How to Work Out TSP
The Thrift Savings Plan, sometimes known as the Thrift Savings Plan, is a retirement savings scheme for federal government workers that is comparable to the 401(k) plans that are often offered to employees of private companies.
TSP is an additional benefit provided by the government to members of the United States military in addition to the Civil Service Retirement System. The TSP is a complement to the benefits provided by the Federal Workers Retirement System (FERS) for civilian employees. Since its inception in 1986, the Thrift Savings Plan (TSP) has been managed by the Federal Retirement Thrift Investment Board.
Decide how much of your basic income you want to donate each month and how much you want to give each year. If you have a certain dollar amount in mind for your contribution, multiply that amount by 12 to get your annual TSP contribution. For the fiscal year 2010, the maximum amount that could be paid into TSP was $16,500 per year.
Salary as a percentage of your gross pay each pay period. In order to calculate your TSP contribution, multiply the amount of your monthly paycheck by the percentage of your monthly contribution. For example, if you earn $2,000 per month and have your TSP set at 1 percent, you will make a monthly contribution of $20, or $220 each year, to your TSP account.
Calculate the current value of our TSP fund’s investment portfolio. Log into your TSP account and look up how many shares of each fund you currently have in your possession. You may look up the current value of the shares in various TSP plans on the TSP website, which is administered by the United States government, or on the TSPTalk forum.
Divide the price per share by the number of shares you own to get the total value of your holdings. To provide an example, at the time this post was published, the TSP L Income fund was valued at $15.0881 per share, according to Bloomberg. If you had 1,000 shares of this fund, the value of your TSP account would be $15,088.10 at the time of writing. The value of the TSP fund is updated on a daily basis.
