What NOT to Do with Your TSP: 8 Thrift Savings Plan Mistakes to Avoid

Many federal workers saving for retirement in TSPs get tripped up by these common pitfalls. To help maximize your own savings, make sure you steer clear of these eight mistakes.

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For federal employees, participation in the TSP (Thrift Savings Plan) can greatly increase your chances of financial security in retirement, yet some of the folks you work with aren’t making the most of their TSP.

By participating in your TSP (opens in new tab), you can save part of your income for retirement through automated payroll deductions. You can also receive matching contributions from your agency, perform some forward-looking tax planning for retirement by considering using the Roth option, and potentially grow your money for the future tax-free. But to help maximize your TSP, you should avoid these eight TSP pitfalls:

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Scott Tucker, Investment Adviser Representative
President, Scott Tucker Solutions

Scott Tucker is president and founder of Scott Tucker Solutions, Inc. (ScottTuckerSolutions.com (opens in new tab)). He has been helping Chicago-area families with their finances since 1998 and is an Investment Adviser Representative.