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The Daily Debrief Reports: MilitarySaves.org partners with Thrift Savings Plan to help troops save for retirement
Monday - 10/5/2009, 8:20pm EDT
Worrying about money is no fun, especially if you have a spouse in the Armed Forces who might deploy at any time.
There's a resource out there that can help you, however.
It's called MilitarySaves.org.
Tom Trabucco is Director of External Affairs for the Federal Retirement Thrift Investment Board and tells us more about it.
"We are what's called a campaign partner in the Military Saves campaign [which is] part of two larger campaigns. One called the Department of Defense Financial Readiness Campaign and then the National America Saves campaign."
Trabucco said careful listeners might remember the National America Saves campaign from this past February, when the group holds its nation-wide campaign.
"This particular portion of [the campaign] focuses specifically on members of the uniformed services, where we can focus in on the particular needs and lifestyles of those people."
Trabucco said there are factors that members of the uniformed services and their families have to deal with that are unique.
"They're in a particular niche because, generally, they are younger than the federal workforce as a whole. . . . For most members of the uniformed services, they're younger, they're new to the work world, and they're just beginning. So, the big messages to them are -- build wealth not debt and contribute, contribute, contribute."
He said debt is one of the worst pitfalls a younger person can fall into, because it can hamper someone for years, even if it's being paid off.
The Military Saves campaign is working to combat that problem and get young members of the military thinking about their financial futures.
"Once you build [saving] into your budget, you kind of forget about it. Set it and forget it and keep putting the money away. But it is tough, [taking] that first step out. That's why campaigns like this are so helpful."
He added that you will find all of the information you need at MilitarySaves.org.
"The military is unique, although there's been great growth there, it's still probably the area where TSP can grow even further. It started in 2002. We now have about 640,000 members of the uniformed services with accounts, but there are about 1.8 million [overall], so there is a great potential for growth there."
The TSP will have a booth at the annual Association of the Army of the United States Expo at the Washington Convention Center. Trabucco said this is just one more way that the TSP is trying to reach out.
Check out the official TSP Web site, too.
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