Timothy Sumer

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Navigating the Thrift Savings Plan can be overwhelming. Don’t worry, we cover everything you need to know without assuming that you have a degree in economics. You’ve decided that saving for retirement is important. Great! Now, you’ll need to decide where to invest your money for long-term growth. If you happen to be in military service or a federal government employee, then HR has likely introduced you to the Thrift Savings Plan AKA the TSP. The federal government sponsored this retirement investment plan as a way for you to save for retirement. What is the Thrift Savings Plan? The Thrift Savings Plan is a defined contribution plan. The account type was created through the Federal Employees’ Retirement System Act of 1986. The goal was to create a tax-advantaged account for federal employees with similar benefits to a 401(k) plan. Unlike a pension, retirement income from your TSP is dependent on the money you have contributed to your account along the way. Additionally

Traditional IRAs and Roth IRAs both offer tax-advantaged growth of money. The contribution for both account types for 2021 is $6,000, or $7,000 if over age 50. The biggest difference between the account types comes down to when you pay taxes on the money. With a Roth IRA, you pay tax now. You contribute to a Roth IRA using aftertax money, and you can't deduct the contribution from your taxable income. But when you do withdraw the money in retirement, it's tax-free. Roth IRA contributions are also subject to certain income limits. A single filer and head of household can make a full contribution if your income is below $125,000 and a partial contribution up to $140,000. For married filing jointly, you can make a full contribution if your income is less than $198,000, and a partial contribution up to $208,000. With a traditional IRA, you pay tax later. When you contribute to a traditional IRA, if your income is below certain limits, you may be eligible to deduct the