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Special letter from the Executive Director - Thrift Savings Plan - tsp 2025

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The document is a letter from Greg Long, Executive Director, addressing Thrift Savings Plan (TSP) participants who are not currently contributing to their TSP accounts. It emphasizes the importance of making contributions to benefit from Agency Matching Contributions, which can enhance financial security in retirement. The letter encourages participants to reassess their financial situation and start contributing, highlighting that automatic enrollment for new Federal employees began in 2010. It provides instructions on how to begin contributions and urges prompt action.

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What are the downsides of a TSP loan?

TSP Loan Program Drawbacks Most importantly, borrowing from your TSP reduces the amount of money in the account. This decreases the account growth. If you fail to repay the loan after leaving military service, it may be considered a taxable distribution. Loan repayments limit your financial flexibility into the future.

Who is the director of the Thrift Savings Plan?

Federal Retirement Thrift Investment Board Agency overview Formed 1986 Headquarters Washington, D.C. Employees 256 (December, 2016) Agency executives Michael F. Gerber, Chairman Ravindra Deo, Executive Director3 more rows

What does Dave Ramsey say about TSP funds?

Dave Ramseys advice is to save 5% into the TSP to get the full match, then max out a Roth IRA, and then put more into the TSP if you are able to save more after that.

What is the 10 year rule for TSP?

If the retirement account was traditional or pre-tax (like the traditional TSP) all of the distributions are taxable to the beneficiary. In other words, you are required to distribute and pay tax on the entire account balance within 10-years.

What are the cons of the TSP?

Payout Penalties for Some Early Withdrawals If you separate and take money from your TSP before the year you turn 55, you will owe a 10% early withdrawal penalty on your traditional TSP withdrawals plus the regular federal income tax that is due. The rules are different for special category employees.

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What is the average TSP retirement?

On average, most federal employees have around $200,000 in their TSP accounts at age 60.

What are the disadvantages of a Thrift Savings Plan?

Here are some of the cons of TSP plans: In order to receive the maximum employer match, employees need to allocate at least 5% of their salary to their TSP. Some employees may not be aware they are contributing to a retirement account through automatic enrollment, which could lead to misunderstandings about their pay.

What is the 5 year rule for TSP?

Earnings are considered qualified after both of these Internal Revenue Code (IRC) requirements are met: 5 years have passed since January 1 of the calendar year when you made your first Roth TSP contribution and you are at least age 59, permanently disabled, or deceased.

Special letter from the Executive Director - Thrift Savings Plan - tsp 2025

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What are the downsides of a TSP loan?

Who is the director of the Thrift Savings Plan?

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What are the cons of the TSP?

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What is the average TSP retirement?

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