How to retire the military a millionaire - step 1: TSP

The Thrift Savings Plan (TSP) is a highly beneficial 401(k)-style retirement savings plan available to military personnel, offering them a tax-advantaged way to save for retirement. One of its key benefits is the ability to contribute a portion of their income on a pre-tax or Roth basis, which reduces current taxable income or allows for tax-free withdrawals in retirement. The TSP also offers low administrative fees, ensuring that more of the savings go toward growing the account. In addition, the government provides matching contributions for service members who contribute to their TSP, further boosting their retirement savings. With a range of investment options, including stocks, bonds, and government securities, the TSP allows military members to tailor their retirement plan to their financial goals, ensuring they have the resources they need for a secure future after service.