Glenn Davis | The Marathon Group In this episode of Retirement News Online, Glenn Davis of The Marathon Group discusses how a Thrift Savings Plan (TSP) works....(read more)
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Glenn Davis, the founder and CEO of The Marathon Group, is a respected financial advisor with years of experience helping people manage their finances. Recently, he spoke about one of the most important retirement savings options available to government employees – the Thrift Savings Plan (TSP). The TSP is a tax-deferred retirement savings plan designed to provide retirement income for federal employees and members of the uniformed services. The plan is similar to a 401(k) in the private sector, and it allows employees to contribute a percentage of their salary to a retirement account. The amount of money an employee can contribute to a TSP varies depending on their age and their personal financial situation. According to Glenn Davis, the TSP is a great way to save for retirement because it offers many benefits to federal employees. First and foremost, the TSP is the most cost-effective retirement savings plan available to government employees. This is because the fees associated with TSP accounts are significantly lower than those associated with similar plans in the private sector. Additionally, the TSP offers a variety of investment options that allow employees to invest their retirement savings in a way that suits their personal financial goals and risk tolerance. One of the most significant benefits of the TSP is that it offers a match for contributions made by federal employees. This means that for every dollar an employee contributes to their TSP, their employer will match that amount up to a certain limit. Davis notes that this is a significant incentive for government employees to contribute to their TSP because it doubles the amount of money that they can save each year while also reducing the amount of taxes that they will ultimately have to pay. While the TSP may seem like a straightforward retirement savings plan, Glenn Davis cautions that there are some complexities that employees need to be aware of. For instance, the TSP imposes strict requirements on withdrawals made from the account. Employees who withdraw money from their TSP before they reach the age of 59 and a half may have to pay a penalty. Similarly, employees who have a financial hardship may be eligible to withdraw money from their TSP, but they must meet certain criteria in order to do so. Overall, the TSP is an excellent way for government employees to save for retirement and earn significant tax benefits. As Glenn Davis notes, anyone who is considering participating in the TSP should take the time to fully understand the program's benefits and requirements in order to make the most of their investment. With proper planning and monitoring, the TSP can provide a reliable source of income during retirement and help federal employees achieve their long-term financial goals. https://inflationprotection.org/the-intricacies-of-a-tsp-thrift-savings-plan-explained-by-glenn-davis-from-the-marathon-group/?feed_id=95418&_unique_id=645883892b8fd #Inflation #Retirement #GoldIRA #Wealth #Investing #glenndavis #howdoesatspwork #themarathongroup #thriftsavingsplan #tsp #ThriftSavingsPlan #glenndavis #howdoesatspwork #themarathongroup #thriftsavingsplan #tsp
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