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Thrift Savings Plan millionaires, many of whom never expected to make it there, provide some perspective.
The Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), created by Congress, have made monthly raids on the Social Security benefits of millions of retired civil servants for decades.
In March of 2020, there were 27,212 individuals with $1 million or more in their Thrift Savings Plan accounts. One year later, the TSP millionaires club has grown to 84,808 members.
An unexpected surge in retirement claims during March exceeded OPM's ability to keep up with the backlog.
The number of active and retired feds with $1 million or more in their Thrift Savings Plan accounts has jumped to a record 84,808 as of March 31 of this year.
Want to have a million dollars, at least, in your federal Thrift Savings Plan when you retire? Abraham Grungold, a financial adviser and current federal employee, can help you reach that goal.
Once again, there are dueling agendas to eliminate or offset the Windfall Elimination Provision, a pesky nuance that reduces Social Security benefits for some federal retirees.
It's a stretch to say Thrift Savings Plan participants are over the G fund, but the array of lifecycle options are picking up popularity for several reasons.
Periodically checking on your estate plan is necessary — it can have major consequences for those you care about. This checklist from a former IRS attorney can help.
More Thrift Savings Plan investors than you think may not understand exactly what their retirement nest egg is invested in.
Rep. Gerry Connolly (D.Va.) said thousands of outstanding service records requests were delayed at the National Finance Center. A few agencies have warned their employees of retirement delays due to processing lags at the payroll provider.
Planning for retirement is a process that doesn't have to be a painful if you avoid some common mistakes. It will pay off big to know what they are and avoid them.
One agency warned retirees could wait as long as six months for an initial interim payment and up to a year for a full annuity. The National Finance Center said it plans to return to its goal of processing retirements cases within 30 days by the end of the month.
Financial planner Arthur Stein says that many feds don’t understand that their TSP retirement nest egg is not really an investment.