THRIFT SAVINGS PLAN OVERVIEW
THRIFT SAVINGS PLAN OVERVIEW
Set Up Your Thrift Savings Plan For an Easier Retirement! Get a Benefits Analysis to See How You Can Maximize Your Earnings
RECEIVE A FREE BENEFITS ANALYSIS REPORT AND OPTIMIZE
YOUR THRIFT SAVINGS PLAN:
WHAT IS THE THRIFT SAVINGS PLAN, AND HOW CAN IT ASSIST MY RETIREMENT?
The Thrift Savings Plan (TSP) is an optional tax-deferred retirement savings plan similar to those offered by private groups but is administered by the Federal Retirement Thrift Investment Board. TSPs are available to federal employees who can contribute a portion of their income and receive matching contributions from their employers. When managed properly, you can maximize your TSP payout come retirement.
By optimizing your Thrift Savings Plan to receive the highest possible payout, you can better secure your retirement funds to help cover the cost of living and medical expenses. Federal Educators can take your federal benefits analysis report and give you advice on how you can save smart!
THERE ARE TWO TYPES OF THRIFT SAVINGS PLAN CONTRIBUTIONS ACCORDING TO TSP.GOV:
- Regular employee contributions which are set up on an automatic enrollment contribution system.
- “Catch up” contributions to help those aged 50 and older save up more to meet their goals as they are closer to retirement age.
FEDERAL EDUCATORS CAN HELP YOU UNDERSTAND YOUR THRIFT SAVINGS PLAN!
After receiving your benefits analysis report, you can meet with a federal retirement consultant at Federal Educators for a personal sit-down to discuss any questions you may have. We can address common concerns such as:
“Is a Thrift Savings Plan an IRA?”
“Can you do a Thrift Savings Plan rollover?”
“Thrift Savings Plan vs 401(k), which is better?”
“How do I make a Thrift Savings Plan withdrawal?”
“Does a military Thrift Savings Plan exist?”
HOW TO GET STARTED ON YOUR THRIFT SAVINGS PLAN
Participating in a TSP is entirely optional, but there’s a chance that you will be automatically enrolled in the program. For example, FERS-eligible employees hired after July 31, 2010 will be provided an account with 1% of earned income being deposited by default.
Whether you set up an account manually or have one made for you automatically, maximizing your TSP contributions is a great way to fund your retirement. Many employers will match up to 5% of your contributions for increased savings over time.
TSP Disclaimers
Federal employees with a CSRS plan won’t have their tax-deferred TSP contributions matched. Also, the IRS can limit the tax-deferred contributions you make to your TSP.
DID YOU KNOW?
According to the National Active and Retired Federal Employees Association (NARFE), one of the biggest mistakes you can make as a federal employee is not contributing to a Thrift Savings Plan!
GET YOUR FREE OVERVIEW AND TSP ADVICE FROM FEDERAL EDUCATORS!
FERS employees can receive a free comprehensive benefit overview to optimize their Thrift Savings Plan and increase their retirement funds. Meet with our team to learn more about the TSP program and secure your retirement! Ask us about our complimentary workshops for insights on retirement planning.