Before taking money out of your Thrift Savings Plan (TSP) in retirement, it's important to know your options so you can choose what works best for you.
The SECURE Act 2.0 and TSP Required Minimum Distributions (RMDs)
You don't have to take…
In 2022, the mutual fund window was introduced, giving TSP participants access to a wider range of investment options. Instead of restricting you to the five funds offered through the TSP (G, F, C, S, and I funds), the mutual fund window…
Over the course of your federal career, you’re likely to build a healthy balance in your Thrift Savings Plan. With low administrative fees and several funds from which to choose, it’s a valuable benefit for federal employees. And while no one enjoys…
During your working years, it’s generally recommended to have an emergency fund that can cover three to six months of living expenses. But in retirement, that cushion might need to be even larger to handle unexpected costs—including the impact of a stock…
A growing number of federal employees are retiring with more than $1 million in their Thrift Savings Plan (TSP) accounts, a milestone once considered rare. New data from the Federal Retirement Thrift Investment Board (FRTIB) reveals that the number of TSP millionaires…
As a Thrift Savings Plan (TSP) participant, you have the option of rolling over money from eligible retirement plans like a 401(k), 403(b), or a traditional IRA, into your TSP account. Even better, you can move money into your TSP while you’re…
For federal workers, a strategic retirement plan has one primary objective: ensuring financial security in your golden years. To achieve this goal, the process involves analyzing the four fundamental elements of retirement: income, healthcare, taxes and estate planning.
1. Income Planning
Income…
Contributions to your Thrift Savings Plan (TSP) or other tax-advantaged retirement accounts are made with pre-tax dollars, meaning they haven’t been taxed by the federal government. Eventually, the IRS requires you to withdraw funds from these accounts to collect its share. These…
General Purpose TSP Loans are on the rise, with recent data showing a significant jump in their usage. In 2023 alone, the number of outstanding loans increased by 40%. By the end of the year, nearly 480,000 loans were active, totaling close…
Do you spend more time planning vacations than thinking about your retirement withdrawals? If so, you might want to reconsider. Retirement could last 30 years or more, so it deserves the same focus you’d give to any big life event. After all,…