Yo, Christopher - check your PM's will ya!
You were in the top 5 this month!
Checking in, it’s been a while! I will reach 52 at the end of 2020 and the wife will be 54 a few days prior. Our daughters both married and flew the coop over the 18 month period that ended with the weekend in March that COVID hit hard and full time telework began the norm. We slammed the pedal to the metal on contributions, our combined balance has hit $650K since my last post.
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If I fail, I'll fail TRYING... TSPCA: G=0% F=100% C=0% S=0% I=0% L Income=0% L2020=0% L2030=0% L2040=0% L2050=0%
Yo, Christopher - check your PM's will ya!
You were in the top 5 this month!
Tom
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I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.
Hello Everyone,
I figure its time i start to focus far more on my TSP. I am just turned 32, have worked for the government for 9 yrs, and just made GS 14 with $110,000 in tsp.
Thanks
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Yes luckily I maxed out my contributions once I got the 14. All of my contributions have been Roth thus far. I am debating on if that is the best option.
TSP balance($407K) + Roth IRA(68K) + TSLA stock = $1,570,000
@ Christopher. I am a late bloomer as well, and I agree with you, as my TSP contributions started late. I have more invested in the traditional than Roth. My rationale is that I can take the tax break now, and earn as much as I can from our TSP by maxing out each year since I was 48. I started as a gov employee as a GS9, when I was 46 and was contributing 5% to 10%. Currently I'm a GS13 and plan to retire at 62 (2024). I am also invested in a couple annuities that will be tax-free upon withdrawing. But, I figured that based on the amount of funds I will have invested, plus social security, I won't be in the highest tax bracket. So, I should be ok.
I too was ignorant to the investing thing until a coworker shared the TSP Talk with me. I started reading the daily posts and chats to make sense of it all, and have gained plenty knowledge as to how this works. I recommend this site to a few who are like-minded, and se that aren't, but managing one's own money is not for everyone. TSP Talk made a world of difference to me and I am very thankful for the site and Tom's analysis. I'm very blessed to be an affiliate of TSP Talk.
I am 58 as of Nov 2020, and have a TSP balance of $408,405, annuities at a combined balance of $48,000, and stocks balance of approximately $20,000 = $476,405.
Blessings to you during this covid-19 season and beyond!
I did some of both. I wish that I had done 50/50 Roth/conventional, as the conventional helps with taxes now, and the Roth helps with taxes later. By doing both at least you get flexibility in retirement as to which you want to pull from. If you are in a low bracket, you can take the conventional out, and if you need a big chunk all at once, you can choose from the Roth.
Flexibility helps.
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This year has been such a wild ride and today Tesla up another 7%!
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