Federal Service employees, who also serve in the military, have access to some benefits with regards to the Thrift Savings Plan (TSP) that can apply if the employee is required to leave their Federal job to perform military service. This article will highlight the eligibility requirements, rules, and provide some examples to help you determine if this is a benefit that you can take advantage of.
Changes are coming to the Thrift Savings Plan and that is a good thing! Whenever I talk to someone with a TSP account, they are usually pretty positive with the exception of one area, withdrawals. The TSP is behind most other defined contribution plans with regards to flexibility in withdrawal options. Luckily the Thrift Savings Board recognized this and forwarded some proposed changes to Congress and in 2017 the TSP Modernization A
Your Thrift Savings Plan account is an important part of your retirement income plan. As with most retirement accounts, a lot of the responsibility for success will be on you and how much time, energy, and of course money that you put in to making it successful. This article will provide some suggestions on what you can do on a yearly basis to put yourself in the best position to succeed.
February 25th to March 2nd is Military Saves Week, designed to help promote personal savings and reducing debt. Each day of the week will have a special focus and today’s focus is saving the extra!
February 25th to March 2nd is Military Saves Week, designed to help promote personal saving and reducing debt. Each day of the week will have a special focus and today’s focus is saving for retirement!
The opt-in window for the Blended Retirement System (BRS) has come and gone. You did your research, looked at both the legacy system and the BRS, calculated multiple scenarios with the BRS comparison calculator, and ultimately decided that opting-in to the new system was the best option for you. Good for you, but now what? This article will help outline some basic steps to make sure that you are making the most of the new system. For those that chose to sta
As we watch the calendar turn from November to December we may think of a few things; the holiday season and shopping for friends and family, the end of yet another year, and maybe the cold weather and snow. This year, there is something else to think about too; the window to opt-in to the Department of Defense’s Blended Retirement System closes on 31 December 2018. If you are a service member who is eligible to opt-in and still are not sure what you should d
Everyone knows if you qualify for a retirement as a Military Reservist, your pension payments don’t begin until you turn 60, right? Well, maybe not, if you were mobilized after January 2008, you may qualify for a reduced age retirement, which means that your pension payments can start as early as 50. Included in the 2008 National Defense Authorization Act is a provision to begin payments early based on the number of days spent on Active Duty in support of the Global War on Terror or any of its derivatives on or after January 28th, 2008.
by John Cooney on Jul 17, 2017
When I talk to people about the Thrift Savings Plan the most common complaint I usually hear is how difficult it can be to withdraw funds from your account. Well, you may not believe it, but there is a bi-partisan effort underway in Congress to improve these rules and allow for greater withdrawal flexibility for TSP participants. In April, Senate Bill 873, The Thrift Savings Plan Modernization Act was sponsored by Senators Portman and Carper, and at the end of June, a companion bill, HR 3031, was sponsored in the House of Representatives by Representatives Cummings, Meadows, and Norton.
Congratulations, you just spent the past four years in one of the most challenging college environments that exist. You were pushed to your physical, emotional, and intellectual limits and earned the right to be commissioned as an officer in the United States Military. So now, while you are enjoying a little leave, on your way to your basic officer course, or already at your first assignment leading troops, you need to make sure you are planning for retirement. Wait, what, retirement, but you just graduated? Remember, you will never again get the chance to start planning for retirement