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The Thrift Savings Plan (TSP) account is a benefit that became available to service members in 2002. I read somewhere that 2 out of 3 eligible service member's do not take advantage of the program...
That's sad, Poncho_NM... Even out here in the civilian world, there's very poor participation in my company's 401K...
Man, I wish I could invest in the TSP instead of my company's 401K plan. These days, all I have is my 401K, my military pension and the lottery!
Yes it is a benefit and probably the best thing the military has going. If they were to do away with pensions which I hope they could instead match a portion of the soldier's pay. I would in even go as far as to say it should be a match up to 10% of the contribution and make a 2% automatic deduction whether or not.
Quote:
Originally Posted by Poncho_NM
The Thrift Savings Plan (TSP) account is a benefit that became available to service members in 2002. I read somewhere that 2 out of 3 eligible service member's do not take advantage of the program...
I didnt see it offered until we deployed in 03. Needless to say since that was about 10 years ago and I could have retired since then so many time. I am glad I stuck it out. I would not trade my time in for all the tea in china. So with a nice nest egg under my belt and the possibility of more I want to stay some what aggressive until I am ready. I have put away out or 170k in the G fund. That leaves 250k to grow.
TSP is nice, I could not participate, I was already retired, but one major issue for me to stay in was the retire at 20 and collect the retirement pay then, went to 22. Otherwise I would have gotten out for sure at 4 or 6 year points...
TSP is nice, I could not participate, I was already retired, but one major issue for me to stay in was the retire at 20 and collect the retirement pay then, went to 22. Otherwise I would have gotten out for sure at 4 or 6 year points...
Actually Poncho_NM I did that at 7.5 years. I was given an assignment to Frankfort Germany. A direct assignment with promotion which I turned down and refused to reenlist for. My reasons at the time was that the tour was 18 months unaccompanied and 3 years accompanied. My young wife and 2 year old daughter and I didnt want to move out of our home in Massachusetts. It was a couple of years later that I went back in as a reservist and then a guardsman. I wasn't sure I would go beyond 20 years but here I am 25 National Guard years later with a total military time served of 34 years. I was so close to calling it quits when I got to the combined 20 year mark.
There was no TSP when I was in the Service from 1968 to 1972. However, I took my short military tenure to Federal Civil Service and retired after buying back my Service time. I retired under the old CSRS but I also participated in the TSP at the maximum level of savings (5% back then) from the day it was instituted in the Federal Civil Service the 1980s. Since I had my CSRS annuity at retirement, I could have left my money in the TSP. However, because of what I perceived as increasing instability in our government and a long term sagging economy, I chose instead to depart from the TSP and reinvest my savings in land and property. My thought is that the Federal government cannot print land like they print dollars. And too, in Texas, the open borders promoted by our government helps the demand for real estate. There's no reason to believe that will change soon.
One can only judge if you did the right thing at the end of the race. It's a crap shoot and always has been. As Merle Haggard once sang, I'm just rolling with the flow.
Since you have the CSRS pension, you can afford this kind of mistake, which I definitely think it was.
Quote:
Originally Posted by High_Plains_Retired
There was no TSP when I was in the Service from 1968 to 1972. However, I took my short military tenure to Federal Civil Service and retired after buying back my Service time. I retired under the old CSRS but I also participated in the TSP at the maximum level of savings (5% back then) from the day it was instituted in the Federal Civil Service the 1980s. Since I had my CSRS annuity at retirement, I could have left my money in the TSP. However, because of what I perceived as increasing instability in our government and a long term sagging economy, I chose instead to depart from the TSP and reinvest my savings in land and property. My thought is that the Federal government cannot print land like they print dollars. And too, in Texas, the open borders promoted by our government helps the demand for real estate. There's no reason to believe that will change soon.
One can only judge if you did the right thing at the end of the race. It's a crap shoot and always has been. As Merle Haggard once sang, I'm just rolling with the flow.
One can only judge if you did the right thing at the end of the race. It's a crap shoot and always has been.
Agreed... Everyone does it differently. Even those who take the same path, end up in a different situation. Too many variables when you deal with the military.
Your anonymous opinion is duly noted for what it is worth.
I would say that in itself it was not a mistake because you didn't squander the money received. My only take and maybe that is the other's take as well, though I cannot put words in their posts, you might have taken that out just a bit too soon. Of course circumstances are very different for everyone. What you did though is lock in losses. Now those losses were only paper losses and might not have been realized later but...
In my capacity as former 1SG and current MSG as a senior NCO in my unit I counsel soldiers with my experiences. I couch them as to some of their career paths and life choices. I do not condemn nor do I promote any particular path. I just kind of guide them in the best way I know and let them find their paths.
Mine is an equal split of 25% each G, C, S and I. My 12-month PIP is 16.22%, for whatever that's worth .
Thats worth about 32x more than what you would get if you had put that same money into a checking account. My PIP was 11.8% last year which is great. If you can average that in 5 years your investments will have doubled. TSP is an awesome investment/retirement fund.
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