NavyDEP
 

Go Back   NavyDEP > DEP & Bootcamp > Powers of Attorney

Family Members join our new Facebook group sponsored by NavyDEP: https://www.facebook.com/groups/Rtcgreatlakes


Reply
 
Thread Tools Display Modes
Old 01-12-2018, 01:46 PM   #1
Avionicsguy
Junior Member
 
Avionicsguy's Avatar
 
Join Date: Aug 2017
Location: in the navy
Posts: 39
Rep Power: 8
Avionicsguy is on a distinguished road
Default TSP ???

not sure where else to put this, but when do i need to sign up for TSP ?
any advice on which type i should do?

sincerely,

a high schooler who has no idea about finances.
Avionicsguy is offline   Reply With Quote
Old 01-12-2018, 05:50 PM   #2
Barbazu
Senior Member
 
Join Date: Feb 2016
Location: Arkansas
Posts: 237
Rep Power: 29
Barbazu is on a distinguished road
Default

I would start a TSP right away. I devote 15% of my check to it. Which one you do really depends on how much you’re willing to risk. I divvy mine up amongst all of them. But most of mine goes in the G plan (50%). The rest I have divided up.
Barbazu is offline   Reply With Quote
Old 01-15-2018, 09:18 AM   #3
scott.henry
Member
 
scott.henry's Avatar
 
Join Date: Jun 2017
Location: Chillicothe, OH
Posts: 52
Rep Power: 10
scott.henry is on a distinguished road
Default

The sooner the better. Time is money. When I was in, I had 10% of my base pay and 10% of my bonuses going to TSP. As far as risk vs. reward, the G fund is the least risky but has the lowest return, by far. The C or S funds will offer you greater returns but with more risk. You can also choose to invest in a Lifecycle fund that adjusts your portfolio as you age to move your assets into more secure investments. All you need to do is pick the year you plan to retire. That is a pretty standard investment strategy. Go for the bigger returns while you are young and move into more secure investments as you age. You have the advantage of having the TSP available right away. I was already in for 6 years by the time it started so the time I had to contribute was limited. When you get out you can't contribute any more $$ to the TSP, but you can move it to another 401K type plan or you can let it ride in the TSP. There are a bunch of things to consider when making that decision, but I will say that just based on the fees associated with my current 401K, it was best to leave my $$ in the TSP.
__________________
Be fluid. Flexible is entirely too rigid.

"If you can't write it down, you don't understand it."
-ADM H.G. Rickover
scott.henry is offline   Reply With Quote
Old 01-15-2018, 11:48 AM   #4
User Name
Newbie
 
Join Date: Jan 2018
Location: Dededo, Guam
Posts: 3
Rep Power: 0
User Name is on a distinguished road
Default

I started mine during P days, and have put 10% in since. You really should start as soon as possible. The longer you wait, the less return you will have. That return is money you get for doing nothing but sacrifice a few bucks a month. You won't miss that 10 or 15% at all, trust me. I forget I even have my TSP until something reminds me about it.

You should also put aside as much as you can spare into your savings account. That helps when you need a large sum for unscheduled purchases, like replacing a broken phone, vehicle purchases, plane tickets, that sort of thing. That there, you will feel a lot more than the TSP contributions, but it's worth it when things pop up you didn't expect. Saved my bacon on more than one occasion.
User Name is offline   Reply With Quote
Old 01-19-2018, 01:51 PM   #5
Avionicsguy
Junior Member
 
Avionicsguy's Avatar
 
Join Date: Aug 2017
Location: in the navy
Posts: 39
Rep Power: 8
Avionicsguy is on a distinguished road
Default

ok thanks for all the replys. i wasnt sure if i could set it up in P days or what.
Avionicsguy is offline   Reply With Quote
Reply

Tags
financial, retirement, tsp

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 07:13 PM.


Powered by vBulletin® Version 3.8.8 Beta 3
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.

vBulletin Optimisation provided by vB Optimise v2.6.0 (Pro) - vBulletin Mods & Addons Copyright © 2024 DragonByte Technologies Ltd.
This site and contents ©2009-2014 NavyFamiles