Conway encourages Marines to invest in TSP

By John Hoellwarth - Staff writer
Posted : Friday Feb 23, 2007 6:11:42 EST

The commandant wants more Marines to augment their military retirement by investing in the government’s Thrift Savings Plan, according to a Feb. 22 Corps-wide message.

“I am concerned that many Marines are not taking full advantage of the financial planning opportunities available to them,” Commandant Gen. James Conway wrote in AlMar message 011/07.

The TSP is a sort of 401(k) option for federal government employees that was made available to military members in 2001, according to the TSP Web site.

Only 33 percent of active-duty and 19 percent of Reserve enlisted Marines contribute part of their earnings to the Thrift Savings Plan, according to the message. A slightly higher percentage of officers — 44 percent of active-duty and 27 percent of reservists — contributes.

“The benefits of early and long-term financial planning and investment can be substantial to a Marine over the course of their career and life,” Conway wrote. “I encourage all Marines to take the time to explore TSP options.