Share Your TSP Balance and Your Age Thread

[tsptalk]

Thanks for sharing that JPH.

I didn't take full advantage either when I started in govt. When you're 20, retirement is a million years away. It wasn't until I got a job in Washington that I got some advice from an older co-worker that I started looking into it more.

I don't believe it's the employers jobs to "train" us on this, as some do, but it would be nice to get a quick orientation once you've been in a year or so, to make sure people understood what they were offering. It may help light a fire under younger employees to get started.

 

[weatherweenie]

Thanks for sharing that JPH.

I didn't take full advantage either when I started in govt. When you're 20, retirement is a million years away. It wasn't until I got a job in Washington that I got some advice from an older co-worker that I started looking into it more.

I don't believe it's the employers jobs to "train" us on this, as some do, but it would be nice to get a quick orientation once you've been in a year or so, to make sure people understood what they were offering. It may help light a fire under younger employees to get started.

As I approached retirement it struck me all the retirement seminars there was, for people who were planning on retiring soon. I thought, why aren't these seminars provided for new employees so they can plan earlier than waiting for months before retiring.

 

[BorinquenAlpha]

I follow the Dave Ramsey philosophy, money has three jobs: give, save, and spend. I’m trying to get better at the spending part, especially on myself, which is tough for a giver and saver.

 

[JPH543]

As I approached retirement it struck me all the retirement seminars there was, for people who were planning on retiring soon. I thought, why aren't these seminars provided for new employees so they can plan earlier than waiting for months before retiring.

Great point, it is defineltely an end goal that you really need to think about at the beginning! I would have loved to have known what I do now in my 40's back in my late teens. Its a conundrum for sure and some hingsight and it even begs the question, would I have even been receptive to it back then? Even when I was a few years out from my first retirement I was like oh I will have time to learn that later... it sure does feel like a tommorrow problem unil it isn't. I have tried teaching my highschool aged kids this financial stuff as I surely didn't know it at their age and they def don't seem interested now, but they will say, well you will be my financial advisor and I will just ask you if I have a questions. I am trying to instill in them, well the time to ask is now and you dont know what you dont know, gota be curious early!

 

[SteelSaving]

I took a retirement seminar in my first year or two, it was highly encouraged at my agency to take an early, mid, and late career retirement seminar.

My only problem is I stayed in g too long starting out. I missed a lot of growth post great recession but it was also a small account at the time.

 

[Boghie]

Thanks for sharing that JPH.

I didn't take full advantage either when I started in govt. When you're 20, retirement is a million years away. It wasn't until I got a job in Washington that I got some advice from an older co-worker that I started looking into it more.

I don't believe it's the employers jobs to "train" us on this, as some do, but it would be nice to get a quick orientation once you've been in a year or so, to make sure people understood what they were offering. It may help light a fire under younger employees to get started.

My first experience in TSP was during the initial check-in. It was a year or two after they shut down CSRS. The older lady at HR that was having me fill out forms and other paperwork told me that I was unlucky to start when I did. She told me that TSP was lousy and that CSRS was sliced bread. She also never mentioned the pension. Kinda weird.

That didn't generate great enthusiasm for long term retirement investing inside my young bowl of mush.

Anyway, I didn't start investing in TSP till a 1994 promotion that 'should' have resulted in a nice take-home pay increase was negated to an actual pay decrease because a large tax increase got me "mad as hell and I ain't going to take it anymore!!!". I had been perusing financial talk radio and hearing about how 401(k)s and TSP worked. I jumped in with both feet. Best thing I ever did. Thank you President Clinton!!!