TSP: Thirft Savings Plan - Financial Management

KaCee* · 10-24-2009, 05:06 PM

Those of you with one, I have a few questions.

*Was it easy to set up?
*Do you put a set amount or a certain % into the account per month?
*Do you also have an IRA...some sorta money also set aside for future retirement?

Right now I am rattling those topics off, but I've been highly considering a TSP for awhile. We do have an IRA account with our bank and I recently increased the transfer amount. Any input is greatly appreciated. TIA!

gunsgirl · 10-24-2009, 05:17 PM

1) yes it was very easy to set up

2) we contribute 10% of Dh's base pay a month

3) yes, we each have a ROTH IRA in addition to the TSP and DH future military retirement

we also have a money market, a savings, CD's and real estate investments.

Amberlyn · 10-24-2009, 05:26 PM

We have one, we don't put much into it right now.. and it was easy to set up, i think he just had to do it online at mypay.

cllgefrk13 · 10-24-2009, 05:43 PM

DH had mentioned something about this to me before. Is there a deployment specific TSP, that you just put money into while you're deployed and take it out when you return?

KaCee* · 10-24-2009, 05:50 PM

Originally Posted by cllgefrk13

DH had mentioned something about this to me before. Is there a deployment specific TSP, that you just put money into while you're deployed and take it out when you return?

I came across this, SDP/Savings Deposit Program. http://www.dfas.mil/army2/investment...rogramsdp.html

to be eligible:
A service member must be receiving Hostile Fire/Imminent Danger Pay (HFP/IDP) and serving in a designated combat zone or in direct support of a combat zone for more than 30 consecutive days or for at least one day for each of three consecutive months.

interest rate: 10%
contribution maximum: $10,000
interest earned is taxable
money must be withdrawn within 90 days after returning from the deployed area.

note: the Army does not match contributions.

~~~~
Thank you for your comments so far. I will keep doing my research, if not definitely will be opening a TSP account in the near future. We'd like to save much more this deployment and figured this would also help us.
Amberlyn, anything is better than nothing!

leiawen · 10-24-2009, 06:46 PM

Yes we have a TSP. We put in 7% a month right now and divert it to the "G" fund. We are going to go up to 10% here soon when we have finished paying off a DFAS debt. It is very easy, my DH has the password information and you manage it all online.

I have a Roth IRA also but I haven't had a job with benefits in about 2.5 years, so it is sitting still right now (all the money is in a CD). I also have some stocks of my own.

Ms. Brooklynn · 11-09-2009, 11:18 PM

1) DH set it up so IDK
2) He puts in a % of his pay each month and increases it as he ranks up
3) We have an IRA, CD's, and a general savings through a credit union

antenney · 11-09-2009, 11:24 PM

I don't know what it's like where you are, but we have an awesome financial guy at the army post where we're living. I went in and he helped me set up a budget--something I've always needed to do but haven't--and explained all that TSP to me. He told me, based on our income, debts, and monthly bills what % we should pay, what fund to put it in, and when to increase the amounts and change the type of fund. And it was all free! You should check with your community service office (or whatever it's called depending on the branch) and see what financial services they offer. It was one of the best things I've ever done!

10-24-2009, 05:06 PM	#1 (permalink)
KaCee* His Sunshine Join Date: Oct 2009 Location: Fort Bragg, NC Posts: 32 Classifieds: (0) Activity: 7% Longevity: 1%	TSP: Thirft Savings Plan Those of you with one, I have a few questions. Was it easy to set up? Do you put a set amount or a certain % into the account per month? *Do you also have an IRA...some sorta money also set aside for future retirement? Right now I am rattling those topics off, but I've been highly considering a TSP for awhile. We do have an IRA account with our bank and I recently increased the transfer amount. Any input is greatly appreciated. TIA! __________________ "We should not let our fears hold us back from pursing our hopes." -JFK "I don't mind living in a man's world as long as I can be a woman in it." -Marilyn Monroe Our first and everlasting hug on March 27, 2005.

10-24-2009, 05:17 PM	#2 (permalink)
gunsgirl I love cats Join Date: Jul 2007 Location: kingsland GA/ HITRON JAX Posts: 4,375 Classifieds: (3) Activity: 62% Longevity: 39%	1) yes it was very easy to set up 2) we contribute 10% of Dh's base pay a month 3) yes, we each have a ROTH IRA in addition to the TSP and DH future military retirement we also have a money market, a savings, CD's and real estate investments. __________________ GA licensed Realtor Dawn

10-24-2009, 05:26 PM	#3 (permalink)
Amberlyn Senior Member Join Date: Oct 2009 Location: Northeast PA Posts: 1,016 Classifieds: (0) Activity: 79% Longevity: 1%	We have one, we don't put much into it right now.. and it was easy to set up, i think he just had to do it online at mypay. __________________ my sexy beast.. and me

10-24-2009, 05:43 PM	#4 (permalink)
cllgefrk13 Senior Member Join Date: Jun 2007 Location: I'm in Oklahoma, he's stationed at Ft Bragg in NC, but currently deployed to Iraq Posts: 5,132 Classifieds: (0) Activity: 45% Longevity: 41%	DH had mentioned something about this to me before. Is there a deployment specific TSP, that you just put money into while you're deployed and take it out when you return? __________________ Thanks ArtsyBellefor siggy

10-24-2009, 06:46 PM	#6 (permalink)
leiawen Senior Member Join Date: Aug 2007 Location: Eglin AFB Posts: 3,377 Blog Entries: 2 Classifieds: (0) Activity: 42% Longevity: 38%	Yes we have a TSP. We put in 7% a month right now and divert it to the "G" fund. We are going to go up to 10% here soon when we have finished paying off a DFAS debt. It is very easy, my DH has the password information and you manage it all online. I have a Roth IRA also but I haven't had a job with benefits in about 2.5 years, so it is sitting still right now (all the money is in a CD). I also have some stocks of my own. __________________

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11-09-2009, 11:18 PM	#7 (permalink)
Ms. Brooklynn Senior Member Join Date: Mar 2008 Location: uss Abraham Lincoln/Glendale AZ Posts: 357 Classifieds: (0) Activity: 16% Longevity: 28%	1) DH set it up so IDK 2) He puts in a % of his pay each month and increases it as he ranks up 3) We have an IRA, CD's, and a general savings through a credit union

11-09-2009, 11:24 PM	#8 (permalink)
antenney The coalition for reason is extremely weak. Join Date: Jul 2009 Location: Defense Language Institute Posts: 170 Classifieds: (0) Activity: 32% Longevity: 6%	I don't know what it's like where you are, but we have an awesome financial guy at the army post where we're living. I went in and he helped me set up a budget--something I've always needed to do but haven't--and explained all that TSP to me. He told me, based on our income, debts, and monthly bills what % we should pay, what fund to put it in, and when to increase the amounts and change the type of fund. And it was all free! You should check with your community service office (or whatever it's called depending on the branch) and see what financial services they offer. It was one of the best things I've ever done!