It's that time of year again…the new pay charts have gone into effect, and everyone enjoyed a nice little jump in their pay last month. This is exactly the right time to increase or start your TSP contributions. If you are already contributing to a TSP account, how much could you increase your contribution? Even one percent makes a difference over time. And it is easy to do. Just log onto MyPay, click on the Thrift Savings Plan option, and increase your contributions.
You haven't yet started a TSP account? Now is the perfect time to open an account, before that extra money is absorbed into your regular spending. Check with your finance office or log onto your MyPay account. You may choose a percentage of your base pay, plus a percentage of your allowances, special pays and bonuses.
Like I said before, even a small contribution will add up over time. If you start with a small percentage now and increase it every January, you will eventually accumulate a nice amount in the account.