Being successful in the Federal Thrift Savings Plan (TSP) takes work. Federal employees and retirees should take caution to make sure they know how to best utilize the TSP. Federal retirement can last a long time, and you want to make sure you don't run out of money before you run out of time. Learn how to maximize your TSP in this video. ⬇️⬇️ POPULAR FEDERAL RETIREMENT VIDEOS ⬇️⬇️ 3 Retirement HURDLES Beyond Your Portfolio: When Should I Retire as a Federal Employee? How This TSP Millionaire Ran Out of Money: SECURE Act 2.0 - What Federal Employees Need to Know: ----------------------------------------------------------------------------------------------------------------------- ►FREE Newsletter: ►Visit our federal employee retirement website: ►If you're interested in setting a time to meet with Thiago Glieger, click here: ►If you'd like help from a team of Certified Financial Planner (CFP) professionals that specialize in working with federal employees, learn more here: 0:00 What matters 0:23 Pillar 1 2:25 Pillar 2 3:32 TSP pro knowledge 6:10 TSP Mutual Fund Window 6:42 Pillar 3 9:12 Pilar 4 9:50 Reducing Taxes 12:05 How to invest the TSP like a pro -- Subscribe to TFC channel and click the Bell icon to be notified when we release new content. The Fed Corner is a purpose built channel of information and financial planning strategies specifically designed for Federal Employees. We're fiduciary financial planners by trade, and we talk about money, building wealth, navigating your federal benefits, financial planning, the economy, the markets, and more. The things we talk about on here are not to be taken as advice, visit our site for disclosures and seek help from appropriate advisors. Copyright © 2023 The Fed Corner - All Rights Reserved. Investment Advisory services offered by Risk Management Group d/b/a RMG Advisors, a registered investment adviser. Reviewing, posting, commenting or otherwise engaging on this site is not intended to be endorsements of RMG, our advisors or our services, and are not compensated. Activity on this site is not a substitute for working one-on-one with an investment advisor and does not constitute an engagement. RMG only provides advisory services when a financial services agreement has been executed. Please be aware that while we monitor comments and “likes” left on this page, we do not endorse or necessarily share the same opinions expressed by site users. #TSP #federalretirement #federalemployees...(read more)
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4 Pillars to TSP Success: Federal Retirement Planning for retirement is a crucial aspect of every working professional's life. In the case of federal employees, the Thrift Savings Plan (TSP) serves as a pivotal tool for building a solid retirement nest egg. However, navigating the ins and outs of TSP can be overwhelming, especially for those who are new to the federal retirement system. To help ensure a successful TSP journey, it is important to focus on these four pillars. 1. Understanding the Basics Before delving into the intricacies of TSP, it is essential to grasp the fundamentals. TSP is a defined contribution retirement plan designed exclusively for federal employees, including members of the uniformed services. It works similarly to a 401(k) plan, allowing employees to contribute a percentage of their salary, which can be matched by the employing agency. By familiarizing yourself with the general concepts of TSP, including contribution limits, investment options, and withdrawal rules, you will be better equipped to make informed decisions throughout your federal career. 2. Maximizing Contributions One of the keys to TSP success is maximizing your contributions. The more you contribute now, the larger your retirement savings will be in the future. To make the most of TSP, aim to contribute at least enough to capture the full matching amount offered by your agency. This matching contribution is essentially free money that will enhance your overall retirement savings. Additionally, consider increasing your contributions annually and taking advantage of catch-up contributions if you are age 50 or older. By doing so, you can accelerate the growth of your TSP account balance. 3. Diversification of Investments Another pillar to TSP success is diversifying your investments. TSP offers several investment options ranging from low-risk to high-risk funds, ensuring that individuals of various risk appetites can find suitable investments. An effective strategy is to allocate your contributions across multiple funds to create a diversified portfolio. While it's important to remember that past performance does not guarantee future results, diversification can help mitigate risks and enhance potential returns. Regularly reviewing and adjusting your asset allocation as retirement approaches is also crucial. 4. Long-term Planning and Preservation Successful TSP outcomes often result from long-term planning and preservation. It's essential to resist the temptation to withdraw funds prematurely, as this can significantly impact your retirement savings. Instead, aim to leave your TSP funds untouched until retirement or later. If you change jobs, consider rolling your TSP account into an Individual retirement account (IRA) or into the TSP of your new employer to preserve the tax advantages and maintain the growth potential of your funds. By maintaining a long-term perspective and allowing your TSP account to grow steadily over time, you can position yourself for a financially secure retirement. In conclusion, the four pillars of TSP success – understanding the basics, maximizing contributions, diversifying investments, and long-term planning – form a solid foundation for federal employees navigating the federal retirement system. By adopting these principles and regularly reviewing and adjusting your TSP strategy, you can set yourself up for a comfortable and fulfilling retirement. Remember, starting early and staying disciplined in your savings and investment habits will contribute significantly to your TSP success. https://inflationprotection.org/the-key-components-for-achieving-tsp-success-in-federal-retirement/?feed_id=129739&_unique_id=64e3d1492f749 #Inflation #Retirement #GoldIRA #Wealth #Investing #federalretirementplanning #FEHB #FERS #fersplanning #fersretirement #myfederalretirement #OPM #planmyfederalretirement #PlanYourFederalRetirement #SES #thefedcorner #tsp #ThriftSavingsPlan #federalretirementplanning #FEHB #FERS #fersplanning #fersretirement #myfederalretirement #OPM #planmyfederalretirement #PlanYourFederalRetirement #SES #thefedcorner #tsp
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