Welcome to Savings Guide
529 College Savings Plan Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Thrift Savings Plan – The Concept
from:Introduction
The Thrift Saving Plan is a retirement savings program, designed especially for military members and civilian federal employees.
It is basically a defined contribution plan, designed to give federal employees the same retirement savings-related as enjoyed by the private sector workers with 401(k) plans.
It is primarily a tax-deferred fund, which means that the money contributed to the account is directly deducted from the person’s taxable income. The money deposited in the fund is not taxed until it is withdrawn at retirement, usually after the age of 59 ½, making it a significant amount of tax deduction.
Features and Benefits
The Thrift Savings Plan or TSP offers lucrative benefits and options to its investors. The main amongst these include tax deferral on contributions, a choice of 5 investment funds, a loan program, in-service withdrawals for financial hardship or after age 59, an option of post-separation withdrawal options and the ability to transfer money from other eligible retirement savings plans into your TSP account.
The Thrift Savings Plan offers six different funds in which employees can invest. These include:
• Government security fund
• Fixed-income fund
• Common stock fund
• Small cap stock fund
• International stock fund
• Life cycle fund
However, it is has to be noted that the Thrifts Saving Plan is meant for long-term retirement benefits. The system includes penalty charges for early withdrawals, which need to be avoided as far as possible.
For further understanding of the concept, here we’ve listed the main features and provisions of the concept of Thrifts Savings Plan. These include:
• Immediate member contribution
• Before tax savings and tax-deferred investment earnings
• Daily valuation of accounts
• Low administrative and investment expenses
• A vast choice of investment funds
• Ability to make contributions and interfund transfers with great ease
• Loans from your own contributions and attributable earnings while you are still in service
• Ability to designate beneficiaries for your account balance.
• Spouses’ rights protection for loans and withdrawals and recognition of qualifying court orders.
In addition, the service also offers a website that gives all the general information, capability for requesting contribution allocations and interfund transfers,, the option of initiating loan and withdrawal requests online, up-to-date TSP materials and information, on-line participation statements, calculators to estimate account growth, loan payments, along with an elective deferral calculator.
The Thrifts Savings Plan is one of the best facilities available in the sector of military services to facilitate savings at the best possible rate and terms, at the same time offering easy-to-use and practical systems for its users.
??
??
??
??
1
529 College Savings Plan News
ScholarShare Announces College Savings Account Giveaway - MarketWatch (press release)
ScholarShare Announces College Savings Account Giveaway MarketWatch (press release) SACRAMENTO, CA, May 24, 2012 (MARKETWIRE via COMTEX) -- ScholarShare, California's 529 college savings program, announces that they will host their first ever sweepstakes on Twitter, giving all qualified entries the chance to win a $1529 ScholarShare ... 529 College Savings Day |
Few Consumers Can Identify A 529 College Saving Plan - Financial Advisor Magazine
Few Consumers Can Identify A 529 College Saving Plan Financial Advisor Magazine While most families would agree it's important to prepare for their children's college costs, very few know about 529 college savings plans, according to a survey released today by Edward Jones. According to the survey, 60% of Americans have no idea ... Most Americans Still Need to Be Educated About 529 Plans: Survey May 29 is '529 Day,' yet Edward Jones survey reveals that Nearly Two-Thirds of ... |
Two OppenheimerFunds 529 Plans Ranked Among Top 10 in Country by ... - MarketWatch (press release)
Two OppenheimerFunds 529 Plans Ranked Among Top 10 in Country by ... MarketWatch (press release) NEW YORK, May 23, 2012 /PRNewswire via COMTEX/ -- OppenheimerFunds, Inc., a leading investment management company, today announced that two of its 529 plans were ranked among the top 10 in the country by independent college savings authority ... Nebraska families encourage to save now for college later (AUDIO) Treasurer Fitzgerald Reminds Iowans it is Their Last Chance to Celebrate 529 Day May 29th marks college savings day |
Oklahoma's summer reading program, college savings sweepstakes will begin Tuesday - NewsOK.com
Oklahoma's summer reading program, college savings sweepstakes will begin Tuesday NewsOK.com Save for College! Sweepstakes and the summer reading program on Tuesday at Capitol Hill Elementary. State Treasurer Ken Miller is marking National 529 College Savings Day on Tuesday by starting out the state's summer reading program and announcing a ... |
ETFs land in 401(k)s, 529 college savings plans - USA TODAY
 USA TODAY | ETFs land in 401(k)s, 529 college savings plans USA TODAY By John Waggoner, USA TODAY Exchange traded funds, the hottest trend in the mutual fund industry, are making inroads into 529 college savings plans and 401(k) retirement plans, but they are still a small part of both markets. ETFs are mutual funds that ... ETFs Breaking Into 401(k), 529 Savings Plans |