Is the federal Thrift Savings Plan (TSP) enough for retirement? I’ve been maxing out my TSP contributions, but with inflation and rising costs, I’m wondering if it’ll actually be enough. What other retirement strategies do federal workers use to stay financially secure?

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With the TSP + FERS + SS, it should be plenty for a decent retirement.

Following up on this--you can look up federal employee retirement calculators. There are several of them out there and they can help you model what your financial situation will look like in retirement between the TSP, pension, and social security.

If you want to do it yourself, pull your social security report from the SS site, use any 401k calculator out there to model your TSP, and either pull the pension projections from your retirement site (GRB or whatever your agency uses) or calculate it based on the formulas on the OPM site (as it stands today, 1% of your high-3 average per year if retiring under 62 or at ≥62 with less than 20 years of service, 1.1% per year if retiring at 62 or older with ≥20 years of service). Take those three calculations and add them up and see what your finances might look like at retirement.

TSP + FERS + SS should add up to almost your full pay if you have something like 25 years of service. For my own projections though, I am not counting on SS being around because of all the plans to try and gut it (I’m in my early 30s so still a long way to go until retirement).

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