Commentary

August 29, 2014

Dollars and Sense

56th Comptroller Squadron

Have you contributed to the Thrift Savings Program? Are you now considering taking a TSP loan? Before you do, consider the total costs of the loan and the impact upon your future benefits.

TSP loans borrow from your contributions and accrued earnings. Additionally, you are charged a $50 loan fee that is taken from your loan amount. The loan amount is removed from your TSP balance and you no longer earn or appreciate through normal market performance (lost opportunity growth).

The loan balance is required to be paid back with an interest rate equal to the Fund G rate when the loan is secured. All total, you are losing the accrued earnings from your TSP savings, a $50 processing fee, and the interest rate charges.

We encourage Airmen to fully consider all options available to make the best possible solution for their situation.

As a cautionary note, if you fail to repay or do not pay the loan by your separation date, the loan amount is reported to the IRS and you will owe the elevated taxable interest as well as be subject to an additional early withdrawal penalty.

For more information, call the 56th Comptroller Squadron at 623-856-7028.

Coyote quote: “The most patriotic man, ladies and gentlemen, is sometimes the man who goes in the direction that he thinks right even when he sees half the world against him.” – Woodrow Wilson, 1914




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