In this episode of theSITREP, Paul covers how to set-up your Thrift Savings Plan account. Paul is joined by U.S. Air Force Veteran, Mike Jerue, who serves as the Deputy Chief Investment Officer at Thrift Savings Plan.
Listen to the complete Thrift Savings Plan Podcast here:
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ADDITIONAL THRIFT SAVINGS PLAN VIDEOS
What is Thrift Savings Plan
Pension vs. Thrift Savings Plan
Contributions with Thrift Savings Plan
Thrift Savings Plan After Government Service
How to Set-Up Your Thrift Savings Plan
IRA & Thrift Savings Plan Contributions
Thrift Savings Plan Beneficiaries
Thrift Savings Plan Contributions After Service
Roth vs. Traditional Thrift Savings Plan
IRA vs. Thrift Savings Plan
403b vs. Thrift Savings Plan
Thrift Savings Plan Rollovers
Are TSP Contributions Tax Deductible
401k, 457 & 403b vs. Thrift Savings Plan
TSP Maximum Contributions
Individual Funds (G, F, C, S, I Fund) & TSP
TSP L Funds
TSP Retirement Calculators
Roth vs. Traditional Withdrawals
How to Change TSP Contribution Amounts
Thrift Savings Plan Loans & Withdrawals
Age to Withdraw TSP
Thrift Savings Plan Vesting Period
(RMDs) Required Minimum Distribution & TSP
TSP After DoD Service
TSP Company Holdings
Thrift Savings Plan DoD Rollover
How to Access Thrift Savings Plan
Retroactive Contributions to TSP
Catch-Up Contributions with TSP
Changing Contributions with TSP
Thrift Savings Plan Mutual Funds
THRIFT SAVINGS PLAN TOPIC LINKS
For TSP overview, visit:
For TSP contributions, visit:
For TSP L Funds, visit:
For TSP investment funds, visit:
For TSP rollovers, visit:
For TSP holdings of companies, visit:
For TSP mutual fund window, visit:
For TSP annuity, visit:
For TSP required minimum distribution (RMD), visit:
For TSP loans, visit:
For TSP hardship withdrawals, visit:
For TSP death benefits, visit:
#theSITREP #TSP #AnnieVA...(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
The Thrift Savings Plan (TSP) is a retirement savings and investment plan available to members of the United States military and federal employees. It offers several benefits, including tax advantages and low-cost investment options. Setting up your TSP is a crucial step towards building a secure financial future, and in this article, we will guide you through the process of setting up your TSP. 1. Eligibility and Enrollment: Before you can set up your TSP, you need to ensure that you are eligible. If you are a member of the armed forces, you must be in active service or in the Ready Reserve or Guard and receiving military pay. For federal employees, you must be a civilian employee receiving pay covered by the Federal Employees' Retirement System (FERS) or the Civil Service Retirement System (CSRS). To enroll in the TSP, you need to complete Form TSP-1 (for military members) or Form TSP-1-C (for federal employees). These forms can be obtained from your personnel office or the TSP website. 2. Contributions: One of the essential aspects of the TSP is making regular contributions. To set up your TSP contributions, you need to fill out Form TSP-1 (for military) or Form TSP-1 (for federal employees). These forms give you the option to contribute a percentage of your pay or a specific dollar amount. Decide how much you can contribute comfortably without sacrificing your current financial obligations. The TSP has contribution limits set by the Internal Revenue Service (IRS), so be aware of those limits and adjust your contributions accordingly. 3. Investment Choices: One significant advantage of the TSP is the variety of investment options available. To set up your investment choices, you need to decide your allocation among the different TSP funds. The TSP offers various funds, including different stock funds, bond funds, and lifecycle funds. Each fund has different levels of risk and returns. Consider your risk tolerance, investment goals, and time horizon to determine the best mix of funds for your portfolio. 4. Managing Your Account: After your TSP enrollment is processed, you can log in to the TSP website to manage your account and make changes. The website provides tools, calculators, and educational materials to help you make informed decisions about your investments. Regularly review your investment strategy and make necessary adjustments based on your changing financial situation, retirement goals, and market conditions. Take advantage of online resources and seek professional advice, if needed, to ensure your TSP is aligned with your goals. 5. Beneficiary Designation: Lastly, it is crucial to designate beneficiaries for your TSP account. In the unfortunate event of your passing, your TSP funds can be passed on to your designated beneficiaries, ensuring your loved ones are taken care of. Review and update your beneficiary information regularly, especially after major life events, such as marriage, divorce, or the birth of a child. Setting up your TSP is an important step towards securing your financial future. By enrolling, contributing regularly, and making informed investment decisions, you can take advantage of the benefits offered by the TSP. Remember to review and reassess your TSP periodically to ensure it aligns with your changing financial goals and needs. In conclusion, setting up your Thrift Savings Plan requires understanding eligibility requirements, enrolling through the appropriate forms, determining your contributions, selecting investment choices, managing your account, and designating beneficiaries. By taking these steps, you can pave the way towards financial security in retirement. https://inflationprotection.org/setting-up-your-thrift-savings-plan-tsp-a-comprehensive-guide-thesitrep/?feed_id=142220&_unique_id=651c57410f3fc #Inflation #Retirement #GoldIRA #Wealth #Investing #ThriftSavingsPlan
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