#RETIREMENT SAVINGS PLANNER TSP HOW TO#
#RETIREMENT SAVINGS PLANNER TSP SOFTWARE#

I recommend spending some time to look at your total investment portfolio, whether or not you already have a Traditional or Roth IRA, whether or not you will have a military retirement, and other factors before you make a decision. There is no one-size-fits-all approach to choosing between the Roth TSP and the regular TSP вЂ“ each situation is unique. The Traditional TSP works the opposite way: contributions are made on a tax-exempt basis and are taxed when withdrawn during retirement. Here is a quick overview of the options: The Roth TSP allows participants to make contributions with funds that have already been taxed, the contributions grow until retirement age, and then can be withdrawn tax-free during retirement. The Roth TSP gives participants another option for retirement. The Roth TSP is a new option for Thrift Savings Plan participants. Even adding half of your special pay and bonuses will make a large difference in the long run. Military members can elect to contribute from 10 вЂ“ 100% of their special pay and bonuses, including reenlistment bonuses, hazard duty pay, and career incentive pay. Military members arenвЂ™t eligible for agency matching, but they are able to make additional contributions throughout the year if they receive special pay and bonuses. Are you contributing special pay and bonuses? TSP Agency Match: You can receive a 10% contribution by only contributing 5% of your salary. Here are a few tips to get the most bang for your buck: You donвЂ™t necessarily have to contribute the maximum each year to make a big difference in your retirement planning. ItвЂ™s a good idea to review your contributions each year to make sure you are on track for your retirement. The Thrift Savings Plan allows participants to contribute up to $19,500 per year, or up to $26,000 for those age 50 and over.

#RETIREMENT SAVINGS PLANNER TSP SOFTWARE#

We will also look at types of accounts, risk management, and software you can use to make the job easier.

#RETIREMENT SAVINGS PLANNER TSP HOW TO#

LetвЂ™s take a look at how to manage your Thrift Savings Plan account вЂ“ starting from making contributions, to making sure you have your funds in the right place, to ensuring your TSP fits with the rest of your investments. Now things are getting a little more complicated. What if you have left the government or military service and now have a civilian 401k plan or another retirement plan? What about taxable investments such as mutual funds, stocks, bonds, or other investments? How would that affect your investment portfolio?

LetвЂ™s say, for example, you have a Traditional or Roth IRA. But things can get more complicated when you add other investments to the mix.

Retirement savings planner tsp