serotonins
formerly maroki
- Sep 13, 2012
- 1,012
- 136
Help
Age 23 Should I Start a TSP? ..Similar to 401k
- Thread in 'General' Thread starter Started by serotonins,
- Start date
Nereyda Vuelve Por Dios
formerly DONRE
- Jul 22, 2012
- 2,931
- 3,206
sure.
Last edited:
- Mar 10, 2004
- 5,067
- 1,133
YOLO
- Nov 5, 2012
- 13,898
- 6,412
Tsp?
- Aug 14, 2012
- 23,193
- 28,139
Huh?
- Aug 17, 2007
- 11,411
- 5,368
What's up op what you need?
serotonins
formerly maroki
- Sep 13, 2012
- 1,012
- 136
Wonder how much I should start with, and how much I should keep adding monthly
- Oct 30, 2012
- 7,503
- 3,210
- Jul 18, 2012
- 8,837
- 4,740
treat as like 401k, max out for match
serotonins
formerly maroki
- Sep 13, 2012
- 1,012
- 136
I dont know what a 401k is. I called my bank and discussed it with them and they said, a 401k is very smiliar to a TSP except a TSP has better benefits.. I am going to do it. But transferring out of the military and to a regular civilian job I will have to enroll into the 401k.. Or roth? I'm not to sure, i'm going to get details on Monday and most likely start the TSP. It's scary thinking almost 4 decades ahead of my time, because I can die tonight.
What I am worried about is barely having money when i'm out of the military, and having a lot of money in my TSP. I will be forced to work day to day and if I struggle tremendously to find a decent job I would have to touch my 401k or live a miserable life, pay check to pay check.
Last edited:
- Oct 19, 2012
- 2,105
- 3,563
FYI to any readers, the TSP is essentially a 401k-esque plan for military and federal government workers.
To answer your question @maroki , yes. Someone advised me to do the same at your age, and I now have a significant amount of retirement savings at age 26.
As far as your other concerns, (1) there are roth and regular TSP contributions, (2) you can keep your money in the TSP after leaving federal service, and (3) there are circumstances that allow you to withdraw from the TSP (with a tax penalty of course). One negative is, unlike the government, the military does not match contributions I believe? Which may have changed.
To answer your question @maroki , yes. Someone advised me to do the same at your age, and I now have a significant amount of retirement savings at age 26.
As far as your other concerns, (1) there are roth and regular TSP contributions, (2) you can keep your money in the TSP after leaving federal service, and (3) there are circumstances that allow you to withdraw from the TSP (with a tax penalty of course). One negative is, unlike the government, the military does not match contributions I believe? Which may have changed.
serotonins
formerly maroki
- Sep 13, 2012
- 1,012
- 136
How much do you put into TSP? and how often?
If you could start your TSP from the beginning, what would you change in your strategy, or would u keep it the same?
- Oct 19, 2012
- 2,105
- 3,563
Personally, I max out my contributions. Which are taken out of my pay every two weeks.
I would keep my strategy the same..maximum contributions in the most aggressive fund. Keep in mind I had a significant amount of money saved before beginning this strategy. Such a method may not fit your particular financial situation.
I would keep my strategy the same..maximum contributions in the most aggressive fund. Keep in mind I had a significant amount of money saved before beginning this strategy. Such a method may not fit your particular financial situation.
serotonins
formerly maroki
- Sep 13, 2012
- 1,012
- 136
talk to me bro, school me
antidope
Supporter
- Jan 2, 2012
- 67,061
- 76,389
Yes bro, start as early as possible. I started at 22. Just get in the habit there is no negative to it.
- Nov 5, 2012
- 13,898
- 6,412
Mind if I pm you about this stuff?
