New member

[mrussell22]

Hi,
I am a new federal hire starting at a late age of 59 yrs. I am earning a good salary, although playing catch up. Currently on target to allocate the max of $18,000. I am 100 % L2030, which I know is equity heavy for my age. A personal note about myself is that I have an extreme amount of gratitude to have been hired at my current position.

[mjedlin66]

Congratulations. Since you are over 50, you can also contribute catch up contributions, bringing your total maximum contribution to 24k. Hit it if you can.

[evilanne]

Welcome mrussell22...better late than never. Do you have any 401k's from the private sector? If you do, you may want to look at whether or not it would make sense to transfer any into TSP.

[crondanet5]

You need to open a brokerage account and fill it with after tax dollars so you can accumulate retirement year wealth. Remember that the 401k system was not meant to pay for your retirement: it was to have money after age 80 to pay big medical bills. Read Mr.Money Moustache.com, ride your bike to work, cut costs save much. And demand your doctor do a full workup of your blood. Eradicate any health issues before they interfere with your becoming a millionaire. Congratulations on making it to age 59. Have you given up sugar and are you grain free?

[Aitrus]

Welcome, mrrussel22. Lots of knowledgeable folks on the site. Feel free to ask your questions, you'll get good answers.

[evilanne]

Mrussell,
Are your contributions Traditional or Roth? All mine were traditional but I started outside Roth in 2013 and plan to roll over a portion of TSP with intent to convert to Roth gradually. There are pros & cons for both.

Remember that the 401k system was not meant to pay for your retirement: it was to have money after age 80 to pay big medical bills.

Crondanet...I disagree, on this point. With 401K & TSP, both require RMDs at age 70.5. FERS was designed as a 3 part system (lower pension, supplemented by TSP & SS). In private sector, many companies have replaced pensions with 401K, if anything at all. Health is definitely important but try not to scare off the newbie.