In this video, I talk about how you can get a jump start on your retirement plans/savings if you are a federal employee or uniformed service members. Get to know your Thrift Savings Plan! We’ll address the basic elements including a description, investment options/funds, investment match, and contributions.

CHAPTERS:
00:00 Introduction
00:46 What is a Thrift Savings Plan?
01:06 How do I invest in my TSP?
01:54 What are my investment options/funds?
02:57 Is there a company match? How much?
04:12 Summary and Helpful Resource

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Bill Drexler, CFP®, ChFC®
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LEARN MORE ABOUT: Thrift Savings Plans

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If you are a federal employee, it’s important to familiarize yourself with the Thrift Savings Plan (TSP) to ensure that you are making the most of your retirement savings. The TSP is a retirement savings and investment plan for federal employees, members of the uniformed services, and civilians who are part of the federal government’s retirement system. Here’s everything you need to know about the TSP and how it can help you secure your financial future.

The TSP offers federal employees the opportunity to save for retirement through a tax-deferred investment account. Contributions to the TSP are made through payroll deductions, allowing participants to save a portion of their income before taxes are taken out. This can lower their taxable income and reduce their overall tax liability. Additionally, the TSP offers several investment options, including government securities, U.S. stock funds, and international stock funds, giving participants the opportunity to diversify their investments.

One of the most attractive features of the TSP is the employer matching contribution, known as the TSP matching fund. Federal employees who contribute to their TSP accounts are eligible to receive matching contributions from their employing agency, up to a certain percentage of their salary. This is essentially free money from the government that can help bolster your retirement savings.

As a federal employee, it’s important to understand the different investment options available within the TSP and to make informed decisions about how to allocate your contributions. The TSP offers five individual investment funds, including the G Fund (Government Securities), F Fund (Fixed Income Index Investment Fund), C Fund (Common Stock Index Investment Fund), S Fund (Small Cap Stock Index Investment Fund), and I Fund (International Stock Index Investment Fund). Each fund has its own level of risk and potential return, so it’s important to consider your risk tolerance and investment goals when choosing which funds to invest in.

Another important aspect of the TSP is its flexibility and portability. If you leave federal service, you have several options for managing your TSP account. You can leave your money in the TSP, roll it over into an IRA or another employer-sponsored plan, or withdraw it as a lump-sum payment or in a series of monthly payments. Understanding these options can help you make the best choice for your financial situation.

In addition to its investment options and employer matching contributions, the TSP also offers low fees and expenses, making it a cost-effective way to save for retirement. The TSP’s administrative costs are among the lowest in the retirement savings industry, helping participants keep more of their investment returns in their accounts.

If you’re a federal employee, it’s crucial to take advantage of the benefits offered by the TSP and make the most of your retirement savings. By understanding the different investment options, employer matching contributions, and flexibility of the TSP, you can ensure that you are setting yourself up for a secure financial future. Take the time to review your TSP account and consider making any necessary adjustments to ensure that you are maximizing your retirement savings potential. Your future self will thank you for it.