TSP Contributions

[Fly Navy]

I'm quite serious - if he spends money on a few iPods I'll see even more impressive gains in my Roth IRA for the year.

:icon_lol:

 

[winger]

Alright, I feel compelled to put this out there, disclaimer from the original poster notwithstanding: With the possible exception of bonus money contributions, one can generally get better performing investment vehicles than TSP. Don't do TSP just because it's easy, or relatively free from having to monitor it. Do your homework and find the best investment that suits your needs. Also, you should only contribute to TSP after having made the maximum allowable annual contribution to a Roth type IRA.

Brett

Good advice, but is also important to remember that the agency or service you work for matches your investment, dollar for dollar, for the first three percent of your base pay that you invest, and 50 cents on the dollar for the next two percent.

I'll agree with Brett that the TSP funds aren't exactly managed to be financial superstars, but funds matching and a track record comparable to the S+P make it hard, for me at least, not to invest the 5%.

As with all financial advice, it's 1 part advice, 90 parts research.

 

[MasterBates]

Contribution matching is for Civillains only. We're not getting it.

 

[Fly Navy]

I'll agree with Brett that the TSP funds aren't exactly managed to be financial superstars, but funds matching and a track record comparable to the S+P make it hard, for me at least, not to invest the 5%.

As with all financial advice, it's 1 part advice, 90 parts research.

Yeah... you're not getting any matching with TSP... like MB said, that's civilian side only.

 

[winger]

It's amazing that two years later, TBS is still pissing me off. Thanks for setting me straight.

 

[robav8r]

There are lots of folks that will tell you that it's less important to worry about the differences between IRS's, TSP, etc than it is to invest early and often. One of the biggest regrets in my life is that I did not start investing in my retirement at an earlier age. While I am OK now, the benefits of "dollar-cost-averaging" far outweigh any gains I might have made in the short term. If you are in your early 20's and investing, you are ahead of the power curve - stay with it!

 

[MasterBates]

And if you are in your late 20's and having to clean out your TSP to pay for your (soon to be ex) wife's lawyer, it was a good investment.

Threadjack

I find it RETARDED that I have to pay for my wife's divorce lawyer.

/Threadjack

 

[Brett327]

I find it RETARDED that I have to pay for my wife's divorce lawyer.

/Threadjack

You don't have to. Everything is negotiable and your wife's attorney is going to try to get everything he can. Yours should be doing the same and advising you on such matters.

Brett

 

[scoober78]

That said, the maximum contributions you can make to TSP are essentially based on a percentage of your base pay/bonuses, etc.

Actually...this used to be the case, but is no longer true. Contributions are limited only by the IRS maximum in deferred contributions per year....15000$

From the TSP site...

You can contribute to the TSP as soon as you become a member of the uniformed services. You may elect to contribute any percentage (1 to 100) of your basic pay. However, your annual total of tax-deferred contributions cannot exceed the Internal Revenue Code limit, which is $15,000 for 2006.

 

[snake020]

Threadjack

I find it RETARDED that I have to pay for my wife's divorce lawyer.

/Threadjack

If that's the case, you should get to choose who the lawyer is, no?

 

[Brett327]

Actually...this used to be the case, but is no longer true. Contributions are limited only by the IRS maximum in deferred contributions per year....15000$

From the TSP site...

Same difference.

Brett

 

[MasterBates]

You don't have to. Everything is negotiable and your wife's attorney is going to try to get everything he can. Yours should be doing the same and advising you on such matters.

Brett

Brett,

In FL, if there is a large disparity in income, (greater than 60/40) the spouse with more money has to pay for a portion of the other's attorney.

We have about a 10:1 ratio in my pay vs her disability, so I have to pay ~90% of what my attourney costs per hour for hers. So up to $200/hr, I eat 90% of the bill.

Wether I get money back from her at the final settlement, is up to negotiation. My lawyer is pulling for total reimbursement. But as in cash-money, you pay now, I have to pay for it as she is "destitute" and cannot afford a lawyer.

The purpose behind this law is to keep the lawyers somewhat matched. I think its BS.

 

[Brett327]

Brett,

In FL, if there is a large disparity in income, (greater than 60/40) the spouse with more money has to pay for a portion of the other's attorney.

We have about a 10:1 ratio in my pay vs her disability, so I have to pay ~90% of what my attourney costs per hour for hers. So up to $200/hr, I eat 90% of the bill.

Wether I get money back from her at the final settlement, is up to negotiation. My lawyer is pulling for total reimbursement. But as in cash-money, you pay now, I have to pay for it as she is "destitute" and cannot afford a lawyer.

The purpose behind this law is to keep the lawyers somewhat matched. I think its BS.

You should have just hired a drifter to kill her at the first sign of trouble.

Brett

 

[BurghGuy]

You should have just hired a drifter to kill her at the first sign of trouble.

Brett

This next song I wrote after I killed a drifter, to get an erection.