Saving for retirement is one goal commonly shared by most individuals.
Unless you are independently wealthy or inherit enough money to feel confident you will never have to rely on savings (I did not have either one of these), you most likely want to put money aside during your working years to ensure your comfort and security when you retire. Investing to build up a safety net for your future can start with as little as investing $1000 or invest $500000! You have to start somewhere!
This can be done in any number of ways, as there are dozens of different “types” of retirement savings plans from which to choose. Each plan has its own benefits and drawbacks making it important to find the one that best meets your current and long term financial needs. Members of the military and federal employees have additional savings tools at their disposal, making the decision where to save even more complicated. Here we look at two popular savings plans available to service members, their families and United States Federal Government employees.