Making the decision to save for retirement is an important step to start on the path to a secure financial future. Most people can usually select from several tax-advantaged options to save for retirement, sometimes at the same time.
You know that it's important to save for retirement, and may already be setting aside some money in an individual retirement account (IRA) or the Thrift Savings Plan (TSP). But do you know how much you should be saving to cover your expenses in retirement?
Service members have access to one of the lowest-cost ways to save for retirement. The Thrift Savings Plan (TSP), which is like a 401(k) for members of the military and federal employees, makes it easy to invest automatically from your pay.
Saving for retirement can get complicated for spouses of service members who move frequently. But even if you switch jobs with each move, do freelance work on the side or take time off from working, you can still make the most of tax-advantaged retirement savings plans.