Congress found the prior Civil Service Retirement System (CSRS) program overly costly. It’s for those who spend their careers performing one job, but most government workers don’t remain long enough to qualify for a pension. Government jobs disqualified them from Social Security.
Congress formed Federal Employees Retirement System (FERS). While this system’s retirement benefit is little, its TSP’s 5% match is more substantial. Most government or non-government personnel can take their TSP and Social Security when they depart. It protects Congress better than private-sector measures. FERS requires your hands-on participation.
- Also Read: New TSP Withdrawal Rules and What They Mean for Your Federal Retirement Plans
- Also Read: TSP Investment Moves That Could Help Federal Employees Retire on Their Own Terms
- Also Read: Early Retirement Myths Federal Employees Need to Stop Believing
According to some predictions, the TSP will offer retirees 1/3 to 1/2 of their pre-tax wages. Abraham Grungold was called, a successful part-time financial coach or full-time fed with his TSP. “Knowledge is Power” for FERS and TSP. Here’s what he saw:
“Federal employees must understand their agency’s HR policy, travel limits, ethical principles, and federal statutes using agency-issued material. In addition to this, they should be made aware of the risks present in the working environment and online. Statistics on pensions and TSPs must be collected independently by federal officials.
Where can federal employees learn about FERS retirement and the TSP? These disciplines don’t require much time to master. It’s never too early to familiarize yourself with OPM and TSP websites. It’s crucial to understand the basics of your TSP and FERS retirement before making financial decisions. These are my top five FERS and TSP sites. Others require a book or membership to access.
| Sources | Research | Cost | Link |
| TSP news magazine | The performance and evolution of the TSP | No cost | tsp.gov |
| TSP seminars | Topics of interest to TSP members | No cost | tsp.gov |
| Federal News Network | Articles related to Federal Employees Retirement System and Thrift Savings Plan | No cost | federalnewsnetwork.com |
| FED week | Guide for Federal Employees’ Retirement (FERS) | $14 | fedweek.com |
| AARP magazine | IRS and Medicare updates and regulatory changes | Membership is free for those aged 50 or above | www.aarp.org |
Consumers have several inquiries concerning FERS and TSP. Nobody is exactly alike. Singles have distinct needs from families. External elements must be considered for a successful FERS retirement and TSP. Many of these choices may provide you with greater power and help you build your retirement savings.”
Contact Information:
Email: [email protected]
Phone: 2129517376
Bio:
M. Dutton and Associates is a full-service financial firm. We have been in business for over 30 years serving our community. Through comprehensive objective driven planning, we provide you with the research, analysis, and available options needed to guide you in implementing a sound plan for your retirement. We are committed to helping you achieve your goals. Visit us at MarvinDutton.com . Tel. 212-951-7376: email: [email protected].
