Planning on doing a renovation to our home in preparation for aging in place, and the cost is such that I have done a TSP loan application for 50 thousand (did go through the process of doing a home equity application with Quicken, but it got to be a nightmare because we are in a high risk flood zone per FEMA, which would require flood insurance purchase and which is ridiculously priced). I really don't want to have to work 14 more months (to pay off TSP loan). I seek guidance in regards to what else I could do instead. I am 65 years old with 33 years of federal service, husband has been retired for 13 years and is on social security($1500/mth). When I do retire estimated SS and pension would be $5500 mth. Presently monthly expenses are about 4300/mth. Savings include TSP account $590, 000.00, husband's 401 K 233,000.00, have a Roth IRA with 20.000.00, a taxed stock portfolio of $22,000.00 and savings of $50,000.00. Plan to use the cash toward cost of renovation which will cost $113000.00. Any advice would be greatly appreciated in regards to which account I might tap into to offset the 50000.00 TSP loan so it could be paid off earlier? No mortgage, cars are paid off, son is grown and raising his own 3 boys, husband is service connected 30%, my current salary is 112.000 per year, and we currently live on 4000.00 per month. So per our taxes the net is about 90 thousand a year (know that we have to be careful to avoid higher cost medicare or tax bracket).
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