stop

[SOFIE]

can you stop making deposits and just keep what is already in the tsp account without anyone pentlizing you? I need to use the money that has been going in and just leave it there until I retire can I do that?

[Show-me]

Yes you can but it is very, very, highly not recommended. You will miss out on FREE MONEY for the 5% match.

[James48843]

can you stop making deposits and just keep what is already in the tsp account without anyone penalizing you? I need to use the money that has been going in and just leave it there until I retire can I do that?

Yes, you can stop making deposits and just leave the money you have in there. Provided you are still employed, it can stay there until you are old. Even if you separate from federal service, if you have a balance of $1000 or more, you can leave it in there until old age. (or is it $2500? I forget).

However, as much as you may think you need the money now, if you are a federal employee who receives matching funds, why would you leave 5% matching funds and let them go to waste? Please think very, very hard before making the decision to forgo your matching funds. The decision to stop contributing also means you lose those matching funds you would otherwise get.

Now is the best time to be getting those matching funds, and buying shares at a reduced price.

And you don't have to take the money out of TSP until you are age 72.

Good luck. Hope your decision is the best one for you.

[SOFIE]

Oh I would of course leave the matching in, I have 12% now taken out , I also lost 25,000 since Sept. and I moved it in lifecyle after that but I dived so quick I lost out, frankly with the new Admin. I don't think I will have my money anymore

[ChemEng]

I don't think I will have my money anymoreI know a great number of people that think the same about paying for every Fed's salaries with their money...

[Guest2]

Oh I would of course leave the matching in, I have 12% now taken out , I also lost 25,000 since Sept. and I moved it in lifecyle after that but I dived so quick I lost out, frankly with the new Admin. I don't think I will have my money anymore

Remember, you get a automatic 1% whether you contribute or not. I most
definately agree with the others. 5% match minimal, gotta get that free
money. If you must do it at all, do it smart. But if you can avoid lowering
your contributions, by all means, avoid it ! Don't forget the Annual Cost of
Living Increase will always allow you to add another 1% into your current
contribution amount. Its truly best to sacrifice alittle of your raise towards
the future.

With that said, hardships come in many forms and at different times. I do
wish you the best in what ever your decision is. Times are tough and they
ain't getting better anytime soon. Best wishes!

[Scout333]

Oh I would of course leave the matching in, I have 12% now taken out , I also lost 25,000 since Sept. and I moved it in lifecyle after that but I dived so quick I lost out, frankly with the new Admin. I don't think I will have my money anymore

Hello Sofie, Don't know what type of financial issue you have but for short-term TSP Loans may be an option. Financial hardship, medical, etc. Good luck with your issue(s)!:)

[Rod]

Oh I would of course leave the matching in, I have 12% now taken out , I also lost 25,000 since Sept. and I moved it in lifecyle after that but I dived so quick I lost out, frankly with the new Admin. I don't think I will have my money anymore

Keep in mind, if you are military there is no match.

I don't know if you are military or not, so I just threw that in for good measure.