Share Your TSP Balance and Your Age Thread

[felinecrl]

@ Christopher. I am a late bloomer as well, and I agree with you, as my TSP contributions started late. I have more invested in the traditional than Roth. My rationale is that I can take the tax break now, and earn as much as I can from our TSP by maxing out each year since I was 48. I started as a gov employee as a GS9, when I was 46 and was contributing 5% to 10%. Currently I'm a GS13 and plan to retire at 62 (2024). I am also invested in a couple annuities that will be tax-free upon withdrawing. But, I figured that based on the amount of funds I will have invested, plus social security, I won't be in the highest tax bracket. So, I should be ok.

I too was ignorant to the investing thing until a coworker shared the TSP Talk with me. I started reading the daily posts and chats to make sense of it all, and have gained plenty knowledge as to how this works. I recommend this site to a few who are like-minded, and se that aren't, but managing one's own money is not for everyone. TSP Talk made a world of difference to me and I am very thankful for the site and Tom's analysis. I'm very blessed to be an affiliate of TSP Talk.

I am 58 as of Nov 2020, and have a TSP balance of $408,405, annuities at a combined balance of $48,000, and stocks balance of approximately $20,000 = $476,405.

Blessings to you during this covid-19 season and beyond! :smile:

 

[nnuut]

TSPTalk is Great STUFF, Thanks to TOM!!!

 

[James48843]

Yes luckily I maxed out my contributions once I got the 14. All of my contributions have been Roth thus far. I am debating on if that is the best option.

I did some of both. I wish that I had done 50/50 Roth/conventional, as the conventional helps with taxes now, and the Roth helps with taxes later. By doing both at least you get flexibility in retirement as to which you want to pull from. If you are in a low bracket, you can take the conventional out, and if you need a big chunk all at once, you can choose from the Roth.

Flexibility helps.


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[Globalpack]

This year has been such a wild ride and today Tesla up another 7%!

 

[yesterdaysnews]

TSP at 108,000 age 46 in mid December. Would have been more but needed to borrow against it to pay off credit cards.

 

[chaingunmike]

Today was a big day for me, my TSP crossed the $1 million mark with today’s market gains. I’m at $1,003,000 now and it feels really weird. I’m curious, do any other TSP millionaires remember the date that their TSP first crossed into 7 figures? I’m 61, 30 years service, and retiring December 2021.

 

[ALRetiree]

Congratulations Mike. Retiring with a $1m TSP is great and has been my goal since day one in TSP. I need a good year to get there (my retirement date is next September) I’m at about 880k now. Not that you can’t have a good retirement with less but I think it’s a psychological milestone that would make me feel better walking out and leaving that regular paycheck.

 

[weatherweenie]

I'm about $100,000 and 2 years behind you. Ideally, I will be able to not touch TSP monies for awhile. Even if I do, I still hope for the balance to grow in retirement.

Congratulations Mike. Retiring with a $1m TSP is great and has been my goal since day one in TSP. I need a good year to get there (my retirement date is next September) I’m at about 880k now. Not that you can’t have a good retirement with less but I think it’s a psychological milestone that would make me feel better walking out and leaving that regular paycheck.

 

[gibsonman]

Mine 620K, wife 250K....pension will be 62K

 

[chaingunmike]

I'm about $100,000 and 2 years behind you. Ideally, I will be able to not touch TSP monies for awhile. Even if I do, I still hope for the balance to grow in retirement.

I was at 880,000 as recently as July and then 900,000 in August. I think the markets were climbing throughout the summer and then went even higher in October/November. It took only about 2 months for me to go from 900 to $1m. Incredible. It seems that once you hit around 800/900k things happen FAST. I wonder where I’ll be when I retire next December. I’m hoping for 1.2m, that would be amazing. You aren’t very far behind me and I think you’ll be at $1m a lot sooner than you think. In retirement I plan on withdrawing 3-4 percent annually to keep my balance high and let compound interest keep working its magic. I want my TSP to become a perpetual money making machine that goes on forever.

 

[chaingunmike]

Congratulations Mike. Retiring with a $1m TSP is great and has been my goal since day one in TSP. I need a good year to get there (my retirement date is next September) I’m at about 880k now. Not that you can’t have a good retirement with less but I think it’s a psychological milestone that would make me feel better walking out and leaving that regular paycheck.

Thanks. I didn’t expect to reach $1m until next year so I’m pleasantly surprised. If you’re at 880k now then you’ll probably reach $1m by September. It seems my account went from 880k to $1m in only 6 months. I agree that $1m is a good goal to achieve before retirement. Good luck to you.

 

[nasa1974]

Congratulations.

 

[Valkyrie]

retired 61. 300k tsp, 300k private accounts both rising.

when they started the TSP they told me nothing about. there were not any agency training courses like they started over 10yrs ago. so I didn't even contribute for over five yrs and was just in G fund. I knew nothing about the stock market. even when I started contributing I was only in the G fund for a few more yrs, until I found this site and started to pay more attention to the markets.

 

[Bullitt]

retired 61. 300k tsp, 300k private accounts both rising.

As long as you have enough to provide for your needs.

Other people's numbers should not be a benchmark of where you need to be, especially given the lack of details. Everyone's needs are different.

 

[Valkyrie]

As long as you have enough to provide for your needs.

Other people's numbers should not be a benchmark of where you need to be, especially given the lack of details. Everyone's needs are different.

I just live off the pension for the last four yrs. next yr that will go up slightly if I apply for SS. otherwise there has been zero need to touch savings. Thank God.

 

[nasa1974]

retired 61. 300k tsp, 300k private accounts both rising.

when they started the TSP they told me nothing about. there were not any agency training courses like they started over 10yrs ago. so I didn't even contribute for over five yrs and was just in G fund. I knew nothing about the stock market. even when I started contributing I was only in the G fund for a few more yrs, until I found this site and started to pay more attention to the markets.

Valkyrie,
Same thing here. Started in the "G" fund and never maxed out my contributions. I was CSRS so I didn't get any matching funds. Just figured since I got a pension the TSP was just going to be a little extra in the account, vacation money. But you're right there was very little information in the beginning on how or what to do. If only I knew then what I know know.

 

[kmckolo1]

I’m retired at 57 31 years service and my tsp is still performing postal millionaire. Now I am 59 and leaving in.


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[Valkyrie]

Valkyrie,
Same thing here. Started in the "G" fund and never maxed out my contributions. I was CSRS so I didn't get any matching funds. Just figured since I got a pension the TSP was just going to be a little extra in the account, vacation money. But you're right there was very little information in the beginning on how or what to do. If only I knew then what I know know.

I started out in CSRS for four yrs, then left the govt for 18 months. when I returned the TSP was in effect. missed getting back into the CSRS by 30 days. and then of course when I came back NOBODY told me I could buy back my time. when I finally found out about doing that, I only owed a couple hundred to pay back but the interest was over 3k. I brought back in and started to recouped that money 18 months after being retired, and now get more per month. Of course the dept that handles the payback, said they hear it all of the time, nobody knows until later on when it is a big interest payment. they don't tell anybody, i wonder why?

 

[James48843]

I’m curious, do any other TSP millionaires remember the date that their TSP first crossed into 7 figures? I’m 61, 30 years service, and retiring December 2021.

Yep. December 4, 2020, I went by the 7 figure mark. And boy, does that feel good. I let out a big sigh of relief.

Retired August 31, 2020, with 32 years of service.

Set up my first actual withdrawal, too. Now I am going to get $1,000 per month. I want to let the bulk of my account grow for a while, at least until the FERS supplement ($1440/mo) runs dry in Aug 2022. Then I can re-evaluate, and decide whether to claim Social Security early at age 62, or just wait, and tap my TSP funds for a few years in lieu of claiming Social Security early. I’d really prefer to let SS ride until I’m 64 or 65, so the monthly amount isn’t cut so much. But I’ll wait till we get there to make those decisions.



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[James48843]

Boom!

And just like that, the markets react to:

1. A settlement finally on done kind of Congressional COVID package. (Sell on the news).

2. The UK announces big shutdown due to new Covid strain that appears to spread much faster. Other EU countries respond by halting all traffic to and from the UK, and the European Markets all promptly drop 2 to 3% in a few hours.

3. Continued unrest regarding the departure of the President, and new lawsuits filed.

And just like that, poof- the markets will sink before noon.

Let’s hope that is just a weak morning, and the Santa rally does not turn into a Satan rally.


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