New TSP feature calculates lifetime payment

Monday - 3/7/2011, 4:08pm EST

Tom Trabucco, director of external affairs, Federal Retirement Thrift Investment Board

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Do you have enough money to retire?

The Thrift Savings Plan's new feature - the Lifetime Payment - calculates what your year-end TSP account balance would draw monthly at age 62.

Tom Trabucco, the director of external affairs at the Federal Retirement Thrift Investment Board, said the calculation appears on your annual participant statement, which is mailed to most people and can be accessed via TSP's website.

The Lifetime Payment feature is probably most useful for federal employees who are close to retiring and want to start planning for retirement, Trabucco said.

If you are over 62 years old, the calculator will base the monthly payment on your actual age, he said.