The TSP savings rate is up, but so are the number of TSP loans.

The article discusses the savings rate and loan trends in the Thrift Savings Plan (TSP) for federal employees. It highlights that the total TSP assets at the end of 2023 were $845 billion, with FERS TSP accounts having an average balance of $175,692. The rate of participants taking advantage of the full match reached a record high of 86.8% in 2023. However, the article also mentions that the usage of general-purpose loans in the TSP increased by 40% in 2023. The article provides information on withdrawal options from the TSP in retirement, including fixed installments and life expectancy installments. It also discusses the 4% rule for withdrawal rates and the RMD requirements. The article concludes by emphasizing the importance of using retirement savings to enjoy life after retirement while also being mindful of not depleting savings too quickly. [Extracted from the article]