And what do they mean for your savings?

If you watched the recent State of the Union address, then you might have heard some interesting ideas. Mentioned in it were a few different ways that the Trump administration is trying to improve our retirement plans. Retirement in the United States can be tough to figure out, and for those left without matching employer programs, some opt to just ignore it. That is one area where the United States government is looking to increase opportunity, and this proposal expands the Thrift Savings Plan, or TSP.

When you need to make sense of retirement, reach out to Guardian Financial Management in Flower Mound, TX. Our team works with families right here in North Texas to help them understand what options are available to them, and we’re taking notice of the plans outlined by the administration. So, whether you’re thinking about your own retirement or you’re planning for your grandchild’s future, let’s talk about what’s out there and what’s coming.

Could one of the proposed Thrift Savings Plans (TSPs) make sense for your savings? Call Guardian Financial Management to learn more about what they do.

Thrift Savings Plans Are Designed To Create Opportunity

During the State of the Union address, the president announced a rather exciting plan to help people save. These are called Thrift Savings Plans, and they are intended to bring more opportunity for those who do not have access to a 401(k) program through their employer. Since many people who lack 401(k) access choose to ignore their retirement, this could help a lot of citizens to plan for their later years.

With this proposal, workers who don’t have a plan through their employer would have access through the government’s program. In addition to interest growth, the idea is to offer a matching contribution of up to $1,000 annually, too. This proposal mirrors the Thrift Savings Plan, which is currently only available to federal employees or uniformed servicemembers.

Trump Accounts Help Kids Get A Great Start

There are also plans in place to help children start their life with a plan. Trump Accounts are intended to create prosperity in the next generation by giving parents and grandparents a way to save for the little ones. With this proposal, parents, relatives, and even your employers could contribute to an account that sees compound growth. These automatically roll into an IRA, so once they turn 18, they can continue to generate wealth with their Trump Account savings.

Learn More With Guardian Financial Management

If you want to know more about the retirement news you heard during the State of the Union, we’re here to help you understand what’s happening. To find out more about us or the latest in retirement news, call Guardian Financial Management in Flower Mound, TX, today at 972-996-7858.