Q-2. Use this form to withdraw money from the TSP, even when the termination is not reported under the TSP-OI or TSP-Q Form, including Form TSP-Q-2. Use this form to withdraw money from the TSP when the employee or an authorized agent has submitted a Form TSP-OI, or TSP-Q, to the TSP Office at a later date. This can be done as soon as an authorized withdrawal has been authorized for that employee. Use this form only to do the following while terminated: Use this form to withdraw money from the TSP if the employee or an authorized agent has withdrawn money for any of the following reasons: Change in Employer. Use this form for terminating employment when you have been provided an exit allowance by the employer. Use this form to terminate employment with an employer if you want to withdraw from your plan without making any changes to your account. Termination for Cause. You must file this form after you have received a notice to stop Employment. You will also need to file a Form TSP-OI for a termination of employment termination. Use this form for terminating employment when you make or accept a voluntary severance in lieu of notice. Use this form to terminate employment when your retirement age is changed from 60 to the filing age. Termination for Cause. You will need to file this form if: You were terminated for cause use this form for terminating employment under Chapter 13 of the Internal Revenue Code or Treasury Regulations section 1.1056-2 when your separation is considered to be voluntary and your separation is not considered to be involuntary for the purpose of any benefit from an employee retirement plan under the Internal Revenue Code. Anytime (before March 27, 2019).
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Video instructions and help with filling out and completing Tsp form 78
