Should You Invest in Roth IRA or Thrift Savings Plan

by Retirement Advisor | Sep 3, 2022 | Thrift Savings Plan

Saving for retirement is one goal commonly shared by most individuals.

Unless you are independently wealthy or inherit enough money to feel confident you will never have to rely on savings (I did not have either one of these), you most likely want to put money aside during your working years to ensure your comfort and security when you retire.

Investing to build up a safety net for your future can start with as little as investing $1,000 or invest
$500,000! You have to start somewhere!

This can be done in any number of ways, as there are dozens of different “types” of retirement savings plans from which to choose. Each plan has its own benefits and drawbacks making it important to find the one that best meets your current and long term financial needs.

Members of the military and federal employees have additional savings tools at their disposal, making the decision where to save even more complicated. Here we look at two popular savings plans available to service members, their families, and United States Federal Government employees.

TSP or Roth- you just need to make sure you’re saving something for retirement. Both offer distinct advantages and in some cases disadvantages. Those who have access to both a Roth IRA and TSP may benefit by first maxing out contributions to a Roth IRA and then putting additional savings in the TSP to gain the most benefits from both plans.

Hey ya’ll ! I really love finances and talking about ways to make it easier to make more, save more, give more, and of course spend more. So most of the stuff we will be diving into will be related to finances with the odd topic here and there, plus maybe a special appearance from Rocko, my big pittie baby! I want to start off with easier concepts and the basics of money and work my way into the more difficult and nuance topics. You may be asking, why would I ever listen to you about anything? That’s a fair point, and you don’t have to. However, I would love to take this journey with you into the financial world and together we can learn and grow, not only our knowledge but our bank accounts too! I am not a Financial Advisor, any investment commentary are my opinions only.

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