Part 2: Steps to Achieving Thrift Savings Plan Millionaire Status

Join fellow FERS retiree, Elizabeth Inman for part two of this 5-part series on how Federal & Postal Employees can become a Thrift Savings Plan Millionaire (TSP). In part two, Elizabeth gives you some late-breaking news about several improvements to the TSP website. Plus, there are a few things that you must know about the Secure Act 2.0 that will affect catch-up election and life expectancy recalculation. If you want up-to-the-minute news and information about your Thrift Savings Plan, then this podcast series is for you. If you missed part one of this 5-part series, you can watch Part One here: 4:06 Logging into TSP website Improvements 5:27 Temporary Issue with TSP Installment Payments 6:22 The G-fund and the Government's Debt Limit 8:31 The Secure Act 2.0 and the President... 10:57 TSP Life Expectancy Recalculations 12:23 Changes to the Secure Act 2.0 catch-up contributions...(read more)

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LEARN MORE ABOUT: Thrift Savings Plans
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Part 2: Taking Action In part one of this series, we talked about the importance of being intentional with your Thrift Savings Plan (TSP) contributions and making smart investment choices. In part two, we will discuss practical steps you can take to increase your chances of becoming a TSP millionaire. 1. Start Early: One of the biggest advantages you can have when it comes to building wealth is time. The earlier you start contributing to your TSP, the more time your money has to grow. Even if you can only afford to contribute a small amount each month, start now and increase your contributions as your income grows. Also, take advantage of the compound interest that comes with leaving your money in the TSP account over the long term. 2. Maximize Your Contributions: The current TSP contribution limit is $19,500 per year as of 2021. If you’re under 50 years old, try to contribute as much as possible, taking into account your budget and other financial goals. If you’re over 50 years old, you can make “catch-up contributions” of an additional $6,500 per year. 3. Diversify Your Investments: As mentioned in part one of this series, diversification is key to minimizing risk and maximizing returns. Don’t put all your money in one investment option, instead spread your contributions between different funds based on your risk tolerance and investment goals. 4. Take Advantage of Employer Contributions: If you’re a federal employee, your employer will match up to 5% of your salary in TSP contributions. Take advantage of this free money by contributing at least enough to receive the full matching amount. 5. Make Sure Your Contributions are Automatic: Use myPay or EBIS to set up automatic contributions to your TSP. This will ensure that you never forget to make your contributions and can make the most of your initial investments. 6. Monitor and Rebalance Your Portfolio: Review your TSP annually or biannually to ensure your investments are still aligned with your goals and risk tolerance. Rebalance your portfolio occasionally by selling assets that have performed well and buying ones that have underperformed. Becoming a TSP millionaire requires commitment, patience and smart financial management. By maximizing your contributions, diversifying your investments, and taking advantage of employer contributions, you can set yourself up for financial success in retirement. Remember, the earlier you start contributing, the more time your money has to work for you. Start today, and you’ll be on your way to becoming the next TSP millionaire. https://inflationprotection.org/part-2-steps-to-achieving-thrift-savings-plan-millionaire-status/?feed_id=87263&_unique_id=643781ef8674a #Inflation #Retirement #GoldIRA #Wealth #Investing #fedretirementplanning #federalemployee #federalretirement #federalretirementplanning #howtogetrichwiththetsp #thriftsavingsplan #thriftsavingsplanexplained #thriftsavingsplaninvestment #tspcfund #TSPmillionaire #tspstrategy #ThriftSavingsPlan #fedretirementplanning #federalemployee #federalretirement #federalretirementplanning #howtogetrichwiththetsp #thriftsavingsplan #thriftsavingsplanexplained #thriftsavingsplaninvestment #tspcfund #TSPmillionaire #tspstrategy