Hey guys, so good to be with you. Welcome back to the Independent Investor Channel. We're coming to you from the Big Apple, New York City, New York. Today, we're going to be talking about the Thrift Savings Plan, which is a government employee-based retirement account. I thought it was important to provide valuable information on this topic, as I've seen many questions from active-duty military personnel specifically asking about the Thrift Savings Plan. The Thrift Savings Plan is one of the most important things that any active-duty military member can do to secure their financial future. On the Independent Investor Channel, we often advocate for learning how to invest on your own, but this video is going to be specifically for my fellow shipmates and military personnel who can benefit from a brief overview of the Thrift Savings Plan. Now, let's dive into the Thrift Savings Plan. There are a couple of ground rules that I expect people to already know. Firstly, make sure you have your login information for the secure website of the Thrift Savings Plan. Sometimes, the mailers they send can get mixed up with bills, so pay close attention. It's crucial that you log into your account for the first time and set up your login and password. Surprisingly, 50% of all active-duty military never actually log into their Thrift Savings Plan account. Later on, I'll explain why this is one of the biggest mistakes you can make. Additionally, I'm assuming that most people involved with the Thrift Savings Plan have a percentage of their paycheck allocated towards it as a monthly withdrawal. So, those are the ground rules. Get your login information set up and ensure you regularly check your account. Now, let's discuss what the Thrift Savings Plan actually is. It's a government-based retirement account managed by...
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Tsp-3 2022-2023 Form: What You Should Know
What is a TSP account? The Thrift Savings Plan (TSP) is an employer sponsored retirement savings system offered to military and civil federal employees and members of the uniformed services. Under the TSP, participants can establish and invest in a 401(k)-type retirement plan that matches their contributions. The savings are put into the TSP account that the participant is eligible to withdraw at retirement. The benefits from the TSP account is taxable to the participant (they will get a Form 1099-R at the end of the year for this tax year), the plan matches the participant contribution and the participant earns additional income (after tax). The maximum benefit is 24,000 a year for any two years, 24,000 for any three years and 24,000 for any four years. To learn more, have a look at TSP-3 : Thrift Savings Plan 2.0 to TSP-4 : Thrift Savings Plan 3.0 | Thrift Savings Plan 7.0 | What are the benefits that are available with my TSP account? How to use the TSP-3 How to fill the form? The TSP-3 form is easy to fill and requires no typing. It is an online fillable filling system that can be completed online, the website also has a printable version. You can fill it by using a credit card or the web portal, check the link for step-by-step instructions. What you need to have filled? If you intend to claim the TSP account after your death, please have a look at our TSP-3: Thrift Savings Plan 2.0 to TSP-4: Thrift Savings Plan 3.0 | Thrift Savings Plan 7.0 | What is your name? How you want to be known when your account is opened? Do you want this account to be a single or multiple, individual? What is your TSP Plan name? You can choose your plan name before filling the form, after you fill your TSP tax filing you will not be able to update your plan name unless the application contains a change and should not be submitted without it. Are as a single or Multiple or Individual? The plan will operate with two or more participants who will all share the same account. You can choose if you want your plan to be a single person or multiple, you should also check if you want your plan account to be a single, multiple or individual.
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