MILLINGTON, Tenn. (NNS) — April is Financial Literacy Month and according to Fleet and Family Support Center (FFSC) it’s a good time to learn about financial security.
One important tool for financial security is the Thrift Savings Plan (TSP).
Data from the 2011 Financial Quickpoll showed that 58 percent of Navy officers and 62 percent of enlisted personnel contribute to TSP. While significant, Navy leaders said they’d like to see more people take advantage of a TSP.
“It’s easy to enroll and once enrolled you can make a selection that fits your own personality,” said Stacy Livingstone-Hoyte, (FFSC) financial counselor. “If you are risk adverse, pick a fund that is more secure; if you are more prone to being adventurous go that route. The important thing is to invest and leave it there for the future. Everyone wants to ease into retirement with less stress; financial security will help with that.
Planning for retirement takes a little time but can reap great benefits.
“People used to retire with the benefits of pension plans and had confidence that they were prepared for the future,” said Livingstone-Hoyt. “However, now most people are responsible for planning for their own retirement. The Thrift Savings Bulletin quoted a study that said, ‘…only 16 percent of Americans included financial planning in their New Year’s resolutions for 2013, down from 20 percent in 2012 and 33 percent in 2009.'”
Get smart about which tools are right for you.
Both the Navy and civilian service offer TSP. To learn more about planning for retirement with TSP go to www.navynavstress.com.
For more news from Navy Personnel Command, visit www.navy.mil/local/npc/.