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CTSSHAH
@ctsshah
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#ThirftSavingsPlan #SaturdaySchool So to be perfectly honest, I had no clue this existed until I started talking with my father in law. I'm new to the family and honestly never expected to talk w/ him about personal finances ... until I him and my mother-in-law listened to @brendanschema 's podcast that I was on last month while road tripping 🤯. Also this is my shameless plug for you to go listen to his Podcast - http://anchor.fm/financialfriends ... spoiler he is going to do big things, you heard it from me first. WHO should invest in Thrift Savings Plan (TSP)? - Federal employees and members of the uniformed services that are eligible for this plan should contribute as this is essentially an employer 401(k) and may have a match - "Government employees can contribute up to $19,500 to a TSP in 2021. If they 50 or older, they can contribute an additional $6,500." - Investopedia - TSPs accept rollovers from previous retirement plans such as an old employer 401(k) WHAT is a Thrift Savings Plan? - A tax advantage retirement savings plan that is akin to an Employer 401(k), but essentially offerred to government employees - Investing options w/in the plan are limited to: G fund (government securities), F fund (corp and gov bonds), C fund (S&P500 index), S fund (small cap index), and I fund (int fund). - "A sixth choice is to invest in a Lifecycle Fund, containing a percentage of all five individual funds. As a lifecycle fund approaches maturity, the funds in the portfolio are rebalanced towards less risky assets" - Investopedia WHERE can I learn more about Thrift Savings Plans? - This is unique to federal employees and so I would first start with the resources provided to you by your Human Resources specialist - I don't think external resources are honestly going to be much more help over the Investopedia page in the comments section WHEN should I invest in Thrift Savings Plan? - If this is your work's equivalent to an Employer 401(k) and has a matching program, the Thrift Savings Plan should be the first place to save for retirement so that you get that match money - As with any retirement savings account, the earlier you can fund the account and allow for time and compounding to grow your investments, the better it is for you - If you have maxed out the match ... then consider moving on to a Roth or Traditional IRA which has more investment options available WHY should I invest in Thrift Savings Plan? - If there is a match then this is free money from your employer if you contribute the max - TSPs can come in Traditional and Roth which means that they have the benefits of their respective category whether tax savings on front or back end - TSPs are a tax advantage account meaning it can grow and compound tax free for retirement HOW do I start my Thrift Savings Plan? - Step 1 - Talk to HR and figure out how to start the Thrift Savings Plan - Step 2 - Figure out how to fund the account and at least get the maximum match - Step 3 - Be sure not to forget to pick which fund to invest in depending on risk tolerance Resources: Investopedia / Video: https://www.youtube.com/watch?v=_km7chtcnUg P.S.: Who here has Thrift Savings Plan as their employer retirement savings account? #WeekendVibes #TaxEfficiency #TaxTail
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