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Again this year Yourmilitarymoney has calculated the percentage of base pay you’ll need to allocate to the Thrift Savings Plan to max out your annual contribution. In 2014 you can save $17,500 plus a catch-up provision of an additional $5,500 if you are over the age of 50. In addition, if you serve in a … Continue reading
If you’ve deployed in the last 10 years to a combat zone you probably made some TSP contributions that were tax exempt. About 10% of my own TSP balance today is tax exempt. Earnings from that portion of my portfolio will be taxed as ordinary income when I take them out. If I could move … Continue reading
If you’ve been following the stock market for the past two weeks you already know that we’re at all time highs on the Dow Jones Industrial Average. If you’ve been fully invested in the C-Fund in your TSP account, you might be asking yourself if you should take some profits at this level, or as … Continue reading
For the fourth year in a row we’ve calculated the required percentage of your military pay to max out your TSP. Here’s the link. Here’s how you use it. In this example, a Major (O-4) with more than 18 years of service would go to MyPay.gov, select the TSP link, and select 20% as their … Continue reading
angela7dreams / Foter / CC BY-NC With New Years just around the corner it’s a great time to set goals and re-evaluate your financial plan. Here are five financial moves military families should consider making right now. Take the 8% Challenge. This is a great way to increase your emergency fund and prepare for life’s … Continue reading
Robert Powell is a frequent contributor to MarketWatch.com, a favorite resource for YMM. In his article, “10 Overlooked Retirement Tips” he offers differing views on various retirement savings techniques. Here we examine 10 more techniques for military members, some that might be misunderstood and that create paralysis of action, preventing you from achieving your early … Continue reading
Now that the official announcement is out regarding the ROTH TSP accounts, it’s time to evaluate the options. First, review the details. ROTH TSP: Contributions are post-tax No income limitations for ROTH TSP contributions Contribution limits are $17,000 for taxpayers younger than 50 years (plus $5,500 catch up if older than 50) Earnings are tax … Continue reading
We’ve just updated the “Max Out Your TSP” table for the proposed 1.6% military active duty pay increase for 2012. Here’s the link. Here’s how you use it. In this example, a Major (O-4) with more than 18 years of service would go to MyPay.gov, select the TSP link, and select 19.8% as their monthly … Continue reading
According to the non-partisan Pentagon Advisory Board only 17% of military veterans ever collect a pension for their military service. This small but vocal group is screaming to ensure that the current system is left untouched. As a military member with more than 20 years of service, I am glad that they’re fighting for the … Continue reading
Reviewing the announcement from Government Executive discussing the TSP, I took note of the military participation rate, quoted at 49.5% of active duty military personnel. This compares with 84.9% of government civilian personnel who usually receive matching contributions to their Thrift Savings Plan Accounts. Military members are not eligible for matching funds, but as I’ve … Continue reading
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