Federal Retirement - SafeMoney.com

For IMMEDIATE support, call 877.GROW.SAFE (877.476.9723)       

what you need to know about thrift savings plan

Are you part of the majority of federal civilian employees in the Federal Employee Retirement System? Or maybe you are a member of the uniformed services. If so, you probably have access to the Thrift Savings Plan, one of the workplace benefits that people receive as United States government employees.  

The Thrift Savings Plan (TSP) is a 401(k) like plan for federal workers. It allows you to contribute to your retirement fund and receive a matching contribution from your federal agency.

According to recent statistics, over 5 million people participate in the TSP, which has more than $500 billion in assets under management.

One common issue for many federal employees is they don’t understand their TSP accounts and what it can offer them. If you find it hard to navigate, no sweat. Here’s a quick rundown of some must-know facts about your Thrift Savings Plan account that can be of benefit.  

Read More

retirement mistakes made by federal employees

As a postal or federal employee, you have high-quality federal benefits. In time, they will play directly into your retirement, whether you will be eligible to retire in the next 15 years or are a new career hire.

Among your many benefits are programs that directly affect your financial future. Tax-advantaged retirement savings plans, guaranteed-pension payouts, and cost-efficient life insurance coverage are just a few of those programs.

Your challenge is to ensure that you maximize what is available to you. Making smart choices early will help you reap rewards for the rest of your life. So, it’s important to weave your federal employee benefits into your complete financial picture to set yourself up for the most successful retirement possible.

To get there, you need to avoid the mistakes some federal employees make with their benefits and retirement planning. These slip-ups can cost you tens of thousands of dollars in lost benefits. And what's more, once these mistakes are made, they can't be reversed or changed.

Read More

 thrift savings plan distribution options basics img

Editor's Note: This article is not intended to be and should not be used for tax advice. We have published this to be a source of information and for educational purposes only. Please consult with a qualified tax planning professional for guidance with your personal circumstances.

Update: In November 2017, Congress passed the TSP Modernization Act, which gives Federal Workers more flexibility with their plan withdrawal options. While the legislation has been passed, the Federal Retirement Thrift Investment Board is in the midsts of adapting new policies and procedures into its publications and websites. You can read more about that here. Some of the information below may be subject to change with these new procedures and policies.

As part of the federal civil service or the uniformed services, you may participate in the Thrift Savings Plan (or TSP). According to the Thrift Savings Fund, there were 4.8 million plan participants and approximately $458 billion in plan assets under management, as of December 2015. But while millions of federal employees rely on the plan, many are confused about their TSP distribution options for retirement.

In retirement, you will need access to your money for income. However, it’s prudent to be aware of all implications before you start taking money from your account. The Thrift Savings Plan has a unique framework for withdrawals. Making a withdrawal before knowing everything involved can greatly affect your future money access options.

Here are some basics on different distribution options you may have with the Thrift Savings Plan.

Read More

Proud Member

assessbest logo footer FBIC LogoHorizSOFA Logo1LegacyShieldSafeMoney

Newsletter Signup

Contact Info

Holiday ReplaceHoliday jewish

Safe Money Broadcasting LLC.
1107 Key Plaza #450
Key West FL, 33040-4077
1.877.476.9723
(877.GROW.SAFE)

;