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Anyone familiar with TSP? Federal Thrift Savings Plan?

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domskynetlabs
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Anyone familiar with TSP? Federal Thrift Savings Plan?  Reply with quote  

http://tsp.gov its an option to be I notice you can choose where to invest similar to a 401k
Post Thu Dec 16, 2004 11:54 pm
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BlankenshipFP
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Yes, I'm familiar with it. This is a pretty good plan - as you say, similar to a 401(k).

Jim Blankenship, CFP, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
Post Fri Dec 17, 2004 12:54 pm
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xboxundone
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Any real benefit of using this program over a 401k?

Post Fri Dec 17, 2004 1:07 pm
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BlankenshipFP
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I suppose it depends upon the fund availability in the 401(k) plan. But the situation is this: If you have the TSP available to you, you're an employee of the government (generally speaking), so unless you have another job or are self-employed on the side, you have the TSP and that's it. Of course, your spouse could be employed elsewhere, as well, and in that situation, I'd recommend maxing out both plans where you can.

Hope this helps -

Jim Blankenship, CFP, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
Post Fri Dec 17, 2004 1:20 pm
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domskynetlabs
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all military are eligible for it but you must elect to use it by filling out a form and submitting it to your admin unit I just wish I knew more about the funds someone might of been lying when he said he made 50 dollers a month from the investment return
Post Fri Dec 17, 2004 4:18 pm
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BlankenshipFP
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How many dollars per month isn't relevant until you know how much he had invested. Percentage of return, sustained over a period of time, is what is important.

My experience with the funds in the TSP are that they are quality funds, at relatively low cost - in other words, good candidates for long-term investments. I'd recommend that you take advantage of the program if you can.

Hope this helps -

Jim Blankenship, CFP, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
Post Fri Dec 17, 2004 4:40 pm
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domskynetlabs
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9% basepay and 100% of all bonus pays is all you are allowed to contribute. i'll sign up monday and look into what funds to use
Post Sat Dec 18, 2004 8:07 pm
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