A life annuity provides guaranteed monthly payments for as long as you are alive. If you want a life annuity that pays benefits to a survivor, or joint annuitant, you have that option as well.
The TSP life annuity is one of the full withdrawal options that are available to you once you have left the Federal Government or the uniformed services.
Make sure you do not confuse the TSP annuity that you can purchase as a full withdrawal option with the annuity that is part of your retirement package. The TSP annuity is not the basic annuity that you will receive when you retire as either a FERS or CSRS employee, or the retired pay that you receive as a member of the uniformed services.
You are eligible to purchase a TSP life annuity if you:
- Are separated from Federal civilian employment or the uniformed services
- Purchase an annuity with $3,500 or more of your vested account balance (applies to traditional and Roth balances separately)