Published: February 4, 2016
FORT RUCKER, Ala. (Feb. 4, 2016) -- Current and potential future Thrift Savings Plan participants will have the opportunity to learn more about the program during an upcoming class.
Army Community Service’s Financial Readiness Program hosts a TSP class Feb. 9 from 6:30-7:30 p.m. at The Commons, Bldg. 8950.
According to Mike Burden, ACS accredited financial counselor, topics will include why to invest with the TSP, how to start your contribution, discussion of the five core funds and the lifecycle funds, borrowing from your TSP and more.
“TSP is a federal government-sponsored retirement savings and investment plan similar to a 401K provided by corporations and businesses,” Burden said. “The purpose of the TSP is to provide retirement income. You are eligible to contribute as long as you work for the federal government (uniformed and civilian).”
Burden added that current TSP participants could gain a better understanding of the program by attending the class.
“It may be possible to gain additional knowledge concerning traditional and Roth accounts,” he said. “Also, why it may be wise to consider diversifying your TSP funds based on risk.
“Participants will receive TSP-related handouts during the presentation,” he added. “Also, TSP.gov provides everything most (people) want to know about the TSP.”
For anyone currently not enrolled in the TSP program, Burden said the class could help them decide to participate.
“The TSP can be another source of retirement income to ensure retirees have sufficient funds to compliment other retirement income, including military and Social Security,” he said. “TSP is the best plan right now due to the low expense ratio – nothing can statistically compete with it. Additionally, when contributors invest in the traditional account, they may be able to save on income taxes.”
For those not able to attend, individual appointments can be made with an accredited financial counselor to discuss the TSP by contacting the ACS Financial Readiness Program at 255-9631.
The ACS Financial Readiness Program will also host financial wellness training Feb. 16. The training is open to everyone, but registration is required not later than Feb. 12.
“It is a one-hour class focused on security and freedom of choice when it comes to money management as it relates to our financial goals,” Burden said. “Topics will include attitudes toward money, financial goals related to life goals, renting versus buying a home, new versus used vehicles, managing credit and debt, and long-term investment options.”
For more information on either class or to register for the upcoming financial wellness training, call 255-9631.
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