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Well you ain't retiring with shit with the Biden administration running the dollar down to nothing. All facts anyone want to debate it please feel free. And I don't want to hear anything with the word Trump attached to it….Go ahead lefties.
Can we get a $10,000 TSP Loan Forgiveness, for those of us who earn less than $100,000 per year? Inflation is effecting our cost of living which makes paying back this loan a burden.
I love all these podcasts!! Thanks so much. Is your firm fee based?
Your videos are extremely helpful. Does the 4% rule as it relates to this specific video suggests your TSP is in the G or C fund?
I guess I might be finding out, as I lost almost $100k which dropped me down to almost $250k.
After 4 years of this Fraud Biden Admin, we will all be lucky to have $2.50 left in our TSP!
Of course …that is what I will probably have but I plan on living on my sailboat
No.
That would last me 5 years
its pretty simple, what is your NET take home pay, what do you have left after ALL bills….
I just retired from the federal government question I need to know am I TSP I only have 78,000 MM I in my savings. Yeah I’m a GS five and I’ve been working in the government for 36 years… I still use the 4% rule and still live comfortably.
Only? LMAO! Most people live pay check to pay check!
Are you sure extra 10% for 62 and 20 yrs? My friend has been told to have 21 years. On the flip side, if one has 20 or 21yr record, is it better to retire earlier at 60 or later at 62?
When is the best date to retire if you are under CSRS retirement system? And should you use all your annual up first then retire in lieu of taking a lump sum and paying taxes on that money?
You can retire with $20 in your TSP but it isn't smart.
You have to go into retirement with no debt. Sell the big house and buy a very modest house in a low real estate tax state. Buy a good vehicle and take real good care of it and drive it 20 years. You have to have a chunk in savings for issues that pop up like paying for a funeral for a sibling or adult child or a new septic tank. Buy the best health insurance supplement you can to hedge against high out of pocket spending on medical bills. You can retire on far less than you think if you live very modestly and stay disciplined in your spending.
Yes you can retire with only 250,000 in your tsp if you are under the csrs retirement system and getting 80 percent of your salary in retirement. I am about to retire at a gs 14 step 10 salary. Like I said I will be getting 80 percent under csrs. I only have a 150,000 in my tsp but I have other sources of income like rental property social security coming. The big key is retire debt free which I plan to do and live in a lost cost state. I called the social security office the other day to get an estimate of how much I will get every month. The guy ask me some questions and then he told me why do you want this social security. In other words he was telling me i will make enough with my pension. I told him because it is mine and I put money into it
(yes)
the scary part is not the TSP savings, but what the avg pension amount is…No wonder you see so many seniors saying, welcome to Walmart, can I help you…
Seems with the way interest is now we need a new episode with updated amounts. I have learned a lot from your channel. Thanks!
People who are addicted to spending and debt while working will likely have a hard time in retirement. I have been easing towards retirement by spending less every year to help build up cash reserve and to adapt into a lower spending level. Last year I banked 1/3 of my take home pay and didn't feel like I was limiting myself. Having no debt is freedom.
40 years with FERS would make a big difference. 40 percent of your high 3 plus SS with no debt should be fine.
I hope the answer is yes LOL I retired 3 2020 and plan on buying annuity in 2024
Yeah in Thailand or Mexico, if they also have social security income.
There's also variables like unexpected expenses and inflation. One should save with that in mind. An extra cushion won't hurt. If you retire with the bare minimum, you might soon find yourself "enjoying" an active retirement of collecting bottles and cans, along with some dumpster diving. :/
Of course you can you can retire with only a 100000 in your Tsp. If you have other investments like rental property and other savings. This is why my approach was to invest in multiple investment. Don’t put all of you eggs in one basket
$250k! I’m almost $500k! I’m ready to retire now!! Woohoo!
Thank you
How did you get the average federal employee makes $87K? A GS-7 at step 10 earns a salary of less than $50K per year, so are you assuming the majority of federal employees have are GS-11 or more?
What about tsp growth after you retire ?
An absolutely stupid inane, click baiting post. It caters to people or assumes that people only have the TSP as their only asset. And even if that was all they had, the answer is Yes, one could retire on that amount. One can live on the streets of Los Angeles where the weather is quite mild. One can live in a house with 5 or 6 housemates and pay little rent. One may not need a car, or auto insurance. And now, no longer is legally required to pay or have health insurance. So depending on how one defines retire, well sure, one can do it.
If debt free and living in a low-cost market, it could be done provided the retiree does not go conservative with their TSP investments. The retiree would have to maintain their aggressive investing and be able to “live off of the eggs that the goose produces” otherwise it won’t work. Personally, unless I have at least 420k in my TSP I will not be retiring.
the answer is no and buy a microphone that echo is annoying
When dealing with numbers the viewer needs to track and/or calculate to follow along, consider using visual aids.
Interesting! $45k would be cushy living if you have a paid for house in retirement
But what if retire at full retirement age…not at 62?
To Simplify your Equations, you must explain your Numbers in Monthly Payments as Oppose to Annual. When get comes down to it, we live on Monthly Expenses. Annual should be determined in Planed and Preparations before Retirement
$600 a month for transportation? What is that about?
Of course you can. Millions Zoe people have happy, comfortable retirements with much less. If you’re a habitual consumer then $1,000,000 won’t be enough.
Are you planning to discuss the alternative retirement options? I’m thinking of disability, deferred, and postponed.
Dept free and you’ll have no problem, location Location, location!!