Where do you want to be in 20 years? How about when you’re 60? As a young Marine it may be difficult to answer these questions. After all, the future is years away and who knows what might happen between now and then? There are some things you can be sure of, however, such as the growth of long-term investments. While we have seen some major market fluctuations in recent years, the economy has continually improved. Regardless of how you’d like to spend your savings, the sooner you begin saving, the more you’ll have to spend later.
A great way for Marines to save for the future is the Thrift Saving Plan (TSP). The TSP is a defined-contribution plan designed to give federal employees retirement savings benefits that are similar to 401(k) plans. If you have not already done so, you can sign up for the TSP at MyPay. If you have already enrolled in TSP and would like to make changes (such as moving your money from one fund to another fund), you can do so at the TSP website.
To learn more about the Thrift Saving Plan, watch the video below.
The TSP also offers a Roth contribution plan. Watch the video below to determine if this is the right investment choice for you.
When you’re ready to make investments beyond TSP, you can learn more about different kinds of financial products through the Financial Industry Regulatory Authority (FINRA) tutorial, Comparing Financial Products. Your installation Saving & Investing course is also a great place to get more information. To learn more about this course, contact your local Personal Financial Management Specialist.