Re: Who wants to be a Millionaire?
Quote:
Originally Posted by
James48843
Today the Office of Personnel Management (OPM) posted a new "retirement ballpark calculator" on their website.
http://www.opm.gov/benefits/ballpark/menu.asp
I tried it-
Was not as user friendly as other retirement calculators out there, but still, it's not too bad.
Give it a spin.....
I still have six years before I reach my MRA of 56, but I finally see light at the end of the investment tunnel!!! I would like to see the time come when my interest earned out paces my base pay. That day isn’t here yet, but it’s getting really close. I just wish I had started investing back in 1975 when I joined the Navy, but they didn’t have 401K’s back then anyway. This is the first year I have been able to take advantage of the 20.5K deposit limit for us in the 50's club!
My recommendation to the kids getting started today in the TSP is to max it out from day one. Even if you have to work a 2nd job or have your spouse assist you, it will pay off big time. It’s always interesting to take a peek at the difference in time versus amount deposited. Thanks for your web site link, I will check it out. Good luck with your TSP investments!:cool:
Re: Who wants to be a Millionaire?
Hey, I tried to do the calculator, for FERS, and put in my SCD as 7/1/84.....it went bonkers on me and told me that FERS didn't start until 1/1/1987, which is pure BS!
Scuse my French.
Re: Who wants to be a Millionaire?
Quote:
Originally Posted by
GeorgiaGal
Hey, I tried to do the calculator, for FERS, and put in my SCD as 7/1/84.....it went bonkers on me and told me that FERS didn't start until 1/1/1987, which is pure BS!
Scuse my French.
Ya break it, ya got buy it! :nuts:
Re: Who wants to be a Millionaire?
Quote:
Originally Posted by
GeorgiaGal
Hey, I tried to do the calculator, for FERS, and put in my SCD as 7/1/84.....it went bonkers on me and told me that FERS didn't start until 1/1/1987, which is pure BS!
Scuse my French.
Hey GG here is another TSP calculator that Skypilot posted. It doesn't ask for your SCD and uses your current TSP balance as the point of reference. The benefit report is pretty cool.:)
http://hr.er.usgs.gov/calculators/tsp/tsp.pl
Re: Who wants to be a Millionaire?
Duh!! It would help if I'd read the first page of this thread before posting.:embarrest: :embarrest:
Re: Who wants to be a Millionaire?
I agree; start early and max out as much as possible. Our goal when I hit MRA hit in 13 months was to have $1M in our TSP accounts (mine and wife). Getting very close if not at MRA then hopefully in a few extra months.
Great advice for new TSP starters. Us older TSP folks are living prove that your investment goals can be met.
Ed
Re: Who wants to be a Millionaire?
Re: Who wants to be a Millionaire?
Rebound in the number of TSP Millionaires!
Number of TSP Millionaires Jumps 66% in Q2
Ian Smith July 6, 2020 Fedsmith.com
Account Balance |
Number of Participants |
Average Years of Contributions |
<$50k |
3,540,717 |
5.97 |
$50k-$249k |
1,505,871 |
15.82 |
$250k-$499k |
483,167 |
21.41 |
$500k-$749k |
170,993 |
24.48 |
$750k-$999k |
71,636 |
27.11 |
≥ $1 million |
45,219 |
29.58 |
Total |
5,817,603 |
10.81 |
More:
https://www.fedsmith.com/2020/07/06/...s-jumps-66-q2/
Re: Who wants to be a Millionaire?
2020’s Bull Market Leads to More Federal Employee Millionaires
by: Ian Smith
January 6, 2021 2:08 PM
https://www.fedsmith.com/2021/01/06/...-millionaires/
"The number of federal employees who have become millionaires by consistently investing in the Thrift Savings Plan has continued to increase sharply thanks to the surging stock market in 2020.
As of December 31, 2020, there are now 75,420 TSP participants with balances in excess of $1 million. The largest account balance is now a whopping $8,804,030."
...
Account Balance |
Number of Participants |
Average Years of Contributions |
< $50k |
3,591,860 |
5.86 |
$50k-$249k |
1,513,635 |
15.36 |
$250k-$499k |
513,389 |
20.73 |
$500k-$749k |
197,713 |
23.55 |
$750k-$999k |
88,923 |
25.88 |
≥ $1 million |
75,420 |
28.74 |
Total |
5,980,940 |
10.75 |
Re: Who wants to be a Millionaire?
I added a percentage column to the fedsmith article. Just for more clarity.
Account Balance |
Number of Participants |
Percentages |
Average Years of Contributions |
< $50k |
3,591,860 |
60.06 |
5.86 |
$50k-$249k |
1,513,635 |
25.31 |
15.36 |
$250k-$499k |
513,389 |
8.58 |
20.73 |
$500k-$749k |
197,713 |
3.31 |
23.55 |
$750k-$999k |
88,923 |
1.49 |
25.88 |
≥ $1 million |
75,420 |
1.26 |
28.74 |
Total |
5,980,940 |
100 |
10.75 |
Re: Who wants to be a Millionaire?
Thanks for posting that!
Woo Hoo! I made it to the top 1.26% and hit the mark, thanks in part, to everybody here. I’ve learned a hell of a lot in the last 20 m+ years, including a tin since I found TSPTALK .
They say the first million dollars is the hardest part, that they get easier after that. We shall see! ;-)
Re: Who wants to be a Millionaire?
FEDERAL REPORT
Secrets of the TSP’s $2M man!
https://federalnewsnetwork.com/wp-co...90-112x112.jpg
By Mike Causey @mcauseyWFED
https://federalnewsnetwork.com/mike-...2-million-man/
...
As most federal/postal workers and retirees know, the Thrift Savings Plan is a good deal. About 2% of the 75,000-plus people have become TSP millionaires in the course of their federal service. They didn’t have big salaries, but they had time and patience. And it worked. A growing number have hit the $2 million mark. And these are not rich, hot shot political appointees who brought 401k cash with them.
...