1. What is TSP?

TSP (Thrift Savings Plan) is a retirement savings and investment plan for federal employees and members of the uniformed services. The total TSP balance is the sum of contributions and investment growth.

2. How Does the Calculator Work?

The calculator uses the TSP formula:

Where:

• Sum Contributions — Total amount contributed to the TSP account
• Growth — Investment earnings on the contributions

Explanation: The equation simply adds together all contributions made to the TSP account and the investment growth those contributions have earned.

3. Importance of TSP Calculation

Details: Calculating your total TSP balance helps in retirement planning, understanding your federal benefits, and making informed decisions about contributions and investments.

4. Using the Calculator

Tips: Enter your total contributions and investment growth in USD. Both values must be positive numbers.

5. Frequently Asked Questions (FAQ)

Q1: Where can I find my TSP contributions and growth?
A: You can find these amounts on your quarterly TSP statement or by logging into your TSP account online.

Q2: Does this calculator account for taxes?
A: No, this is a simple sum calculator. Tax implications depend on your specific TSP account type (Traditional or Roth).

Q3: How often should I calculate my TSP balance?
A: It's recommended to review your TSP balance at least quarterly to track your retirement savings progress.

Q4: Can I use this for other retirement accounts?
A: While the calculation is similar, this calculator is specifically designed for TSP accounts which have unique contribution rules.

Q5: What's the maximum TSP contribution limit?
A: The limit changes annually. Check the latest TSP guidelines for current contribution limits.