Re: Millionaires in the TSP
that's going to be a ton of Fed taxes paid when those retire and start withdrawing.
Re: Millionaires in the TSP
Ima be part of this group someday, better believe that :D
Only way it doesn't happen is if my Roth IRA is already worth millions by the time I'm 59 and retire 'early'. If that happens then awesome, would be nice to withdraw it all and sticking a big FU to the tax man :banana:
Re: Millionaires in the TSP
And the number of TSP Millionaires for 2019 is 49,620.
https://www.fedsmith.com/2020/01/13/...-millionaires/
Re: Millionaires in the TSP
Quote:
Originally Posted by
Cactus
Boy, I wish.
Re: Millionaires in the TSP
You can do it if you want to, but you need to make it a priority. It takes sacrifice. Also, what you have going on in your life matters as well. I did it, and I certainly wasn't on the high end of the pay scale either. BUT....I was single with no real responsibilities like a wife and kids. That matters!!!
I had house payments for a while, but I maxed out my contributions as soon as I could afford to and never looked back. Some bologna, a jar of mayo and a loaf of bread was my food for the week along with some cheap beer. Total cost was about $10.00. I didn't really care because I knew my money was going into the account and that one day it would pay off. I didn't come from money, so not having much was just "normal" to me.
I can tell you this. Getting to that level allows you the "Freedom" to just walk away any dam time you want without a care in the world, especially when Management doesn't appreciate you and treats you like garbage. I don't need the money that bad. LOL
Also something I learned is that I stand at about 1.3 million give or take. If I have it all in G-Fund, I make around $2,500.00 a month depending. So, I can withdraw that $2,500.00 a month and not even touch my Principal Balance. Can't beat that with a stick. Add that to your Gov Retirement Check and Social Security, and that's not too bad at all.
I just left the Gov about 6 months ago, and I don't plan to touch my TSP for at least 5 or 6 years down the road, if that. I just turned 61 by the way.
SO...... everyone's situation is different with different circumstances and responsibilities, but do what ever you have to and make it happen!!! I did it, and I'm an idiot......HA !!! :nuts:
Re: Millionaires in the TSP
Thank you for sharing your experience and insights. It sounds like you were able to achieve financial independence through discipline, sacrifice, and careful planning. Your story highlights the importance of setting priorities and making choices that align with your goals.
It's also great to hear that you have reached a level of financial security that allows you to have more freedom and flexibility in your career and life choices. This is something that many people aspire to, but not everyone achieves.
Ultimately, achieving financial independence is a personal journey, and it requires different strategies and approaches depending on individual circumstances.
