What is the TSP? The Thrift Savings Plan for Beginners

by | Oct 20, 2022 | Thrift Savings Plan | 2 comments

What is the TSP?  The Thrift Savings Plan for Beginners




We continue our series on military money as we turn our attention to the Thrift Savings Plan or TSP.

TSP is an important component of the blended retirement system and in this video we’re going to learn what it is and how you can use your TSP to grow your retirement savings.

The TSP is what’s known as a defined contribution plan this means that the amount of money you’ll have available at the end of your career will be determined by how much money you and your employer contribute to the account during your time and service plus however much your earnings grow over your working life it’s important to know that you have total ownership of your TSP account.

TIPs: You won’t be subject to any kind of taxation or penalty if you follow IRS rules for rolling over your TSP into a different type of retirement account.

As your income levels rise the marginal rate of income tax you pay also rises. When you save and plan well enough to have a comfortable retirement income you’ll actually end up paying more income taxes. Down the road when you start taking withdrawals from your TSP then you would if you had paid the money today the way to avoid paying excessive taxes later in life is to fund your TSP with post-tax contributions this is called a Roth TSP. With a Roth account you don’t get any kind of tax break up front but as your savings appreciate in the years and decades ahead every dollar you earn is tax free because you already paid the tax on the money up front and the retirement withdrawals you make every penny of it is tax free that means no future taxes ever.

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If you want to learn more about the difference between traditional and Roth retirement accounts click the link you see on your screen on this video and take a couple of minutes to watch our video on individual retirement accounts.

If your plan is to hold on to your cash rather than grow your money you run the risk of having your savings eroded by inflation. For ideas on how to protect your savings from inflation click the link you see on your screen of this video now and take a look at my video on inflation and savings.

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★Disclaimer★: I am not a licensed financial advisor. Cassian Nuñez does not provide tax, legal or accounting advice. This material has been prepared for entertainment purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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