Planning ahead

USPS offers tips to employees on their Thrift Savings Plans.

Do you know why it’s important to maximize your Thrift Savings Plan (TSP) throughout your career?

If you’re covered by the Federal Employees Retirement System (FERS), your annuity and Social Security alone may not be enough to replace all of your current income in retirement.

Contributing to TSP throughout your career can help you fill the gap.

FERS employees should consider contributing at least 5 percent of their pay in order to get the matching 5 percent contribution from the Postal Service. That way you’ll have twice as much going into your TSP as you originally contributed.

If you’re already contributing 5 percent of your pay, consider contributing a little more. In 2016, you can contribute as much as $18,000. If you are age 50 or older, you can contribute up to $24,000 with catch-up contributions.

The extra money could go a long way toward securing your future.

The “Investing in Your Future” webinar on the LiteBlue webinars page has more retirement planning tips.