Just getting serious

[markymark423]

Hello everybody.

I am a newish federal employee and also serving in the national guard. I have just recently decided to get serious about my TSP both civilian and military. I upped my percentages and am going to put a good chunk of my tax free money into a roth tsp in an upcoming deployment. Signed up for a premium service, and we will see how that goes month by month.......but overall I am glad I am finally starting to take retirement serious. BTW I am 30 years old, so hopefully I have some serious growth ahead of me.

 

[OBGibby]

You're already well ahead of your peers by taking your retirement seriously. Wish you all the best toward reaching your goals!

 

[nasa1974]

markymark, welcome aboard and good luck.

 

[Dutchy]

markymark.....Hello everybody.

I am a newish federal employee and also serving in the national guard. I have just recently decided to get serious about my TSP both civilian and military. I upped my percentages and am going to put a good chunk of my tax free money into a roth tsp in an upcoming deployment. Signed up for a premium service, and we will see how that goes month by month.......but overall I am glad I am finally starting to take retirement serious. BTW I am 30 years old, so hopefully I have some serious growth ahead of me.

Congratulations Markymark....

Just by recognizing that you should plan and manage your retirement, you are ahead of the game!

 

[InsaneZane1]

At your age, the Roth route is definitely a good way to go. You're also very wise to pay close attention to it this early in your career. Think of it this way: if you start your account from scratch, get paid $25/hr, work another 27 years (your MRA is most likely 57), and get an average annual yield of 15%, you'll have about $2.1M in your account by the time you turn 57. If you can push that annual yield up higher to 20% for the next 27 years, you'll have over $6M in your account at age 57. All this is assuming you contribute only 6% of your pay and get the 5% agency match with it.

Many people I work with pay little to no attention to their accounts. They have no clue at all just how much trouble they're setting themselves up for too. I found out not too long ago that one of our recent retirees here cautioned one of our Reservists about getting a dual-status job because "the retirement pay sucks". I was able to set the Reservist straight very quickly on how GREAT it can be - but only if you're willing to pay attention to, and manage, your account actively throughout your career.