If you have left government or military service in recent years, then there is a good chance you still have a Thrift Savings Plan (TSP) account in your name. Personally, I’m a big fan of consolidating financial accounts to make financial planning and management easier to deal with. But the TSP is in it’s own [...]
Military and government officials have been discussing adding a Roth Option for the TSP to try and bring the Thrift Savings Plan more in line with its civilian counterpart – the 401(k) plan. The benefit of offering a Roth TSP option is that Roth contributions are made with post tax salary, and withdrawals are tax [...]
The House recently approved a measure that will add a Roth option to the Thrift Savings Plan. This feature will be similar to Roth 401k plans and Roth IRAs – contributions are made after taxes are withheld from your paycheck, and withdrawals are made tax free in retirement.
The benefits of a Roth option for the [...]
The Thrift Savings Board announced that the 2009 employee contribution limit for the Thrift Savings Plan has been increased from $15,500 in 2008 to $16,500 in 2009. If you are over age 50, you will be eligible for catch-up contributions of an additional $5,500, for a total contribution of $22,000. These changes correspond to the [...]
The Thrift Savings Plan (TSP) is one of the best investment opportunities for military members. Like a civilian 40 1(k) plan, the TSP plan gives investors the opportunity to lower their taxable income by contributing tax deferred income. The money is contributed to your TSP before it is taxed, where it will grow tax free [...]
When I separated from the USAF in 2006, I was faced with a decision regarding my Thrift Savings Plan (TSP). Since I would no longer be a member of the armed forces, I could no longer contribute to the TSP. So what should I do? In the end I decided to leave the money in [...]
If you’ve read my article The Thrift Savings Plan Rocks!, then you know that I believe the TSP is a great way for many government employees to invest for retirement. However, there are also several drawbacks to investing in the TSP.
Disadvantages to investing in the Thrift Savings Plan
Limited investment choices. There are only 5 investment [...]
The Thrift Savings Plan (TSP) is a US Government sponsored retirement plan that is very similar to a traditional 401k. It is primarily open to US Military members and eligible civil-service employees. Why does it rock?
It is simple to do. Electronic sign-up takes less than 5 minutes and will start within a month. Once you [...]
The Thrift Savings Plan (TSP) has a feature that allows its members to withdraw money during a financial emergency. While this can be helpful in a tight situation, it is not a decision to take lightly. When money is taken out early, it cannot be replaced into the TSP and you will lose out on [...]
The TSP is a retirement savings program for civilians and members of the armed forces who are employed by the United States Federal Government. The TSP is very similar to a 401(k) plan in many ways. They are similar because they are both employee sponsored and they are both defined contribution plans and tax deferred [...]
Investing for your retirement is one of the most important actions you can do for your financial health. Even if you receive a military pension, it will not likely be enough for you to retire in style. That is why it is important to invest for your retirement now.
This should help federal government workers and [...]
