Process to Get TSP Hardship Loans
                     What is a Thrift Savings Plan?
A TSP is a retirement savings plan for people who work full-time, part-time or 
for the federal government in an eligible status. TSPs hardship loans are 
available to:
● Federal Employees Retirement System, (FERS), or Civil Service 
Retirement System, employees
● Active duty members of the Ready Reserve or members of a uniformed 
military service
● Additional government service categories include civilians
Two types of TSPs may be available to you: Roth TSPs or traditional TSPs.
● Traditional TSPs use pre-tax contributions from your salary, employer 
matching and other sources to fund the account. Until you start taking 
distributions, you don't have to pay tax on the earnings and investments. 
This is usually when you reach retirement age.
● Roth TSPs include post-tax contributions that are not taxable when you 
withdraw the money. Participation in either one or both of these TSPs 
may be possible.
What is a TSP hardship loans?
TSP hardship loans defined contribution plans, allow you to contribute a 
portion of your pretax income to an investment fund. This is usually done 
through payroll deductions. You may be eligible to have your employer 
contribute to your account. This will increase the amount available for 
investment.
If you are younger than 50, you can contribute as much as $20,500 to 
either traditional or Roth TSP options for 2022. Catch-up contributions 
can be made if you are 50 or older.
Conclusion
If you are a government employee, 
the TSP hardship loans are a great 
way to save for your future. It 
functions in a similar way to a 401(k), 
403(b), and allows you to manage 
your investments. This makes it easy 
for people who are moving from the 
private sector to the public sector.