This livestream revisits the topic, Thrift Savings Plan (TSP). Crystal Oculee, our Chief Financial Strategist, present her thoughts on those plans and how they might benefit you.

Chapters:
0:00 – 0:44 Intro
0:45 – 2:02 Pros and Cons
2:03 – 5:03 Adjusting Your Plan for Unforeseen Changes
5:04 – 5:28 Conclusion

Have questions? Connect with us.
Call/Text: (310) 820-4411
Email: ask@icwm.com
Website:

Follow us on social media!
YouTube:
Facebook:
LinkedIn:
Twitter:
Instagram:

#retirement #retirementplanning #finance #financialplanning #financialeducation #financialliteracy #financialconsultant #invest #investing #investment #investments #investmentstrategies #livestream #wealth #money…(read more)

LEARN MORE ABOUT: Thrift Savings Plans

REVEALED: Best Investment During Inflation

HOW TO INVEST IN GOLD: Gold IRA Investing

HOW TO INVEST IN SILVER: Silver IRA Investing

Thrift Savings Plan (TSP) is one of the most popular retirement savings plans amongst federal employees. It was created in 1986 to enable government employees to save for their retirement while still being employed. The TSP is a defined contribution 401(k) plan, which offers a range of investment options to help participants build retirement savings.

The TSP offers five core funds to choose from, including the G Fund, F Fund, C Fund, S Fund, and I Fund. These funds offer varying levels of risk and return, so participants can select a combination of funds that suit their individual investment goals and risk tolerance. Participants can also invest in Lifecycle Funds, which are a mix of the five core funds designed to adjust their asset mix as the participant gets closer to retirement.

One of the primary advantages of the TSP is its low cost structure. The administrative expenses for the TSP are extremely low compared to other 401(k) plans in the private sector. This is because the TSP is a not-for-profit trust, governed by a board of trustees appointed by the President of the United States. By keeping costs low, the TSP enables participants to maximize their savings and investment returns.

Another key advantage of the TSP is its tax benefits. Participants in the TSP can contribute a portion of their pre-tax income, which means that the contributions are deducted from their taxable income for the year. This can reduce the amount of taxes paid in the current year and can help participants grow their investments faster.

Furthermore, the TSP allows participants to make after-tax contributions in the form of Roth contributions. These contributions are made with after-tax dollars, but the investment gains grow tax-free. This means that when the funds are withdrawn during retirement, the participant does not have to pay taxes on any of the investment gains. This is a significant benefit, particularly for those who anticipate being in a higher tax bracket during retirement.

The TSP also makes it easy for participants to manage their accounts conveniently. There are multiple ways to make contributions, including payroll deductions, online transfer, or by mail. Participants can also monitor their investments and make changes to their portfolio online. Furthermore, the TSP offers education and resources for participants to help them make informed decisions about their investments.

In conclusion, the TSP is one of the most popular and efficient retirement savings plans available for federal employees. With its low-cost structure, tax benefits, and multiple investment options, participants can build a strong retirement fund. The TSP is easy to manage, and the board of trustees is dedicated to serving the best interest of the participants. Therefore, if you are a federal employee, the TSP is an excellent option to consider for your retirement savings plan.