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Who inherits your TSP?
Do you know where your money would go if you were no longer around to use it? Although it can be an uncomfortable topic, it’s important to consider while planning for your future and the financial future of your loved ones. Before Financial Literacy Month closes this April, take some time to review your TSP death benefits.
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Make sure the TSP distributes your money according to your wishes
We hope you’ll have a comfortable retirement and enjoy using the money in your TSP account for a long time. But for peace of mind, take steps to make sure we have the information we need to pass on your savings as you wish. Keep this information in mind:
- The TSP can’t accept a will, settlement agreement, court order, or any other document to determine who inherits your TSP account.
- If you haven't designated a beneficiary, death benefit payments from your TSP savings will follow the order of precedence required by law. If the order of precedence matches your wishes, you don’t need to submit a beneficiary designation.
- To submit a beneficiary designation different from the order of precedence, log in to My Account or contact the ThriftLine.
You may want to review your beneficiary designation periodically to make sure it stays up to date through life changes. And consider sharing information for TSP beneficiaries with whomever will inherit your TSP savings to help make the process smoother during a time that may be difficult for them.
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Security tip: Remember that your username, password, and ThriftLine PIN should always remain private to you. Beneficiaries will never need direct access to your account. |
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Free TSP webinars
Build your expertise. Ask questions.
Our official TSP trainers host free webinars on a variety of TSP topics and always include time to answer your specific questions. Register now to attend upcoming events. We add new sessions throughout the year, so check frequently to find times that work for you.
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Use an account lock to prevent fraudulent withdrawals
An account lock is the ultimate way to protect your TSP savings. When you place a lock on your account, we won’t process any new request related to loans or withdrawals. With an account lock, you can still access My Account normally, manage your savings, and change your TSP investments.
You can request an account lock by logging in to My Account. When you need to access your savings, you can unlock it at any time with a 10-digit key that you create.
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SECURE 2.0 and the TSP
We’re continuing to assess how the recent SECURE 2.0 Act (Setting Every Community Up for Retirement Enhancement 2.0 Act) will affect your TSP account and options.
Two SECURE 2.0 provisions that may help you plan your investments and retirement income are
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RMD age change: The start age for required minimum distributions (RMDs) increased from 72 to 73 in 2023. The RMD start age further increases to 75 in 2033.
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No RMDs for Roth TSP: Beginning in 2024, Roth TSP money will no longer be subject to RMDs prior to a participant’s death.
We’ll provide more updates as we finalize details for other SECURE 2.0 provisions.
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Schedule for the Thrift Savings Planner
You'll receive your TSP newsletter by email in January, April, July, and October each year.
You can unsubscribe from the Thrift Savings Planner at any time.
View this email in your browser.
Contact us
Privacy
tsp.gov
ThriftLine Service Center
C/O Broadridge Processing
P.O. Box 1600
Newark, NJ 07101-1600
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