4 Reasons to Contribute to the TSP – Despite Having a Military Pension

chamber_savingsThe Thrift Savings Plan (TSP) offers you the chance to save for additional retirement security at extremely low cost. But you may believe you don’t need to save for retirement because you’ll receive a pension after 20 years of service. Truth is, your military pension alone may not be enough.

Read the four reasons to contribute to the TSP in this article by Kisha A. Taylor at: http://www.militarysaves.org/blog/1214-4-reasons-to-contribute-to-the-tsp-despite-having-a-military-pension#sthash.I7efKH4c.dpuf

This Week is Military Saves Week!

MilitarySavesImage2013_400February 25-March 1 is Military Saves Week and the Ellsworth AFB Airman & Family Readiness Center is hosting a financial seminar every day from 1130-1230 at the Deployment Center Auditorium. Why not spend your lunch learning how to improve your finances? No registration is required, All seminars are FREE for the Ellsworth AFB Community!

Seminar Schedule is as follows:

Monday, 25 FEB – 11:30 AM—12:30PM
Life Insurance & Survivor Benefit Plan

Tuesday, 26 FEB – 11:30 AM—12:30PM
Investing & Thrift Savings Plan

Wednesday, 27 FEB – 11:30 AM—12:30PM
Scholarships & Financing College

Thursday, 28 FEB – 11:30 AM—12:30PM
Identity Theft & Your Credit

Friday, 1 MAR – 11:30 AM—12:30PM
What Are YOU Saving For?

Roth TSP contributions to begin on May 7th

This week Thrift Savings Plan (TSP) announced that May 7, 2012 will be the day that the TSP will begin to accept Roth TSP contributions.

With the addition of the Roth TSP option, participants can choose to invest pre-tax or after-tax dollars in any of the TSP funds, up to the Internal Revenue Code limits (for 2012 the maximum amount that you can contribute to TSP is $17,000).  TSP participants can currently invest in ten different funds: the five Lifecycle (L) Funds, the Government Securities (G) Fund, and the four broadly diversified stock and bond funds – the Fixed Income Index Investment (F) Fund, the Common Stock Index Investment (C) Fund, the Small Capitalization Index Investment (S) Fund, the International Stock Index Investment (I) Fund.

Money already in your account when you begin making Roth contributions will remain part of your traditional balance.  You will not be able to convert it to Roth.

Please visit the TSP website (www.tsp.gov) for more information to help you decide if this new option will benefit you retirement planning.

Roth TSP Flyer – https://www.tsp.gov/PDF/formspubs/tsplf30.pdf
TSP Highlights – https://www.tsp.gov/PDF/formspubs/high12a.pdf