Check your 2021 TSP contributions now! I’ve heard from three different servicemembers that the Defense Finance and Accounting Service and the Thrift Savings Plan have failed to stop their TSP contributions after reaching the elective deferral limit ($19,500 in 2021). This problem is caused by a glitch in a January software change for catch-up … [Read more...] about Did DFAS And The TSP Let You Contribute Too Much?
[This post is brought to you by my cousin Ross! If you're interested in contributing at The-Military-Guide.com, please see our posting guidelines.] I knew I had a spending problem after I contemplated purchasing a new TV to avoid the hassle of calling the warranty department for a six month old set that was on the fritz. The whole … [Read more...] about Reader story: “How I Bumbled Into Financial Independence”
A reader asks: I'm in the Reserves and I also have a full-time job with a 401(k) and employer match benefits. I believe the max I can contribute between my 401k, employer match, AND the TSP that is tax deductible is $19,500. Beyond that number, any contributions from myself, my employer, or via the TSP are all after-tax dollars, and I cannot … [Read more...] about Contribution Limits of the Thrift Savings Plan + 401(k) + IRA = ?!?
Here’s the latest information and tools to make your military Blended Retirement System decision-- and a new way to think about your career and your choices. [Note: I'm participating in Kate Horrell’s #BRSBlitz initiative. I’m not compensated by USAA for this campaign and you won’t see any FTC disclosures like “#USAAPartner”, "#ad”, or … [Read more...] about USAA And The Final Month To Opt In To The Military Blended Retirement System
Quick review: the military’s Blended Retirement System offers matching contributions to your Thrift Savings Plan, and in 2018 you can contribute up to $18,500. In 2019 you can contribute up to $19,000. [12 November 2018 update: This post has a minor (but important) revision after further confirmation with the TSP staff. I've also added the 2019 … [Read more...] about Maximizing Your Thrift Savings Plan Contributions In A Combat Zone
[This post is brought to you by Dan, who’s done a lot of data runs with the BRS calculator. His new website KeepInvestingSimpleStupid.com is freshly launched, so please check on its progress! If you’re interested in contributing at The-Military-Guide.com, then see our posting guidelines.] Welcome to January 2018! The opt-in period to the … [Read more...] about How to Maximize the BRS If You Decide to Opt-In
A reader asks: I'm in the National Guard. I'll be deployed for about 45 days into a combat zone. I'm signing up for the BRS and I'm contributing my 5% in order to get the DoD's 5% match. I'm employed in the civilian world by a corporation that contributes 6% of gross pay into my 401(k). I can also make 415(c) after-tax contributions to my 401(k) … [Read more...] about Thrift Savings Plan Contributions In A Combat Zone With The Blended Retirement System
[This post is brought to you by Patrick Weinert, who knows how fear and uncertainty can disrupt even the most logical investing plan. If you're interested in contributing at The-Military-Guide.com, please see our posting guidelines.] I’m Patrick Weinert, a retired Marine Corps Lieutenant Colonel, and I help active and veteran service … [Read more...] about Coping With The Fear Of Investing
I really wanted to use the titles "Hidden Secrets Of The BRS!!" or "Shocking Urban Legends Of The BRS Revealed-- #4 Is Jaw-dropping!!" But this is a serious life-changing decision. I've had a ton of reader BRS questions and feedback. The good news is that a group of us military personal-finance bloggers have tracked down the answers with the … [Read more...] about Tricky Details Of The Military Blended Retirement System
[Ah, good, the DoD BRS calculator has been officially released.] A reader asks an outstanding question: Does it make sense to opt in to the military's new Blended Retirement System in 2018? One of our NCOs has a pessimistic view of the BRS, especially since they're over 12 years of service and don't see how the BRS will benefit them. In … [Read more...] about The Military Blended Retirement System: “Dude, Where’s My Calculator?”