Ok. I've been contributing 10% and my agency is matching 5% for total of 15%. Is this a wise decesion since I have around 15 yers left to retirement. Also, what would be the penalty if I hypothetically withdrawl my entire balance prior to the age limit? Thanks.
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Agency Matching
- Thread starter catak
- Start date
userque
TSP Legend
- Reaction score
- 36
See here for the first part of your question:
https://www.tsp.gov/planningtools/retirementplanning/howMuchToSave.shtml
And here for the second part:
https://www.tsp.gov/planparticipation/inservicewithdrawals/basics.shtml
Good luck!
wavecoder
TSP Pro
- Reaction score
- 24
I would contribute even more if you can afford it, unless you are also doing some investing on the side. I contribute 10% to the TSP, but that's because I'm also throwing money every pay period toward both a brokerage acct and a Roth IRA. So in reality I'm contributing close to 25% (brokerage acct to have a portion of investments that are liquid, and Roth IRA to play funds that are more high-risk than the TSP allows)
Retirement and investment accounts are basically you get what you put in. Contribute more now and you'll have a more comfortable retirement.
I read a CNN article before and it said something about the average american putting 7% into their 401k's. So technically you're doing more than the average american toward retirement. However, a big percentage of retired americans don't have as much money as they'd like to. So to be safe I'd say donate 15% if you can afford to.
Retirement and investment accounts are basically you get what you put in. Contribute more now and you'll have a more comfortable retirement.
I read a CNN article before and it said something about the average american putting 7% into their 401k's. So technically you're doing more than the average american toward retirement. However, a big percentage of retired americans don't have as much money as they'd like to. So to be safe I'd say donate 15% if you can afford to.
Cactus
TSP Pro
- Reaction score
- 38
I have to agree with Sniper. Save as much as you can because it's going to turn into less than you expected. That is where I'm at. With less than 10 years to go, we are in catch-up mode saving/investing everything we can while we still have our health.
This also gets you used to living on less. I try to talk folks a year or two from retirement in practicing retirement by trying to live on what they think they are going to have in retirement. Invest the rest so you have more in retirement. No one has taken me up on this yet, but I do hear their complaints on how tight money is. Moral of the story: don't retire until you can afford it.
This also gets you used to living on less. I try to talk folks a year or two from retirement in practicing retirement by trying to live on what they think they are going to have in retirement. Invest the rest so you have more in retirement. No one has taken me up on this yet, but I do hear their complaints on how tight money is. Moral of the story: don't retire until you can afford it.
BichonFreeze
TSP Strategist
- Reaction score
- 3
15% isn't anything to be ashamed of. That's where I'd like to be eventually, but until I buy my house 10% will be fine.
BichonFreeze
TSP Strategist
- Reaction score
- 3
That's great advice, but you can't help those who don't want to be helped. Frankly the thing that gets me is how much people eat out and the money they are literally throwing out the window doing that. I can generally buy a month's worth of groceries for my fiance and I for between $175-$250 a month. While some of my friends can easily spend $30-$50 on going out to eat on one meal. I just don't get it. I guess I'd like to live within my means and have something down the road for myself.
Valkyrie
TSP Pro
- Reaction score
- 220
even more reason to stop putting money into TSP account
On Poland and Detroit. Not For the Faint of Heart. | Barnhardt
I read about these plans first during Clinton's first term. since then i have done the 5% matching and that's it, the rest goes to private accounts. Now it looks like it might be time to stop the 5% also.
"As I have written recently, the Obama regime is already using pension money to manipulate the so-called debt ceiling, namely the Thrift Savings Plan money, which is the government 401(k) equivalent for government employees, government retirees and the U.S. military. Yeah, all of these US military officers who are “going along to get along” so they can “make it eight more years until I get my pension” are chasing money that is already gone. Morons. The regime has already taken it, and all that is sitting in those accounts are worthless IOUs issued by neo-Stalinist oligarchs. They’re just too uninformed and deluded to understand this. This is why the national debt figures published by the government have not changed in months and months. They are using the TSP money to fraudulently offset public debt on the balance sheet."
The regime has been fairly open about its plans to “nationalize”, read CONFISCATE, this collateral and implement a system of “mandatory retirement savings accounts”, which will be just another confiscatory redistribution into the hands of the oligarchs and their cronies. This what Poland just did. This is what MF Global was in its essence. This is what Cyprus was, except the Cypriot confiscation was done to demand deposit accounts instead of retirement accounts, which is now termed a “bail-in” – but it is all of the same stripe, namely the utter destruction of the notion of private property and the redistribution of all wealth into the hands of the oligarchs. In Poland, the private pension paradigm has now also been destroyed because no one will want to put money into a private pension after this knowing that it can and will be stolen by the government at any time with zero redress.
On Poland and Detroit. Not For the Faint of Heart. | Barnhardt
I read about these plans first during Clinton's first term. since then i have done the 5% matching and that's it, the rest goes to private accounts. Now it looks like it might be time to stop the 5% also.
"As I have written recently, the Obama regime is already using pension money to manipulate the so-called debt ceiling, namely the Thrift Savings Plan money, which is the government 401(k) equivalent for government employees, government retirees and the U.S. military. Yeah, all of these US military officers who are “going along to get along” so they can “make it eight more years until I get my pension” are chasing money that is already gone. Morons. The regime has already taken it, and all that is sitting in those accounts are worthless IOUs issued by neo-Stalinist oligarchs. They’re just too uninformed and deluded to understand this. This is why the national debt figures published by the government have not changed in months and months. They are using the TSP money to fraudulently offset public debt on the balance sheet."
The regime has been fairly open about its plans to “nationalize”, read CONFISCATE, this collateral and implement a system of “mandatory retirement savings accounts”, which will be just another confiscatory redistribution into the hands of the oligarchs and their cronies. This what Poland just did. This is what MF Global was in its essence. This is what Cyprus was, except the Cypriot confiscation was done to demand deposit accounts instead of retirement accounts, which is now termed a “bail-in” – but it is all of the same stripe, namely the utter destruction of the notion of private property and the redistribution of all wealth into the hands of the oligarchs. In Poland, the private pension paradigm has now also been destroyed because no one will want to put money into a private pension after this knowing that it can and will be stolen by the government at any time with zero redress.
Frixxxx
Moderator
- Reaction score
- 131
You have to set goals and plan:
1. Retirement planning: Age/Amount needed
2. Savings plan
3. Budget
4. Execute
So if I KNOW I can live on the following amount at 60:
1. FERS Annuity: $33,000
2. SS Supplement: $22,700
3: Military Retirement: $22,380
4. FERS 5% withdrawal (est): $50,000
Grand total: $107,650/yr
Then that is what I am tracking.
Now:
1. I have to be making $100K my last three years.
2. FERS SS Supplement still has to be in existence.
3. Military Retirement should be there.
4. FERS Expected Value: $1,000,000
These steps can be accomplished very quickly. Sit down and plan them out. I have other investments, but not included because they will fluctuate, like municipal bonds, Roth IRA and my wife's meager, pre disability savings.
Good luck - failing to plan is just as good as planning to fail.
1. Retirement planning: Age/Amount needed
2. Savings plan
3. Budget
4. Execute
So if I KNOW I can live on the following amount at 60:
1. FERS Annuity: $33,000
2. SS Supplement: $22,700
3: Military Retirement: $22,380
4. FERS 5% withdrawal (est): $50,000
Grand total: $107,650/yr
Then that is what I am tracking.
Now:
1. I have to be making $100K my last three years.
2. FERS SS Supplement still has to be in existence.
3. Military Retirement should be there.
4. FERS Expected Value: $1,000,000
These steps can be accomplished very quickly. Sit down and plan them out. I have other investments, but not included because they will fluctuate, like municipal bonds, Roth IRA and my wife's meager, pre disability savings.
Good luck - failing to plan is just as good as planning to fail.
