United States
"Thrift Savings Plan (TSP)"

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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. [{ "selector": ".nrrbf-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(-340px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".lwzqx-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 22px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".jrzap-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 284px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

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. [{ "selector": ".lxiic-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 575px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".tzitr-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(-333.5px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".oqsxm-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 24px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

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. [{ "selector": ".kntkp-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "opacity": 0}, {"offset": 1, "opacity": "1"} ] }, { "selector": ".kbnox-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(-339px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".rdadu-a", "duration": "500ms", "fill": "forwards", "delay": "500ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 22px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }] CHECK ELIGIBILITY

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. [{ "selector": ".eljxl-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 565px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".muktb-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(-334.5px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".jjags-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 28px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

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. [{ "selector": ".sjnsa-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(-341px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".rlcnz-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 22px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".dqfrm-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 265px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

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. [{ "selector": ".jllum-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(calc(600px - 560px))", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".xermf-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(-333.5px)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }, { "selector": ".natpr-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 24px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

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

Complete the TSP Election Form ( TSP-U-1 ) in order to start contributing to the thrift savings plan. [{ "selector": ".pbrfb-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - -10px)) scale(0.15)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0px) scale(1)", "opacity": "1"} ] }, { "selector": ".gqtbm-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateY(-28px)", "opacity": "1"}, {"offset": 1, "transform": "translateY(0)", "opacity": "1"} ] }, { "selector": ".clpjc-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(-344px) scale(0.15)", "opacity": "1"}, {"offset": 1, "transform": "translateX(0) scale(1)", "opacity": "1"} ] }, { "selector": ".niqbs-a", "duration": "500ms", "fill": "forwards", "delay": "0ms", "keyframes": [ {"offset": 0, "transform": "translateX(calc(360px - 23px))", "opacity": "1"}, {"offset": 1, "transform": "translateX(0)", "opacity": "1"} ] }]

United States"Thrift Savings Plan (TSP)"