Thrift Savings Plan Options: Making Your Retirement Dollars Work For You

Service member looking at a pamphlet titled, ”Why Save for Retirement?”

It doesn't seem fair. Just when you finally got a house of your own and started to feel like a full-fledged adult, people are asking you to start thinking about the next 30-40 years. And though it can seem a bit crazy to think that far ahead, there's every reason to get a jump on a money management strategy now and start saving for retirement. Check out what the magic of compound interest can do for you: Just stash $100 in a retirement account (earning 2 percent interest) twice a month for the next 30 years, and you'll be looking at a six-figure balance of $102,500. Bet that caught your attention.

Even if you're still deciding what color to paint your first bedroom, it's never too early to start building that balance so you can kick back and chill out when you retire. The best way to get started is the Thrift Savings Plan, a retirement savings plan for federal employees and members of the uniformed services that gives you two ways to sock away some cash.

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