How do you compare to others at your station in life?
Moderator: Aitrus
Re: How do you compare to others at your station in life?
Age: 26
Enlisted E-5 SSgt
TSP Balance: 35K Roth
Years in service: 6
No major debt
Years until PLANNED retirement: 34, unless I hit it big with crypto currencies.
Have around 10K in other investments. I'm currently toying around with crypto currencies as a hobby.
Enlisted E-5 SSgt
TSP Balance: 35K Roth
Years in service: 6
No major debt
Years until PLANNED retirement: 34, unless I hit it big with crypto currencies.
Have around 10K in other investments. I'm currently toying around with crypto currencies as a hobby.
Re: How do you compare to others at your station in life?
For all the current & former military posting, thank you for your service!
gclapper,
Sounds like you came through that dark period and although it takes time to recover, you are on a good path now. Their are plenty of options in Texas with Community Colleges and State Universities that are very affordable. Both my sister and I stayed at home and went to UTSA without any student debt. The Community College here has expanded substantially and is a good option for getting the basics out of the way and they have agreements with certain criteria that will allow them to get into and transfer credits at many Universities (see https://www.alamo.edu/sac/TransferPlans/) depending on your children's goals/interest. I'm sure most cities have similar arrangements.
gclapper,
Sounds like you came through that dark period and although it takes time to recover, you are on a good path now. Their are plenty of options in Texas with Community Colleges and State Universities that are very affordable. Both my sister and I stayed at home and went to UTSA without any student debt. The Community College here has expanded substantially and is a good option for getting the basics out of the way and they have agreements with certain criteria that will allow them to get into and transfer credits at many Universities (see https://www.alamo.edu/sac/TransferPlans/) depending on your children's goals/interest. I'm sure most cities have similar arrangements.
Re: How do you compare to others at your station in life?
Age - 26
Salary - GS11-1 (will be step 2 next Pay Period) (about $62,000/year)
Current TSP - 13K Traditional (need tax savings now)
Contributions - 6% plus 5% gov-match = 11% (want more, but life happens, wife still in school, and paying back student loans)
Debt - Roughly 25K student loans, 5K left on car, wife's got a lot of student loan debt we haven't had to pay back yet.
Investment Plan - Seasonal
Years in Government Service - Approaching 2.
Planned Retirement - At least 35 years (61)
Salary - GS11-1 (will be step 2 next Pay Period) (about $62,000/year)
Current TSP - 13K Traditional (need tax savings now)
Contributions - 6% plus 5% gov-match = 11% (want more, but life happens, wife still in school, and paying back student loans)
Debt - Roughly 25K student loans, 5K left on car, wife's got a lot of student loan debt we haven't had to pay back yet.
Investment Plan - Seasonal
Years in Government Service - Approaching 2.
Planned Retirement - At least 35 years (61)
I follow a monthly seasonal strategy from gclapper (slightly modified). Its moves can be found by searching for strategy number #25727 on http://www.tspcalc.com
Re: How do you compare to others at your station in life?
GClapper... your making it through brother. All our lifegoals are are pies in the sky we hope to achieve. Real life doesn't always follow our plan, but we make it through to fight another day. Theres always a new goal to work towards.
Hope the future is smooth sailing for you and yours.
God Bless brother. Seems like you have your priorities straight.
Hope the future is smooth sailing for you and yours.
God Bless brother. Seems like you have your priorities straight.
Those who 'abjure' violence can do so only because others are committing violence on their behalf.
Re: How do you compare to others at your station in life?
Cpayne09...you are definitely on the right track. Do you plan on making military a career?
Re: How do you compare to others at your station in life?
wdd09...It looks like the newbies ganged up on you. Kudos for your many positive contributions to the forum & for sharing your status, something the detractors are afraid to do. I hope you keep posting. You are young and have a long way to go. Once you get debt under control you can increase your TSP contributions
Have you looked into programs that help federal employees with student debt? http://gogovernment.org/government_101/ ... ayment.php
Have you looked into programs that help federal employees with student debt? http://gogovernment.org/government_101/ ... ayment.php
Re: How do you compare to others at your station in life?
Age: 28
Salary: O3, USMC
Current TSP: $5,800
Contribution: 23% (will decrease or increase based on BAH and duty location)
Roth IRA: $8,600
Contribution: $400/mo (same as comment above)
Net Worth: $230,000
Plan to retire as O5 at the age of 46. I had my children young, and the oldest will already be well into her life by my age of 46.
Own 56 acres of farm land in a residential area; this should provide a substantial bonus down the road. Didn't start contributing to the TSP until the farm was paid off (one mistake of many in my life).
Salary: O3, USMC
Current TSP: $5,800
Contribution: 23% (will decrease or increase based on BAH and duty location)
Roth IRA: $8,600
Contribution: $400/mo (same as comment above)
Net Worth: $230,000
Plan to retire as O5 at the age of 46. I had my children young, and the oldest will already be well into her life by my age of 46.
Own 56 acres of farm land in a residential area; this should provide a substantial bonus down the road. Didn't start contributing to the TSP until the farm was paid off (one mistake of many in my life).
Re: How do you compare to others at your station in life?
What's BRS?[/quote]
Blended Retirement System. Do your research FIRST! Its not all that its cracked up to be. Remember that when the government creates a program like this it benefits the government, not the user.[/quote]
This is only a partially true statement. While the BRS does ABSOLUTELY benefit the government, that does not mean it cannot benefit the user. Yes, the reduction from 2.5% to 2% in pension can have substantial impact over a retired life ($2 million+ in some cases), depending on the average return of your investment in the TSP, there is potential to outpace the loss in pension (would have to be great returns, at least 11%+/yr). Also, the lump sum, while not often recommended, could provide the future entrepreneur with the necessary capital to begin a life long dream.
Blended Retirement System. Do your research FIRST! Its not all that its cracked up to be. Remember that when the government creates a program like this it benefits the government, not the user.[/quote]
This is only a partially true statement. While the BRS does ABSOLUTELY benefit the government, that does not mean it cannot benefit the user. Yes, the reduction from 2.5% to 2% in pension can have substantial impact over a retired life ($2 million+ in some cases), depending on the average return of your investment in the TSP, there is potential to outpace the loss in pension (would have to be great returns, at least 11%+/yr). Also, the lump sum, while not often recommended, could provide the future entrepreneur with the necessary capital to begin a life long dream.
Last edited by Foghorn2 on Mon Jul 17, 2017 6:51 am, edited 1 time in total.
Re: How do you compare to others at your station in life?
Welcome to the forum Foghorn2. And are you planning on second career when you retire from the military? Sounds like you may be considering something based on post about BRS. Do you plan to switch to the new system?
Re: How do you compare to others at your station in life?
I do not "plan" on a second career. I have seriosuly considered the BRS, but I do not know if I will switch. Ill be at 7.5 yrs when it takes effect....that is 5.5 yrs of missed government match. Also, I contribute soley to Roth accounts, but the match goes to traditional; I dont like that. I have gone full in on the daily seasonal; even pulling all of the data myself from June 2003 and building my own excel doc. If I thought I could get half of the best average from tsp calc (~18.5%), i would make the switch most likely. It all comes down to numbers - how long you stay in, contribution, ROI. One thing about the BRS calculator and pension is, I believe that it projects an unrealistic increase per year (~3%, but dont quote me). I have no hopes of the pension increasing that much per year.
Re: How do you compare to others at your station in life?
51 years old...I'm exactly 5 years from my MRA today! But will only have 28 years of svc so it would be a deferred retirement. Therefore....I am just under 7 years from full retirement.
Currently a GS 12 step 10...Putting away about 22K(includes catch-up contrib) per year with 5% matching.
Thrift bal is 493K and I have 110 K in a Vanguard traditional IRA.
Currently a GS 12 step 10...Putting away about 22K(includes catch-up contrib) per year with 5% matching.
Thrift bal is 493K and I have 110 K in a Vanguard traditional IRA.
Re: How do you compare to others at your station in life?
55 years old
GS Salary: 11/10
TSP balance: 304,000
Receiving Mil Ret of 1250 per mo after taxes, etc.
Years of service: 17
Projected retirement: 60
Based on all the advice I have received, retiring early SEEMS to be the best thing to do, and draw on SS Supplement at age 60 until I hit 62
GS Salary: 11/10
TSP balance: 304,000
Receiving Mil Ret of 1250 per mo after taxes, etc.
Years of service: 17
Projected retirement: 60
Based on all the advice I have received, retiring early SEEMS to be the best thing to do, and draw on SS Supplement at age 60 until I hit 62
Re: How do you compare to others at your station in life?
evilanne wrote:wdd09...It looks like the newbies ganged up on you. Kudos for your many positive contributions to the forum & for sharing your status, something the detractors are afraid to do. I hope you keep posting. You are young and have a long way to go. Once you get debt under control you can increase your TSP contributions
Have you looked into programs that help federal employees with student debt? http://gogovernment.org/government_101/ ... ayment.php
Hah thanks, I've been petty in giving negative rep as others have for me, frankly I dont care about it anymore (and I'm over giving bad rep for petty reasons now). I'll contribute if I can, if folks don't like it, oh well.
Thanks for the comments about debt relief. As for me, and my salary, Public Student Loan Forgiveness is not a viable option for me because I'd have them paid off in under 10 yrs under the program anyways (meaning I'd pay more in interest using the PSLF program than trying to pay them off early myself, before my wife and I recently got married, I was using my raises to target the higher interest loans, can't do that now that she's moving in and my extra income has to support our family). However, for my wife, when she's done with school that is a viable option. She is going into social work so there are options there (unless Betsy Devos and Trump have other plans. This is not meant to introduce politics into this, it's just a fact of life as Trump and Devos have demonstrated a willingness to cut access to various loan forgiveness programs. There will not be a discussion about this, so please no further).
I follow a monthly seasonal strategy from gclapper (slightly modified). Its moves can be found by searching for strategy number #25727 on http://www.tspcalc.com
Re: How do you compare to others at your station in life?
Been lurking around here for a few years. Figured it's time to introduce myself
Name : Jim B
Age: 46
GS salary level: 14/05
Current TSP balance: $430K
Contributions : Max (~$24K /annual with agency match) Plan on making catch-ups @ 50
Years of service : 26
Wife works for county government, and is planning on retiring when I'm 55. She has a state-run plan similar to TSP, but she's not maxing her contributions yet. Would like to retire with her, but figuring at this point, I'll have to wait until MRA (57).
Mortgage is paid off in 2 years, we're planning on taking that monthly payment and dividing between bumping up car payments, but place the majority into some other investment strategy.
Been in the TSP since day 1, with at least 5% contribution, then bumped it up every few years. Realized 2 years ago that I was so close to the max, I simply joined the "693 club".
The last few years I've become a lot more aware of the markets and and doing a lot more research and homework to better understand what strategies are best. Spent a year following a professional adviser, but realized that their return wasn't any better then what I had done with my own limited knowledge. Started following the daily seasonal plans this month - looks like the top 5 performers are all pretty much the same schedule the next few months, so it gives me more time figure out which plan is best.
Name : Jim B
Age: 46
GS salary level: 14/05
Current TSP balance: $430K
Contributions : Max (~$24K /annual with agency match) Plan on making catch-ups @ 50
Years of service : 26
Wife works for county government, and is planning on retiring when I'm 55. She has a state-run plan similar to TSP, but she's not maxing her contributions yet. Would like to retire with her, but figuring at this point, I'll have to wait until MRA (57).
Mortgage is paid off in 2 years, we're planning on taking that monthly payment and dividing between bumping up car payments, but place the majority into some other investment strategy.
Been in the TSP since day 1, with at least 5% contribution, then bumped it up every few years. Realized 2 years ago that I was so close to the max, I simply joined the "693 club".
The last few years I've become a lot more aware of the markets and and doing a lot more research and homework to better understand what strategies are best. Spent a year following a professional adviser, but realized that their return wasn't any better then what I had done with my own limited knowledge. Started following the daily seasonal plans this month - looks like the top 5 performers are all pretty much the same schedule the next few months, so it gives me more time figure out which plan is best.
Re: How do you compare to others at your station in life?
JJbat150 wrote:Been lurking around here for a few years. Figured it's time to introduce myself
Name : Jim B
Age: 46
GS salary level: 14/05
Current TSP balance: $430K
Contributions : Max (~$24K /annual with agency match) Plan on making catch-ups @ 50
Years of service : 26
Wife works for county government, and is planning on retiring when I'm 55. She has a state-run plan similar to TSP, but she's not maxing her contributions yet. Would like to retire with her, but figuring at this point, I'll have to wait until MRA (57).
Mortgage is paid off in 2 years, we're planning on taking that monthly payment and dividing between bumping up car payments, but place the majority into some other investment strategy.
Been in the TSP since day 1, with at least 5% contribution, then bumped it up every few years. Realized 2 years ago that I was so close to the max, I simply joined the "693 club".
The last few years I've become a lot more aware of the markets and and doing a lot more research and homework to better understand what strategies are best. Spent a year following a professional adviser, but realized that their return wasn't any better then what I had done with my own limited knowledge. Started following the daily seasonal plans this month - looks like the top 5 performers are all pretty much the same schedule the next few months, so it gives me more time figure out which plan is best.
Welcome sir! Looks like your right on track to bust that 7 figure mark before its said and done.
Check out one of the seasonals.. lots of time left to crush it.
Last edited by mmmmmbeer on Wed Jul 19, 2017 1:24 am, edited 1 time in total.
Those who 'abjure' violence can do so only because others are committing violence on their behalf.
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