Is the Thrift Savings Plan (TSP) a good tool for Military Reservists?

2015-02-01T18:13:32-05:00

The TSP is the Federal Government's 401(k), and it is massively beneficial for Active Duty Service-members. Are there any Reservists who care to weigh in?

http://myarmybenefits.us.army.mil/Home/Benefit_Library/Federal_Benefits_Page/Thrift_Savings_Plan_(TSP).html

Thrift Savings Plan (TSP)

Response by LTC Private RallyPoint Member made Aug 23 at 2015 6:38 AM

2015-08-23T06:38:11-04:00

LTC Private RallyPoint Member Sir, I have taken the perspective that I don't "need" my drill pay to survive. By deferring it, I can decrease my taxable income some while diversifying my retirement portfolio. Recognizing that accessing early, secondary to multiple deployments, is an advantage over civilian programs and a potential bridge to defer using other retirement funds until a more advanced age. Is it the sexiest fund out there? In a word, no. That said, I think leaders should spend more time knowledge sharing and advising SOME form of retirement/savings plan to the troops. My advise is that if you can't afford NOT to save and compound interest is likely the best friend you never knew you had.