Hello TSP Center, I am new
Moderator: Aitrus
Hello TSP Center, I am new
Hello all.
I am a Fed with over 16 years in and am investing the maximum amount at the ripe age of 50. I plan to retire at age 60.
Pleased to meet you all.
-Turkeyegg
I am a Fed with over 16 years in and am investing the maximum amount at the ripe age of 50. I plan to retire at age 60.
Pleased to meet you all.
-Turkeyegg
Re: Hello TSP Center, I am new
Welcome! Dive in and see what you can learn.
How long have you been investing in TSP? You mention you are investing the max amount. How long have you been doing that?
How long have you been investing in TSP? You mention you are investing the max amount. How long have you been doing that?
Re: Hello TSP Center, I am new
Welcome Egg. Set up your fantasy tsp and let's see how you do in these-next 10 years. A lot of smart people here to help you along. I'm not one of them but I am learning every day. Good luck to you.
Let's go ISLANDERS!!
Let's go ISLANDERS!!
Re: Hello TSP Center, I am new
and why not just work the extra two years and get the extra 10% on your pension:)
Re: Hello TSP Center, I am new
Wishing many positive returns Turkeyegg!
- sgtnichols
- Posts: 120
- Joined: Sat Jan 09, 2016 10:17 pm
Re: Hello TSP Center, I am new
My thought exactly!Bologna13 wrote:and why not just work the extra two years and get the extra 10% on your pension:)
I plan to retire at age 62 or later.
https://www.myfederalretirement.com/fers-age-62/
Justifications:
- Social Security is first available at age 62.
- Takes advantage of COLA compounding in my pension that starts at age 62, which would not be compensated for if I retire earlier.
- Bumps up my pension multiplier 10%. Pension = 1.1% * high3avg * svcyears
- Allows me to avoid the years of insurance cost creep seen if I retired earlier.
Re: Hello TSP Center, I am new
Where are you getting the extra 10% ?Bologna13 wrote:and why not just work the extra two years and get the extra 10% on your pension:)
At age 60 they will have 26 years at 1.0% ( 26 * .01 = .26 or 26% of salary)
If age 62 with 26 years at 1.1% ( 26 * .011 = .286 or 28.6% of salary )
That's only a .026 or 2.6% increase.
Nowhere near an extra 10%
At age 62 with 20 years you get an extra 0.1% or .001 per year
Re: Hello TSP Center, I am new
Here's where the extra 10% comes from:
.026 / .26 = .1, or 10%. It's not 10% of total salary, it's an extra 10% of the final calculated 1%. If you're talking about total salary, it's an extra 1/100's of the salary, not an extra 1/10's of the salary.
For me, if I work until I'm 62, the calculation would be:
62 - 18 (age at which I began govt service - I bought back my military time) = 44
44 * .011 = 0.484, or 48.4% of salary.
If it were calculated at 1%, it would be 44%, a full 4.4% below the final 48.4% as calculated with 1.1%. As in your example above with 26 years, the extra % is just 10% of whatever the results of the initial 1% would otherwise be, not 10% of the final pay.
.026 / .26 = .1, or 10%. It's not 10% of total salary, it's an extra 10% of the final calculated 1%. If you're talking about total salary, it's an extra 1/100's of the salary, not an extra 1/10's of the salary.
For me, if I work until I'm 62, the calculation would be:
62 - 18 (age at which I began govt service - I bought back my military time) = 44
44 * .011 = 0.484, or 48.4% of salary.
If it were calculated at 1%, it would be 44%, a full 4.4% below the final 48.4% as calculated with 1.1%. As in your example above with 26 years, the extra % is just 10% of whatever the results of the initial 1% would otherwise be, not 10% of the final pay.
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Recommended Reading: http://tspcenter.com/forums/viewtopic.php?f=14&t=13474
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Re: Hello TSP Center, I am new
go to the leader board and get accouple heavy hitters and stay with them, I don't know how a lot of this stuff works either
Jesus, please guide us is all we do?
Re: Hello TSP Center, I am new
Welcome!
Barring any unexpected circumstances (e.g. winning the lottery) I also plan to hold off retirement until the end of the calendar year when I turn 62 (so that would make my retirement date 12/31/2027). I know exactly how much sick leave I need to keep on hand to make the conversion, when added to my service time, hit exactly 40 years 11 months, and I probably won't max out my annual leave balance that year (I will take some vacation) but I can use 24 credit hours (plus who knows I may get a time off award or end up with some travel comp).
Barring any unexpected circumstances (e.g. winning the lottery) I also plan to hold off retirement until the end of the calendar year when I turn 62 (so that would make my retirement date 12/31/2027). I know exactly how much sick leave I need to keep on hand to make the conversion, when added to my service time, hit exactly 40 years 11 months, and I probably won't max out my annual leave balance that year (I will take some vacation) but I can use 24 credit hours (plus who knows I may get a time off award or end up with some travel comp).
Fund Prices2024-04-16
Fund | Price | Day | YTD |
G | $18.19 | 0.01% | 1.24% |
F | $18.58 | -0.32% | -3.33% |
C | $79.08 | -0.21% | 6.34% |
S | $76.95 | -0.41% | -0.18% |
I | $40.73 | -0.98% | 1.37% |
L2065 | $15.67 | -0.50% | 3.66% |
L2060 | $15.67 | -0.50% | 3.67% |
L2055 | $15.68 | -0.50% | 3.67% |
L2050 | $31.50 | -0.44% | 2.93% |
L2045 | $14.38 | -0.41% | 2.81% |
L2040 | $52.59 | -0.38% | 2.72% |
L2035 | $13.91 | -0.35% | 2.60% |
L2030 | $46.37 | -0.32% | 2.50% |
L2025 | $12.95 | -0.18% | 1.90% |
Linc | $25.31 | -0.14% | 1.64% |