Thrift Savings Plan (TSP)

The Thrift Savings Plan (TSP) is a federal retirement savings program for employees of the U.S. government and the uniformed services. It functions like a 401(k), allowing participants to save and invest a portion of their paycheck before taxes are taken out. The TSP offers various investment options, including government securities, stock funds, and bond funds, designed to help individuals grow their retirement savings over time. Participants can also receive matching contributions from their agency under certain conditions, making it a valuable tool for building financial security in retirement.