After the passage of the SECURE Act, most inherited retirement plans have new rules. Government retirement plans are not affected until 2022, however.
TSP
A Brief Explanation of the Thrift Savings Plan (TSP)
I love the TSP and the fund options it offers. Participants (generally government employees and military) have access to very low cost index fund options and a handful of target date funds (L Funds) that incorporate different combinations of the individual index fund options depending on what stage you’re at in your retirement savings journey. I wish more employer sponsored plans mirrored the TSP’s simplicity, low costs and efficiency. Employees may or may not have access to a match on deferrals, depending on their employment class. The TSP has a number of different fund choices available. The G Fund invests in short-term Treasury securities that are specifically issued for the TSP. The principal and interest are guaranteed by the US Government but they are not inflation protected. That is, these funds may have returns below the inflation rate. The C Fund is the common stock fund designed to replicate the […]
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Saving in The Military
If you or a loved one are in the military and are about to be deployed you may be able to take advantage of a special savings account that is specifically for our Armed Forces members that are deployed in a combat area. The Savings Deposit Program (SDP) is a unique savings account for service members that are deployed in combat zones and allows the service member to allocate some, most, and in some cases all of their combat pay to a savings account. The maximum that can be contributed to the savings account is $10,000 per deployment and that money grows at 10%, yes 10%. Eligible service members include: You are deployed to an area in support of Operation Enduring Freedom/Operation Iraqi Freedom (OEF/OIF), or other contingency operations where you are receiving HFP/IDP. You serve in the combat zone or in direct support of a designated combat zone for […]
Sterling Raskie, MSFS, CFP®, ChFC®
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And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.