United States
"Thrift Savings Plan (TSP)"

What is the Thrift Savings Plan ?

The Thrift Savings Plan (TSP) is a retirement savings and investment plan for federal employees and members of the military. 

How Does a Thrift Savings Plan Work ? 

TSP is defined contribution plan similar to a 401(k). These plans provide retirement income, in addition to any annuity benefits you may receive through the FERS or CSRS system. 

Who is Eligible for the Thrift Savings Plan ?

You must work for the federal government or be a member of the military to be eligible to make contributions to a Thrift Savings Plan account.


Contribution Limits for Thrift Savings Plan

Government employees can contribute up to $22,500 to a TSP in 2023. If they are 50 or older, they can contribute an additional $7,500.

Thrift Savings Plan Early Withdrawal Penalties

If you take funds from the thrift savings plan before to the age of 59 1/2, you might have to pay a 10% early withdrawal penalty.

Types of Thrift Savings Plan Investments

Six different funds are available through the TSP for investment, which are G-Fund, F Fund, C Fund, I Fund, S Fund and Lifecycle (L) funds.

How to Open a Thrift Savings Plan (TSP) Account ?

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Complete the TSP Election Form ( TSP-U-1 ) in order to start contributing to the thrift savings plan.