| Anyone familiar with TSP? Federal Thrift Savings Plan? |
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domskynetlabs
Full Member
Cash: $ 21.09
Posts: 95
Joined: 24 Nov 2004
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| Anyone familiar with TSP? Federal Thrift Savings Plan? |
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http://tsp.gov its an option to be I notice you can choose where to invest similar to a 401k
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Thu Dec 16, 2004 11:54 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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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
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Fri Dec 17, 2004 12:54 pm |
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xboxundone
Senior Member
Cash: $ 67.83
Posts: 795
Joined: 19 Sep 2004
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Any real benefit of using this program over a 401k?
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Fri Dec 17, 2004 1:07 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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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
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Fri Dec 17, 2004 1:20 pm |
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domskynetlabs
Full Member
Cash: $ 21.09
Posts: 95
Joined: 24 Nov 2004
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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
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Fri Dec 17, 2004 4:18 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
Posts: 390
Joined: 05 Oct 2004
Location: Illinois
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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
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Fri Dec 17, 2004 4:40 pm |
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domskynetlabs
Full Member
Cash: $ 21.09
Posts: 95
Joined: 24 Nov 2004
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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
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Sat Dec 18, 2004 8:07 pm |
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