And you wonder why I have to come over here to talk intelligently about 1) investing in general, and; 2) TSP.
The only thing that would have made this article better was discussing the ability to save tax-free salary when deployed, and to be able to save more of it than the elective deferral limit allows - and it stays tax-free with tax-deferred accrual of earnings!
Well, I better calm down, since i'm the only one in the Army who seems to get excited about this program......
My little company is steaming along nicely. We're using plenty of black ink and no red ink. The wife's company is growing a loyal local customer base. Our health is good. We've got two (count 'em two!) commissaries to choose from, each only five miles away. (It's a Coastie thing. When you can spend a career and never be around a commissary, two is like winning the lottery.) We've been able to get in a bit of traveling, and even more is on the calendar. I've even got time to do a bit of volunteering with one of the military charitable organizations. So all in all...all's well!
Military enlistees, and officers too, should educate themselves about ROTH IRAs in addition to the TSP plan. Unless you're getting matching dollars for your contributions, the ROTH is usually the better choice, as it is Not taxed at withdrawal time (59 and 1/2).
I do, however, still think its a good adea to contribute the minimum to the TSP so you are enrolled, and can easily take advantage of any future changes. But maxing out a ROTH account is --usually-- better to do, and then add money to the TSP.
2506143, that is true as long as you are in an income bracket that allows you to take advantage of a Roth IRA. For those of us who can't, TSP is the only way the IRS will not stick it to us any further.
Good point! And yet another example of how various opinions/advice/instruction/examples/etc. should be taken only at face value, and each person should thoroughly check out and determine their own unique situation(s) and not just rely on the many postings/advice in these forums.
Welll $$$$$$$hit.... I have a bunch.... Tiaa Cref, Roth, and TSP... and I guess I need to check my TSP tomorrow.. been awhile.. Hate to be bothered doing it too often.... Figured I'd wait 'till I need it....
