Re: Share Your TSP Balance and Your Age Thread
Originally Posted by
law87
I am very very surprised that some of you guys been saving for 20+ years and have not been millionare or close to there. Which make me think if I am saving enough :?
Our initial salaries at age 20 or so were small or smallish - but they should get better as we gain Gubmint Experience:-}. Also, the indestructible who like to drink beer tend not to save for anything forty five years off. I didn't start saving for retirement till age 34 or so. And, time is money. If your salary at age 30 is $30K and you start contributing 10% (for 15% including match) to TSP and you attain a 10% return than your balance should be around $350K at age 50. You will be well on your way.
To have a million in a similar scenario you would have to contribute $15K/year (including match and increasing by inflation) for the twenty years with a 10% return. That would be tough on a starting salary less than say $65K or so (and even then :-}, yowser). Again, time is money. The same guy contributing $3,000 with a match of $1,500 starting at age 24 would be worth about $700K at age 50 and on his/her way to $3M at age 65.
Lookin' up at the 'G Fund'!!!
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