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The active duty service-member has more benefits then ever before. One of the great benefits available for service-members is the Thrift Savings Plan (TSP). Notice we said “great”, that’s because the TSP is a great plan when compared to most other choices. If you have used our TSP Payday Millionaire Calculator, you will see the opportunity service-members have for retirement account growth. Many factors will come into play to reach your investment goals. It will take patience, consistent contributions and time; remember there are no guarantees with investment accounts. A safe percentage to use for future calculations and estimates of long-term growth for a moderate risk portfolio is a 6% to 8% average. Were not going to get into the fine details here, our goal is to motivate and influence you to enroll and “get started” not to bore you with the fine print or give investment advice.

A few of the many TSP benefits:
  • You’re contributing pre-tax dollars, which will lower your taxable income. A great opportunity to lower your annual tax bill.
  • Administrative expenses (Cost) .028%, which is one of the s for any retirement fund, anywhere.
  • Your invested dollars will grow tax deferred, which means you won’t pay taxes on this money until you withdraw it from your account. Earliest age for most people is 59-1/2.
  • Easy to enroll, manage and establish payroll allotments. This allows you to see your contributions directly on your LES.
  • The TSP is totally portable, it can be transferred into other retirement accounts when you separate from military service, or change careers. See www.tsp.gov/ for details.
  • Professionally managed with investment choices that are very competitive. Review the Top Ten Holdings in each fund. You will find these same choices in many Mutual Funds and ETFs with respect, which charge higher fees when compared to the TSP.
  • Within the TSP you have choices to take high risk, moderate risk or be safe and conservative. The TSP provides flexibility to balance your account to meet your investment risk tolerance.
Keys for starting your TSP:
  • Know the three keys for financial success, which is in our books. Values, Goals, Sacrifices. This would mean you know your long-term goals, which has your short-term goals leading to your long-term goals.
  • Have a written monthly or weekly spending plan (Budget) in place and in use.
  • Have your household savings accounts in place and allotted for. #1 Revolving savings fully funded, which is 20% of your monthly gross income in your passbook savings, #2 Emergency savings started, at least one-month gross income in your emergency account, placed in a liquid higher interest savings account, such as ING Orange, or HSBC, which are FDIC insured.
  • Have your debt reduction plan in place, using a balanced approach. Debt paydown and savings is not an all or nothing scenario. Balance is a priority to succeed with your finances. Our goal for any financial plan is keep it very simple. Using a Debt Snowball plan (In our Book) is simple and very effective for a balanced debt pay-down attack.
  • Start your TSP with a small amount, reaffirm your monthly spending plan, saving and debt pay-down goals. Once you have been in the plan for several months and feel the impact on your budget, you can increase the monthly contributions. Make sure you are using a balanced approach then go for it.
  • Remember, the TSP is not savings used for emergencies, or for a new car, this is an investment. Taking loans or early withdraws from your TSP is very costly and not recommended. The TSP is a commitment for your future and will take maturity and discipline to manage.
To learn more details about the TSP than you would ever want to know, go to www.tsp.gov/

As I always say: “It’s simple to become a millionaire but not easy”,
President, Phillip E. Day


TSP Payday - Millionaire
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