The temporarily increased maximum amount for TSP loans will expire on September 22nd
The Thrift Savings Plan (TSP) for Federal Employees increased the maximum loan amount from $50,000 to $100,000 due to the CARES Act and coronavirus crisis. The online tool for processing TSP loan applications will stop accepting submissions that exceed the usual maximum amount at noon on September 22nd. Signed loan applications will be accepted until later that same day, but at midnight. Although it was originally thought to be increased until closer to November, TSP announced earlier this week that the deadline for accepting applications would be the 22nd of September.
To review which individuals are eligible for the increased loan amount, you can read STWS Advisor Jennifer Meyer’s article here.
Instructions for accessing the online tool mentioned above can be found here.
And if you have any questions about your finances, TSP loans, or any other matter related to your Federal Benefits, you can schedule an appointment with an STWS Advisor here.
Until Next Time,
**Written by Benjamin Derge, Financial Planner. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.
The FedLife Podcast is your in-depth, biweekly deep dive into the world of federal benefits and retirement planning. Hosted by federal benefits expert Ed Zurndorfer and Dan Sipe of Serving Those Who Serve, each 30-minute episode unpacks the complexities of FERS and CSRS retirement, FEHB and Medicare, survivor benefits, tax planning, and more. Designed for federal employees and retirees who want more than just the basics, FedLife goes beyond the headlines to explore the rules, nuances, and strategies that can make a meaningful difference in your retirement. Remember: it’s your Fed life, make it a great one.
The Fed15 Podcast is your weekly 15(ish)-minute briefing on federal benefits and financial planning, built specifically for federal employees and retirees. Hosted by Dan Sipe and Katelyn Murray of Serving Those Who Serve, each episode delivers clear, actionable guidance on topics like FERS and CSRS retirement, TSP strategies, FEHB, survivor benefits, tax planning, and more! Whether you’re five years from retirement or already there, The Fed15 helps you cut through the noise, avoid costly mistakes, and make confident decisions about your federal benefits.
