Many federal and postal employees consider borrowing from their TSP (Thrift Savings Plan) -- to perhaps use as a down payment on a new home, to remodel their current home, to pay off high interest debt,  or to use in a financial emergency. 

But is a TSP loan a good idea?  What will it cost you in the long run?  Will it jeopardize your future retirement income?   And, if so, by how much?

In response to many requests on this topic from My Federal Retirement readers, here are some pointers (with a link below to a free online calculator that might provide some help in making the decision).

• Important regulations  on repaying TSP loans that are often overlooked 
• Types of TSP loans available to you 
• 6 key rules for borrowing from your TSP 
• Other considerations provided by the TSP 

Free Online Calculator:  Should You Borrow from Your TSP?

BankRate.com has provided a free online calculator that can assist you in making a decision.  While the calculator is for a "401k loan", keep in mind that a 401k savings plan in the private sector is very similar to the government's Thrift Savings Plan for federal and postal employees.

Go here to use the calculator:  http://www.bankrate.com/elink/calc/401kl.asp

Related Articles & Resources

·  Critical Ins and Outs of Repaying a TSP Loan ·  How to Apply for A Thrift Savings Plan Loan ·  Types of Thrift Savings Plan Loans ·  6 Key Rules to Borrowing from Your Thrift Savings (TSP) Account ·  3 Considerations Before You Borrow From Your Thrift Savings Plan Account