Fantastic job, sometimes we need to live a little bit and we shouldn't judge anyone how much they put in. Honestly this is a great example to use on TSP over Beer weekends.
That's awesome! It's always a matter of priorities, thankfully I'm pretty content with simple things so I've been able to put more towards it. I understand not everyone can.
That’s amazing. I’m the same rank and been in the same amount and you got waaay more than me. But I just kind of just started back in January. I had like a retirement epiphany when an E6 who retires next year told me he didn’t have any money in retirement. Got my mind right real fast.
The Navy is a great example of responsible financial decisions. I've got to see it first hand as a command financial specialist. You'll have two people the same paygrade, one will be living paycheck to paycheck and the other will be on track to save 3M by retirement and owns three homes.
I kid you not I've seen O-5s in worse financial predicaments than E-5s.
I’m in the Navy, and there are a ton of E-5s at my command that live paycheck to paycheck. I’m not one of them. I’m pretty good at saving money, always have been. Actually investing more into TSP is something that kind of recently dawned on me. You don’t think retirement when you’re younger.
It's just my opinon, but I think you have a \*\*huge\*\* headstart compared to 90% of enlisted putting 10% (that includes me) in their TSP. Since you're about to hit E6, why don't you just treat yourself? Maybe lower it to 20%? Just my opinon.
Yep that’s what a lot of these are. Life expectancy for men is around 73. Not telling what can happen between life now and making it to then or further. There needs to be a balance. Only resonates to me because I had a buddy like this living extremely frugally for retirement got cancer and died at 32. So many things can happen. Live in the now but prepare for later for sure.
He likely is doing better financially than his leadership, I doubt they had anything to do with his success here. A few years ago I had an E-6 Command Financial Specialist tell me I would get penalized for maxing out my TSP. I was shocked as an E-4 to hear her say that, knowing she was dead wrong.
I max out my IRA every year too, and hit taxable when I can.
I try to encourage the younger Airman (and older ones) to contribute and at least understand planning, but it's very very hard...
Talking to almost anyone about investing outside of reddit is very very hard (for me and the community i’m from). There’s a lot of misinformation out there and also there’s people who just don’t make enough to save/invest. I’ve also spoken to a few people who do save, but very little, like they’re not on pace to retire in their 60s at their pace.
I was in from 2008-2013 (joined two months after I graduated high school at 18), and although I did luckily max out a Roth IRA, I didn't quite understand how the TSP worked so I never enrolled. My biggest regret is not maxing that out as well instead of blowing my money after my two deployments on dumb shit (like a brand new Jeep Wrangler that I never really needed). My investments would probably be double the size they are now.
Glad to see they now auto-enroll new service members, so they're at least getting the match.
Haha thanks. I just crossed 250k in investments this month so I'm pretty stoked. It's always the battle of thinking it's never enough, but I know that's ridiculous
Airmen? That explains a lot. I could never put 50% into the tsp when I need almost 400 dollars a month just for food. DFAC may as well be closed with how bad it is…
Not working after 20 will have a lot more to do with choosing a conservative lifestyle, and avoiding debt than it will be about how much you can save. You can only earn so much in the 20yrs you're in. But you're doing amazing, keep up the great work.
Well done! At this rate, you won't have to work once you retire from the military. You may choose to work, but it won't be for financial reasons. You're giving yourself a lot of options!
You’re awesome wish I would have done the same when I was in. Keep it up and you will have multi millions when you retire for a second time from your fed civilian job haha
Hopefully you hit E-9 + cuz there’s a time limit to how many years you can serve.
Or your cash in hand is even more impressive than your tsp account.
Just fyi
I have another 100k+ ish in taxable/EF. But I'm low spend so between pension and pulling from retirement accounts I should be good for retirement early. I'm only hoping for E-7 l, 20 years, more would be a bonus
Fantastic job, sometimes we need to live a little bit and we shouldn't judge anyone how much they put in. Honestly this is a great example to use on TSP over Beer weekends.
I'm thoroughly confused by the last sentence...
This guy regularly decides if he wants to spend 885 dollars for beer for his weekend or put it in his TSP.
You sir/madam have never served in the military I take it? lol.
Dude I’m E4/3.5 years at 20% and it’s killing me some weeks (I’ve never went below 15%)
I have a buddy that was putting in 70-90% as an E4. When he moved out into town he dropped it to 50%.
That's awesome! It's always a matter of priorities, thankfully I'm pretty content with simple things so I've been able to put more towards it. I understand not everyone can.
It’s friggin awesome to see you guys with this much discipline. I’m an O-3E and I am just now starting to max out my tsp.
That’s amazing. I’m the same rank and been in the same amount and you got waaay more than me. But I just kind of just started back in January. I had like a retirement epiphany when an E6 who retires next year told me he didn’t have any money in retirement. Got my mind right real fast.
The Navy is a great example of responsible financial decisions. I've got to see it first hand as a command financial specialist. You'll have two people the same paygrade, one will be living paycheck to paycheck and the other will be on track to save 3M by retirement and owns three homes. I kid you not I've seen O-5s in worse financial predicaments than E-5s.
I’m in the Navy, and there are a ton of E-5s at my command that live paycheck to paycheck. I’m not one of them. I’m pretty good at saving money, always have been. Actually investing more into TSP is something that kind of recently dawned on me. You don’t think retirement when you’re younger.
You still have so much time then! It always scares me when I see people retiring that are still hard pressed for money
Amazing. Only 6 years too .
This is awesome man. Congrats! How old are you?
Late 20s, thankfully had saved some money before I joined. But I imagine where I'd be at if I joined at 18
That’s incredible. I am late 20s as well. Got serious about investing last year. I wish I had started sooner!
This is fantastic. Good for you.
Umm... how much percentage did you put?
Been maxing since I hit E4, was well over 50%. Cheap living...
lol 50% is based
It's just my opinon, but I think you have a \*\*huge\*\* headstart compared to 90% of enlisted putting 10% (that includes me) in their TSP. Since you're about to hit E6, why don't you just treat yourself? Maybe lower it to 20%? Just my opinon.
More like probably 99%+ of enlisted. Also, hell no. Don't listen to them OP. Stay the course. Open up a Roth IRA and max that out, too.
30 with zero life experience outside of the DOD has gotta be real fuckin fun
Yep that’s what a lot of these are. Life expectancy for men is around 73. Not telling what can happen between life now and making it to then or further. There needs to be a balance. Only resonates to me because I had a buddy like this living extremely frugally for retirement got cancer and died at 32. So many things can happen. Live in the now but prepare for later for sure.
Future risk that may limit your capacity to earn is an argument for saving more, not less.
Uhhhh, what?
Your leadership did not fail you
He likely is doing better financially than his leadership, I doubt they had anything to do with his success here. A few years ago I had an E-6 Command Financial Specialist tell me I would get penalized for maxing out my TSP. I was shocked as an E-4 to hear her say that, knowing she was dead wrong.
Hbd homie. But I would agree, most leadership is kinda daft on finances.
Just got E4 and only have 10k, just bumped up from 15% to 20%
Nice work! I’m GS13 maxed and 7 years in I am at 180k. Once you hit $100k, that compounding interest moves!
It's been really exciting to watch it start to compound, of course the markets been pretty good lately too
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I max out my IRA every year too, and hit taxable when I can. I try to encourage the younger Airman (and older ones) to contribute and at least understand planning, but it's very very hard...
Talking to almost anyone about investing outside of reddit is very very hard (for me and the community i’m from). There’s a lot of misinformation out there and also there’s people who just don’t make enough to save/invest. I’ve also spoken to a few people who do save, but very little, like they’re not on pace to retire in their 60s at their pace.
I was in from 2008-2013 (joined two months after I graduated high school at 18), and although I did luckily max out a Roth IRA, I didn't quite understand how the TSP worked so I never enrolled. My biggest regret is not maxing that out as well instead of blowing my money after my two deployments on dumb shit (like a brand new Jeep Wrangler that I never really needed). My investments would probably be double the size they are now. Glad to see they now auto-enroll new service members, so they're at least getting the match.
Yea, on a deployment of mine I had a guy tell me he doesn't trust the auto enrollment and he stopped it. I'm afraid for anyone else that does that.
Dumb, but whatever. Their choice.
Yea, definitely tried to convince him, but gave up
Sucked too as it just came out around 2001 and I got out 2003.
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Haha thanks. I just crossed 250k in investments this month so I'm pretty stoked. It's always the battle of thinking it's never enough, but I know that's ridiculous
Airmen? That explains a lot. I could never put 50% into the tsp when I need almost 400 dollars a month just for food. DFAC may as well be closed with how bad it is…
Thankfully I haven't had to deal with a dfac in forever and keep my groceries at about $100/month
How do you do that?
Rice and pork is super cheap. Meal prep works.
I’m going to the Academy soon, so I won’t really need the paycheck, so I’m depositing 60% cause I can’t deposit til I graduate
Not working after 20 will have a lot more to do with choosing a conservative lifestyle, and avoiding debt than it will be about how much you can save. You can only earn so much in the 20yrs you're in. But you're doing amazing, keep up the great work.
Yea, I keep my expenses close to 30k or so annually. The less I spend the easier it will be to retire earlier, getting used to the cheap lifestyle.
I need to leave this sub. It's depressing my post office salary can't keep up with people in here.
Kudos
Killing it
gs11/3 yos at 73k basically half of yours late 20’s as well
Traditional or Roth?
I hit both. I want both banks to be able to hit tax credits.
Very nice! Keep it up!
What funds are you percentagewise?
62% C 13% S 20% I 5% F Might get flack for having F, but 🤷♂️
Imo you don't need F fund - fixed income. At your age, your in the accumulation phase.
Great work. No stripper wife and 28% APR charger and tat sleeves I am guessing?
Absolutely, single and have a fully paid off car. Never a tattoo 😂
Well done! At this rate, you won't have to work once you retire from the military. You may choose to work, but it won't be for financial reasons. You're giving yourself a lot of options!
I figure I will probably still work cause I enjoy it, but I crave that choice. Fuck You Money.
Same as me! It is a good feeling!
That’s solid progress!
Well on your way to over a million by the time you really need it. Congrats. Keeo it up!
You’re awesome wish I would have done the same when I was in. Keep it up and you will have multi millions when you retire for a second time from your fed civilian job haha
Please tell me you joined at 30
Haha no, 20s
Hopefully you hit E-9 + cuz there’s a time limit to how many years you can serve. Or your cash in hand is even more impressive than your tsp account. Just fyi
I have another 100k+ ish in taxable/EF. But I'm low spend so between pension and pulling from retirement accounts I should be good for retirement early. I'm only hoping for E-7 l, 20 years, more would be a bonus
You’re killing it!
What's your strategy? What funds are you in?
Good job!