What is TSP for USPS?

What is TSP for USPS?

The Thrift Savings Plan (TSP), which Congress authorized in the Federal Employees’ Retirement System Act of 1986, is a retirement savings and investment plan for federal employees.

How does USPS TSP work?

As a FERS employee, you can double your money by participating in TSP. Sign up to contribute 5 percent of your basic pay to TSP each pay period. After the required waiting period for newly hired employees, you will receive a 4 percent matching contribution and a 1 percent automatic contribution from the Postal Service.

Where do I find my TSP account number USPS?

The account number, PIN, and Web password may be obtained by calling the ThriftLine toll-free at 877–968–3778 or the TDD toll-free line at 877-847-4385 and following the prompts.

What is my TSP number?

If you have forgotten your TSP account number you will need to call the TSP hotline at 877-968-3778 (404-233-4400 international number) to retrieve it. If you call, you should remember that Monday and Tuesday are the busiest days for the hotline, its best to call at times that are not as busy.

How much do I have in my FERS account?

How can I find out the balance of my retirement account? If you are a current employee, you should contact your human resources office. If you have separated from federal service or are currently a retiree, you should contact OPM’s Retirement Office at 1-888-767-6738 or [email protected].

How do I avoid paying taxes on my TSP withdrawal?

If you want to avoid paying taxes on the money in your TSP account for as long as possible, do not to take any withdrawals until the IRS requires you to do so. By law, you are required to take required minimum distributions (RMDs) beginning the year you turn 72.

How can I access my TSP after leaving the military?

Transfer your TSP account balance to a qualified annuity.

  1. Leave the balance in your TSP account.
  2. Roll your TSP balance into an Individual Retirement Arrangement.
  3. Roll your TSP balance into your new employer’s 401 (k) plan.
  4. Withdraw your TSP account balance in a lump sum.

When can I withdraw from TSP?

age 59½ or older
Age-based in-service withdrawals are withdrawals that you can make from your TSP account when you’re age 59½ or older. We determine your age based on the date of birth reported by your employing agency or service. If that date is incorrect, you must ask your agency or service to change it.

Can I retire at 62 with 400k?

The average monthly Social Security Income check in 2021 is $1,543 per person. $400,000 annuity with an income rider providing a monthly income for life. The target retirement start date will be age 62 since this is the earliest age to collect SSI.

Can I cash out my FERS?

Federal employees who leave federal service have the option to withdraw their retirement contributions or wait until retirement age to apply for a retirement annuity, typically at age 60 or 62 depending on years of service. This is called a deferred retirement.