Sunday, July 1, 2012

Changes to the Thrift Savings Plan

Currently the Thrift Savings Plan (TSP) acts similar to a traditional Individual Retirement Account (IRA) in regards to the tax benefit.  TSP is currently working on phasing itself to provide a Roth benefit to TSP accounts which will make the accounts act similar to a Roth IRA.  Marines are currently able to take advantage of this transition.  Starting July 2012 civilian federal employees will be able to take advantage of the program.  Soldiers, Sailors, and Airmen will begin taking advantage of this program starting in October 2012.

For information on the Pros and Cons of traditional and Roth, please see the blog about IRA accounts.  Additionally consult with your accountant to see if the conversion is appropriate for your retirement goals.

TSP Investing Strategies: Building Wealth While Working for Uncle Sam -

No comments:

Post a Comment