Changing Where You Stay? Make the Change to Your Thrift Savings Plan (TSP) Account in myPay
By Kisha Taylor, Federal Retirement Thrift Investment Board
Think about it: How many times has your address changed since you’ve started contributing to the Thrift Savings Plan (TSP)? If you’re like many of your fellow military members, you’ve probably had a permanent change of station (PCS) more than a few times, and with all of the chaos that comes with relocating, changing the mailing address associated with your TSP account may not be at the top of your list.
However, it is important that you update the TSP section of your myPay account each time your address changes so that you will continue to receive correspondence from the TSP. You should verify that the TSP has your current address by calling the TSP ThriftLine at (1-877-968-3778), or by checking your statements on the “My Account” section of the TSP website, tsp.gov. Also, be sure to check information such as the house or unit number, and the spellings of the street and city names. Taking these simple steps will reduce errors and save you time and frustration. If the information we have on file is invalid or old, you risk not being able to access your account.
Let’s say you’re about to deploy and you realize you’ve forgotten your TSP account password. You request a new one with the hope that it will reach you before you leave. The TSP sends your replacement password to the address on record— the old address of your first duty station—and you deploy without having received it. Unfortunately, this could make it extremely difficult to move money or even view your account while you’re away.
Want to avoid these risks and prevent missing out on important TSP communications?
Here’s how to update your TSP address:
- While you are active, going to the TSP section of myPay is the quickest and easiest way to update your TSP mailing address. NOTE: The “Correspondence Address” section of myPay will NOT update your information with the TSP. You MUST to go to the TSP section of myPay in order to change your TSP address.
- If you are separated from service, you can view and change your address on the TSP website or complete and print a Form TSP-9, Change of Address for Separated Participants, to submit by mail or fax.
Whether you relocate down the block, across the country, or to another part of the world, we want to keep in touch. It may seem minor, but maintaining a current address is critical to staying connected to your TSP retirement savings account.
Pledge to Save for Retirement during Military Saves Week
Saving for retirement is a top priority for many servicemembers. Military Saves Week is a great time to start your enrollment in the TSP; if you are already participating, increase your contribution by 1 percent this year! There are Retirement Calculators available to help you plan your investing strategy now so that you’ll have enough to carry you through your retirement years.
Whatever you decide, make sure you utilize retirement planning that best fit your needs. Saving for retirement takes time and discipline, so think long and hard before ever considering cashing out your TSP. Also, when you switch jobs before retirement, or transition out of military service, you have a few options available to continue to grow your nest egg:
- Leave the money in the TSP
- Roll over the money to your new employer's retirement plan, if the plan accepts transfers
- Roll over the money into a traditional Individual Retirement Account (IRA) or
Remember: Set a Goal. Make a Plan. Save Automatically!
- Written by Guest Blogger
- Category: Blog
- Published: 11 February 2014