The Thrift Savings Plan, or “TSP,” can often seem like an underrated part of the FERS program. Compared to the FERS pension, it may feel less valuable. In fact, your TSP can be the difference in achieving the retirement you’ve always wanted.
As a government employee, the Federal Employees Retirement System (FERS) Basic Benefit is a benefit available to you to help replace your current income and live a comfortable retirement. It is commonly referred to as the FERS pension. The size of your benefit can vary greatly as it depends on personal decisions you make during your working years.
Changes are being made to the Thrift Savings Plan account. In an effort to improve the choice of investments available to investors within the TSP (currently restricted to five funds plus the L-series target date funds), the Federal Retirement Thrift Investment Board (FRTIB) is making a “mutual fund window” available to plan participants beginning this upcoming summer.
There is no secret strategy to become rich. You don’t need to put all your money in a new tech stock or cryptocurrency. You don’t even need to earn a six-figure salary. Many government workers, civil servants and military service members (or retired military) just like you are proof of this.
The average age of workers taking voluntary, normal retirement under FERS (Federal Employees Retirement System) is 63. However, there are many federal employees who choose to retire earlier as soon as they gain access to their benefits.
How do you know when you’re ready to retire from the federal workforce? It’s not always an easy decision. Because it’s not only a matter of whether you want to retire but also can you retire yet.
Maxing out your Thrift Savings Plan account is not a necessity for federal workers to achieve a comfortable retirement. But there are many good reasons for making it one of your financial goals.
One of the most important financial steps everyone should take is to keep their beneficiaries up to date. Such a simple task can be the difference between protecting your loved ones and pushing them apart.
From postal workers to VA doctors, we’ve had the pleasure of helping many federal government employees reach retirement. So, what is retirement age for government workers? Is it the conventional age of 65?
Similar to a private company 401(k) plan, the Thrift Savings Plan allows each federal worker to save a portion of his or her paycheck in a tax-deferred investment account that can grow for future use as income in retirement. However, you are given access to two different account options: a TSP Roth and traditional account.