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Thread: Who wants to be a Millionaire?

  1. #13

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    Default Re: Who wants to be a Millionaire?

    Quote Originally Posted by James48843 View Post
    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 isnít here yet, but itís getting really close. I just wish I had started investing back in 1975 when I joined the Navy, but they didnít have 401Kís 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. Itís 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!
    Maintain a positive attitude, focus on what you want and show gratitude for what you haveÖ

  2.  
  3. #14

    Join Date
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    USA
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    1,132

    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.
    Where's Ronald Reagan When We Need Him!!!

  4.  
  5. #15

    Join Date
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    Default Re: Who wants to be a Millionaire?

    Quote Originally Posted by GeorgiaGal View Post
    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!
    CURRENT ALLOCATION = 100% G
    Fear is the greatest buy signal ever seen in the stock markets - Birchtree

  6.  
  7. #16

    Default Re: Who wants to be a Millionaire?

    Quote Originally Posted by GeorgiaGal View Post
    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

  8.  
  9. #17

    Default Re: Who wants to be a Millionaire?

    Duh!! It would help if I'd read the first page of this thread before posting.

  10.  
  11. #18

    Default 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


  12.  
  13. #19

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    Default Re: Who wants to be a Millionaire?

    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  14.  
  15. #20

    Join Date
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    Default 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/

  16.  
  17. #21

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    Default 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
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  18.  
  19. #22

    Join Date
    Feb 2007
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    Default 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
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  20.  
  21. #23

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    Default 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. Iíve 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! ;-)

  22.  
  23. #24

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    Default Re: Who wants to be a Millionaire?

    FEDERAL REPORT
    Secrets of the TSPís $2M man!


    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 didnít 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.
    ...
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  24.  
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