2peaches2oranges
First Allocation
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Hello, new to this forum. I am here because I have not done very well in planning for the future, but the more gray hair I see, the more it is making me want to pay more attention to how to weather getting older and the future - moneywise.
I left federal service in 1999 after 7 years and pulled my money out of the TSP, it's all gone now except for $4000 in a ROTH IRA at Schwab that I have not contributed anything to since 1999, which is mostly 3 stocks, remnants of the tech run-up. I don't think I can transfer that back into the TSP, so it sits until I decide to pick a fund.
I re-entered federal service in 2011 after finishing my masters degree, staying home raising 4 babies, a divorce and moving from FL to CA. I now have $25K in the TSP - yay! I have been contributing 6% for the match, but I recently upped it to 10% but maybe I should look at somewhere else to park that 4% to grow.
I accepted a downgrade to get back into the government, and finally after almost 3 years, I am making 2 steps more than I made in 1998. Sad. Luckily, I am in a career ladder position and will be an 11 in a year and hopefully will continue to move up.
I am 45 and have an 2004 SCD, so I have about about 20 more years to go to get in 30 years of service. I am not sure if I even have to work for 30 years to get FERS retirement, but I think I have to be 67 to get SS, so that is 22 more years.
Right now, I have all of my future funds and current balance in the L 2050 fund. I previously had it spread out over all the different L funds until I learned how the funds were allocated. So now I am in L 2050. Should I be there in my situation? Too risky, not balanced enough?
Outside of the TSP and the Schwab Roth IRA, I have about $15K cash in my savings account earning nothing. I rent a house, but I have been considering buying, but I am not ready for jumping into real estate where I live in Los Angeles. I am open to moving away from LA once my children graduate HS, but my youngest is still in 5th grade. I really don't have anyone to rely on but myself.
I hope that starting to pay attention NOW to how to save for my retirement will help prevent me from being a bag lady senior :embarrest:. I hope there is help for me to retire with a decent package.
I left federal service in 1999 after 7 years and pulled my money out of the TSP, it's all gone now except for $4000 in a ROTH IRA at Schwab that I have not contributed anything to since 1999, which is mostly 3 stocks, remnants of the tech run-up. I don't think I can transfer that back into the TSP, so it sits until I decide to pick a fund.
I re-entered federal service in 2011 after finishing my masters degree, staying home raising 4 babies, a divorce and moving from FL to CA. I now have $25K in the TSP - yay! I have been contributing 6% for the match, but I recently upped it to 10% but maybe I should look at somewhere else to park that 4% to grow.
I accepted a downgrade to get back into the government, and finally after almost 3 years, I am making 2 steps more than I made in 1998. Sad. Luckily, I am in a career ladder position and will be an 11 in a year and hopefully will continue to move up.
I am 45 and have an 2004 SCD, so I have about about 20 more years to go to get in 30 years of service. I am not sure if I even have to work for 30 years to get FERS retirement, but I think I have to be 67 to get SS, so that is 22 more years.
Right now, I have all of my future funds and current balance in the L 2050 fund. I previously had it spread out over all the different L funds until I learned how the funds were allocated. So now I am in L 2050. Should I be there in my situation? Too risky, not balanced enough?
Outside of the TSP and the Schwab Roth IRA, I have about $15K cash in my savings account earning nothing. I rent a house, but I have been considering buying, but I am not ready for jumping into real estate where I live in Los Angeles. I am open to moving away from LA once my children graduate HS, but my youngest is still in 5th grade. I really don't have anyone to rely on but myself.
I hope that starting to pay attention NOW to how to save for my retirement will help prevent me from being a bag lady senior :embarrest:. I hope there is help for me to retire with a decent package.
This Board is FULL of all kinds of people with those, and there's a TON of good advice available, too. We rarely agree on much, but spend a little time, reading, learning, and asking questions, and you'll be able to pick out the path that's right for you...after all, it's nobody's money but yours ! You're on the right track !
