Results 1 to 12 of 12

Thread: Long way to go but happy to be here

  1. #1

    Red face Long way to go but happy to be here

    Hi all I've been a federal employ for just over 9 years now. Still long a way from hitting my TSP goal for retirement but I'm happy to have found this site.Personally plan on retiring as soon as I hit my MRA of 57 (about 24 more years to go), and can't wait for the day I join the TSP millionaire club. I was wondering if anyone has advice for young employees who are starting out. I have come across several of my coworkers who know so little about not only the TSP but other retirement benefits. We would love a seminar or any advice directed at young/newer employees.


  2.  
  3. #2

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    8,189

    Default Re: Long way to go but happy to be here

    Quote Originally Posted by OutBy57 View Post
    Hi all I've been a federal employ for just over 9 years now. Still long a way from hitting my TSP goal for retirement but I'm happy to have found this site.Personally plan on retiring as soon as I hit my MRA of 57 (about 24 more years to go), and can't wait for the day I join the TSP millionaire club. I was wondering if anyone has advice for young employees who are starting out. I have come across several of my coworkers who know so little about not only the TSP but other retirement benefits. We would love a seminar or any advice directed at young/newer employees.

    OutBy57,

    Welcome aboard.

    Sounds like you have the right mental attitude to do well. Everyone around here will have suggestions. Ask lots of questions and learn as much about your investments and how to control your money. Stay up on the latest that is coming out of Washington that could affect your retirement. If possible and you can afford it, try to maximize your contribution into your TSP account. You want to get those matching dollars.

    Good luck and hope to see more posts.
    May the force be with us.

  4.  
  5. #3

    Join Date
    Dec 2006
    Location
    Oregon
    Posts
    209

    Default Re: Long way to go but happy to be here

    Welcome Outby57!
    This is a great site, and ditto what Nasa1974 says.
    I would also like to suggest that you take a look at narfe.org. This is a group that has been fighting for current employees earned benefits and retirees earned benefits. Our main mission is to lobby on Capitol Hill to protect what we earned from the greedy little hands of our elected congressional persons. You can become a member for just $40.00 per year. Pretty cheap expense to support an organization that works hard for you in the Capitol. There is access to some areas of the legislative portion of the website to give you an idea of how NARFE works for all of us, retired and current employees. Thanks in advance for giving it a look.

    csh
    NARFE The E is silent, BUT WE ARE NOT.

  6.  
  7. #4

    Default Re: Long way to go but happy to be here

    My 2 cents worth is to invest as much as you can as early as you can. i.e. the longer your money is invested the longer it is working for you! Good luck with your planning!

  8.  
  9. #5

    Default Re: Long way to go but happy to be here

    Thank you all for the tips. Yes, I'm just starting to try maxing out my TSP I know time is the big thing on my side at this point. I have the bulk of my $ in the L2050 fund with any new $ split C/S for a bit extra risk bounce. I generally don't move my $ around too much rebalance about once a year to 90% 2050 10% C/S. I love that I just read they will be coming out with L funds every 5 years instead of 10. This early in my career I willing to take some risks.

  10.  
  11. Default Re: Long way to go but happy to be here

    I have been a fed employee for 29 years and have two more to go. The TSP has gone through some interesting phases and will continue to do so. If I could do it all over again I would defiantly contribute to get the matching 5%. However I would send at least another 10% to a discount brokerage account or IRA. I would love to be in the FAANG stocks right now or have some going to a commodity fund. If your desire is to actively manage your life savings, the TSP will be very frustrating. In my view the current monthly trading limitations in conjunction with few fund choices make the TSP a high risk low return option. Keep asking questions and you will find your best path. Best to you and yours.

  12.  
  13. #7

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    47,481

    Default Re: Long way to go but happy to be here

    Welcome OutBy57, you're at the right place.
    Best of luck with your TSP!
    Norman
    Links Crude Settle $46.44 08-29-2017
    -$.13 Loss




  14.  
  15. #8

    Default Re: Long way to go but happy to be here

    Welcome Outby57! I didn't see you come in.

    With 24 years to go, you have a big head start on those co-workers. Getting started early, as others have said, is the key. Getting a balance churning and burning early will almost always outperform someone who adds more money later.

    Watch out for those bear markets. They can take a big chunk of your money. The market has always come back from those bears (in the U.S. anyway) but I find avoiding as much of those big losses during those periods is as important, and that's why many here try to time the market. It's certainly a debatable approach, but our motto here is, don't let friends buy and hold.

    Good luck!

  16.  
  17. #9

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    8,189

    Default Re: Long way to go but happy to be here

    Welcome aboard.
    May the force be with us.


  18.  
  19. #10

    Join Date
    Jul 2016
    Location
    Texas
    Posts
    1,727

    Default Re: Long way to go but happy to be here

    Greetings Outby57! Wishing you many positive returns

    Are your contributions traditional or Roth? If you contributing more than the 5% and if you are planning to be a TSP millionaire...I would recommend at least part of your TSP contributions be allocated to Roth. Funding outside Roth IRA ($5,500/year) if you are below the income threshold based on your filing status is also a good option to consider. Taking risk at your age is good but I'm not crazy about the L Funds. Suggest you read about and learn as much as you can about different investment options, the stock market and the individual funds and reevaluate L Fund holdings and see if that really makes sense for you. If it does, I would suggest you invest the same percentages in the individual funds, which will give you more visibility as to what your money is invested in. L Fund allocations are updated on quarterly basis--as of July, 17% is in G & F, 58.1% in C & S and 24.9% in I Fund https://www.tsp.gov/InvestmentFunds/...nce_L2050.html

  20.  
  21. #11

    Join Date
    Feb 2012
    Location
    Arkansas
    Posts
    2,689

    Default Re: Long way to go but happy to be here

    Welcome Outby57. TSPtalk is a great place to discuss your retirement strategies and goals.
    Some excellent advice to be had on here. Consider joining one of the premium services that fits your investing style. They not only provide market analysis and guidance on investing, but over time they help you learn to take emotion out of the equation.
    You're going to make a lot of money.

  22.  
  23. #12

    Default Re: Long way to go but happy to be here

    HI, Good Luck with your investments via TSPTALK helped a lot. My 2 cents? At the start put the max into your TSP, (you can ease back after you get a couple dozen K?) Join a TSPTALK premium service, Keep an ear out for any big 'stuff' going on in the world, especially financial, Adjust %'s as needed. Visit Marketwatch.com?
    DON'T: ever borrow from TSP, I know the 2-3,% rate looks tempting, in the long run you'll see how it wasn't, The L funds are good if you rarely ever get into TSP?
    GOOD LUCK
    2 IFT's! That's it, Be cautious & WISE!

  24.  

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
S&P 500 (C Fund)
S&P 500 INDEX,RTH (^GSPC)
DWCPF (S Fund)
Dow Jones U.S. Completion Total Stock Market Index (^DWCPF)
EFA (I Fund)
iShares MSCI EAFE Index (EFA)
AGG (F Fund)
iShares Lehman Aggregate Bond (AGG)