In one embodiment, a method for managing threshold voltage shifts in Flash memory includes determining, by a processor after writing data to a Flash memory block, base threshold voltage shift (TVSBASE) value(s) configured to track permanent changes in underlying threshold voltage distributions due to cycling of the Flash memory block, determining, after the writing of data to the Flash memory block, delta threshold voltage shift (TVSDELTA) value(s) configured to track temporary changes, with respect to changes in the underlying threshold voltage distributions due to retention and/or read disturb errors, calculating an overall threshold voltage shift (TVS) value for the data written to the Flash memory block, the overall TVS value being a function of the TVSBASE and TVSDELTA value(s) to be used when writing data to the Flash memory block, and applying the overall TVS value to a read operation of the data stored to the Flash memory block.