Retirement plans have been with us since the beginning of time and they are always things that federal servants have in their minds when they are near their retirement age. Recently a new retirement proposal has come forth which has been modelled around the TSP and is available to be enjoyed by the federal employees of the state. This will be an additional option along with the usual private sector 401(k) plans; the Washington organization announced.
A TSP modeled retirement proposal:
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CAPAF or the Centre for American Progress Action fund was the group that detailed this past week the idea to create a plan that goes by the name National Savings plan. This can be used specially by those that don’t have an accessible retirement account that they are currently a part of. This plan is starkly similar to TSP as it makes the retirement level adjustments according to the person’s distance from their retirement. IT’s worth mentioning here that the Thrift Savings Plan has around 4.7 million participants.
The people responsible for the spawning of this new proposal have something big and beautiful in mind. They want to aid those workers that are beyond the boundaries of the federal government and don’t have any plans in practice available at their workspace. David Madland, who is a senior follow at the action fund of CAP believes that TSP is a very simple and good way to prepare for your post-retirement life and that has been their main motivation of conceiving this new plan.
While the plan is still in the “proposal” phase, we hope and expect that the road that lies ahead for it is paved by success as it only means to bring good to the community. The approval phase is probably going to take a little longer than expected but we can all keep our fingers crossed for now.
