Hello 👋 I'm Lee. Odds are, when you started federal service, your orientation didn't go over how to take full advantage of the TSP benefits. Let me help! If you would like a walkthrough tutorial of the website, check out this video! #ThriftSavingsPlan #howtoretireearly #tsp ETSY SHOP↓↓↓↓↓↓ VIDEOS YOU MIGHT LIKE: Roth IRA for beginners: Homeownership 1st year Costs: ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 🌍 CONTACT↓ 📷 Insta | Facebook | 📩 Email | FreckleFaceRunner1@gmail.com ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ DISCLAIMER ↓ This video is for informational purposes only, it should not be considered Financial or Legal Advice. Consult a financial professional before making any major financial decisions....(read more)
LEARN MORE ABOUT: Thrift Savings Plans
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
Government Thrift Savings Plan for Beginners (TSP) | Everything You Need to Know! One of the benefits offered by the United States government to its employees is the Thrift Savings Plan (TSP). It is a retirement savings plan designed to help federal employees build a secure financial future. If you are new to TSP or considering enrolling in it, here is everything you need to know! What is TSP? The Thrift Savings Plan is a defined contribution plan, similar to a 401(k) offered in the private sector. TSP allows federal employees to save and invest a portion of their salary for retirement, with the advantage of tax-advantaged savings. It was established in 1986 and is governed by the Federal Retirement Thrift Investment Board (FRTIB). Who is eligible? TSP is available to all federal employees, including members of the uniformed services. This includes federal civilian employees, members of the U.S. military, and certain other groups of government employees. Additionally, part-time and seasonal employees can also be eligible to participate. How does it work? As a participant in TSP, you can contribute a percentage of your salary into the plan, which is deducted automatically before taxes are taken out. The amount you contribute is entirely up to you, as there are no minimum or maximum limits. Your contributions are invested in one or more of the TSP's various investment funds, which include both stock and bond funds. The funds differ in risk and rate of return, allowing you to choose the ones that match your investment goals and risk tolerance. What are the benefits? One of the primary advantages of TSP is its low fees. Compared to many private retirement plans, TSP offers extremely low expenses, thanks to its efficient investment management. Additionally, the contributions made to TSP are tax-deductible and grow tax-deferred until withdrawn. This means that you won't pay taxes on your contributions and earnings until you start withdrawing funds during retirement, which can help maximize your savings over time. Can you withdraw the funds? The funds in your TSP account are primarily meant for retirement, but there are a few scenarios where you can access your money before then. Participants who separate from federal service have the option to roll over their TSP account into an Individual retirement account (IRA) or an eligible employer plan. Additionally, there are certain exceptions that allow for penalty-free withdrawals before the age of 59 ½. How to get started? Enrolling in TSP is a relatively simple process. You can sign up through your agency's Human Resources department or online at the tsp.gov website. You will need to provide your personal information, such as name, social security number, and employment details. Once enrolled, you can set up your contribution amount, choose your investment funds, and track the growth of your account through the TSP website. In conclusion, the Thrift Savings Plan offers federal employees an excellent opportunity to save for retirement and enjoy the benefits of tax-advantaged savings. By taking advantage of the low fees, tax benefits, and variety of investment options, you can build a solid financial foundation for your future. If you are eligible for TSP, it is highly recommended to enroll and start contributing as soon as possible to maximize your retirement savings. https://inflationprotection.org/beginners-guide-to-the-government-thrift-savings-plan-tsp-all-the-essential-information/?feed_id=110867&_unique_id=64973bc803fc7 #Inflation #Retirement #GoldIRA #Wealth #Investing #blackandwealthy #blackYouTube #earlyretirements #F.I.R.E #federalemployeeretirement #FinancialIndependence #FinancialIndependenceRetireEarly #frecklefacefinance #frecklefacefinance #howIsaved100k #howmuchshouldIsave #HowtoachieveF.I.R.E #howtobecomeamillionaire #Howtobecomewealthy #howtoinvest #howtoretireby50 #howtoretireearly #howtosavemoney #rothforbeginners #RothIRA #rothiraexplained #thriftsavingsplan #thriftsavingsplan #tsp #ThriftSavingsPlan #blackandwealthy #blackYouTube #earlyretirements #F.I.R.E #federalemployeeretirement #FinancialIndependence #FinancialIndependenceRetireEarly #frecklefacefinance #frecklefacefinance #howIsaved100k #howmuchshouldIsave #HowtoachieveF.I.R.E #howtobecomeamillionaire #Howtobecomewealthy #howtoinvest #howtoretireby50 #howtoretireearly #howtosavemoney #rothforbeginners #RothIRA #rothiraexplained #thriftsavingsplan #thriftsavingsplan #tsp
Comments
Post a Comment