We've been talking about the accumulation vehicle of your Thrift Savings Plan, which is one of the best out there. Once you retire though, we get tons of questions about what to do with your TSP because now you've moved to the de-accumulation stage of your life.
TSP Matching is the greatest advantage that FERS employees have when it comes to building their Thrift Savings Plans. Are you taking advantage of it?
Determining the arrangements surrounding your Thrift Savings Plan is complicated– and frankly, it’s scary. Whatever choices you make with it today will have an impact on the entire rest of your life.
A lot of people have a lot of questions about this new law: the TSP Modernization Act of 2017.
The modernization act officially goes into effect in September of 2019, and is the first change in around 30 years to the Thrift Savings program. It’s kind of a big deal.
As a federal employee, you have lots of different decisions to make throughout your career and into retirement that will greatly impact both yourself and your family really for the rest of your life.
One of those decisions with particular significance is what you do with your Thrift Savings Plan.
Eligible new employees are automatically enrolled in FEGLI Basic unless they waive the coverage. You may have enrolled in FEGLI Option C for your family coverage. Like all the other options, you must have basic enrollment in order to be eligible for this plan.
FEGLI Option C is family coverage that allows you to insure your spouse and children through FEGLI.
Eligible new employees are automatically enrolled in FEGLI Basic unless they waive the coverage. You may have enrolled in FEGLI Option B for your coverage. Like all the other options, you must have basic enrollment in order to be eligible for this plan.
FEGLI Option B is essentially term insurance – with a guaranteed renewable five year term.
Eligible new employees are automatically enrolled in FEGLI Basic unless they waive the coverage. If you’re enrolled in Basic Coverage, you may have elected for Option A – also known as the Standard FEGLI option.
FEGLI Option A is the cheapest life insurance option available to you. It’s an additional $10,000 in coverage, for which the cost increases every five years.
Every eligible federal employee is automatically enrolled into the Basic Federal Employee Group Life Insurance, unless you waived it when you were hired on or if you’ve canceled it since.
