Hey guys so good to be with you welcome back to the independent investor channel we'll come in to you from the Big Apple New York City New York we're going to be talking about the Thrift Savings Plan alright this is a government employee based retirement account and I thought it prudent to put out some extremely valuable information for folks I've seen a lot of questions come through online with a lot of active-duty military specifically asking about the Thrift Savings Plan this is one of the most important things that any active-duty military member can do to secure their financial future and a lot of what we advocate for on the independent investor Channel is learning how to invest on your own but this is gonna be for my fellow shipmates my fellow military folks out there that can just benefit from a brief overview of the Thrift Savings Plan guys okay so please enjoy all right so the Thrift Savings Plan there's going to be just a couple ground rules that I'm going to expect that people have already got their login information it's actually a really secure website and they send out mailers when you receive your mailing sometimes it ends up with a group of bills and you don't look at it very closely you need to log into your thrift savings plan account for the very first time you need to get your login and your password set up guys all right one fact that I'm going to throw out there is that 50% of all active-duty military never actually log into their account all right now I'm going to explain a little bit later why that's one of the biggest mistakes you can make when looking at the thrift savings plan all...
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Tsp-3 2022 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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