What is the Thrift Savings Plan-TSP?

in Invest by Lacey Langford, AFC®

A reader wants to know what is the TSP? She is absolutely not alone in not knowing what it is. If you’re in the military, you’ve probably heard the acronym TSP before, but many Service members and spouses don’t know exactly what TSP stands for or what it’s for. Listen, I know it’s another acronym for you to memorize but trust me, this one’s important. I’ll give you some hints—it doesn’t stand for Tatoo Solider Payday or Tasty Seawater Punch. It’s all about saving your money. Don’t worry, I’m here to clear it up for you. Today I’m sharing what the TSP stands for, what exactly it is, and the basic things you need to know about it. Gaining a basic understanding of the TSP can help your long-term financial future whether you’re just joining the military or you’ve been in a while, or you’re lower enlisted or a high-ranking officer. No matter what, the TSP is something you should know about. In this episode, I’ll explain it all and some steps you can take. Watch What the Heck is the TSP right meow. Now that you know what the heck the TSP is, I want to hear from you. Please share your biggest takeaway or an action step you’re going to take now that you know more about the TSP. Put them in the comments below because I want to hear your thoughts.