A top authority in retirement planning, Tracy Wayne Mitchell is a Missouri-based financial speaker and author. Tracy Mitchell's book, "The Informed Fed," discusses ways to optimize federal retirement benefits. One of the subjects covered is the TSP account.

1. By Tracy Wayne Mitchell

2.  A top authority in retirement planning, Tracy
Wayne Mitchell is a Missouri-based financial
speaker and author. Tracy Mitchell's book,
"The Informed Fed," discusses ways to
optimize federal retirement benefits. One of
the subjects covered is the TSP account.

3.  The TSP, or thrift savings plan, is offered to
federal employees and armed services personnel
for the purpose of saving for retirement. First
established in 1986, this investment and
retirement plan can be compared to the 401(k)
offered by companies.
Definitively, then, the federal TSP is considered a
contribution-type investment account. Therefore,
the amount that retirees receive from the plan
depends on the number of contributions that
employees make during their tenure as well as
their agency's matching amount.

4.  The FERS or Federal Employees' Retirement
System features the TSP, Social Security, and
a general annuity for retirement planning
purposes. For civil service workers and
military personnel, the thrift savings plan is
designed as an add-on to military retirement
pay or a civil service annuity.
Administration of the TSP is controlled by an
independent governing body. Statements that
are produced are audited annually.