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LEARN MORE ABOUT: Thrift Savings Plans
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What are the fees for Thrift Savings Plan (TSP)?
The Thrift Savings Plan (TSP) is a retirement savings and investment plan for federal employees and members of the military. It is designed to help individuals achieve their financial goals and build a secure retirement.
One of the most attractive features of the TSP is its low fees and expenses. The plan is administered by the Federal Retirement Thrift Investment Board (FRTIB), which is responsible for managing the investment funds and overseeing the operations of the plan.
When it comes to fees, the TSP is known for its simplicity and transparency. Here are the key fees associated with the TSP:
1. Expense Ratio: The TSP funds charge an expense ratio, which is the percentage of assets deducted annually to cover the costs of managing the funds. The expense ratio for all TSP funds is extremely low compared to other retirement plans and mutual funds. As of 2021, the average expense ratio for TSP funds is just 0.042%.
2. Investment Fees: In addition to the expense ratio, the TSP does not charge any additional fees for investment transactions. Whether you contribute to the plan, make transfers between funds, or make withdrawals, there are no individual transaction fees.
3. Administrative Fees: The TSP charges a small administrative fee to cover the costs of operating the plan. This fee is minimal and is deducted from the participant’s account balance on a quarterly basis. As of 2021, the administrative fee is $0.15 per $1,000 of assets per year, which means if you have $10,000 in your TSP account, you would pay $1.50 in administrative fees for that year.
4. Loan Fees: If you take out a loan from your TSP account, the plan charges a loan origination fee of $50. This fee is deducted from your loan amount upfront.
It is important to note that while the TSP fees are generally low, they may vary depending on the specific investment options chosen and any optional services used within the plan. However, these additional fees are still considerably lower compared to many other retirement savings plans.
The low fees of the TSP are one of the primary reasons why it is highly regarded by financial experts. By keeping costs to a minimum, participants can maximize their potential investment returns over the long term.
In conclusion, the TSP stands out for its low fees and expenses, making it an attractive option for federal employees and members of the military looking to save for retirement. With a minimal expense ratio, no investment transaction fees, and reasonable administrative fees, the TSP offers a cost-effective way to build a secure financial future.
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