The Department of Defense's Thrift Savings Plan (TSP) is the equivalent of a civilian 401(k) retirement plan. Servicemembers can contribute dollars from their paycheck before taxes are taken out. The servicemember then decides where to allocate the money based on six different mutual fund options. Investing in the TSP also has several other advantages including: being able to borrow against the amount available in your account for personal loans or home loans and being able to roll the amount over into a private 401(k) or individual retirement account (IRA). For more information, visit the Thrift Savings Plan website and Military.com's TSP section.
The Thrift Savings Plan Update
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