I’m revealing the secret formula to retiring a millionaire working as a federal employee or serving in the US armed forces. The federal employee retirement system (FERS) and blended retirement system (BRS) have four pillars to build your retirement security and financial independence. Here’s the full breakdown of calculating your FERS and BRS pension, TSP, and Roth IRA investments.

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⏰ Table of Contents ⏰
0:00 The Four Pillars to FERS and BRS
1:28 FERS Explained
4:42 BRS Explained
7:09 How to invest in a TSP
9:37 How to invest in a Roth IRA

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Disclaimer: I am not a financial advisor. I am solely sharing my personal experience and opinions. All Strategies, tips, suggestions, and recommendations shared are solely for entertainment and educational purposes only. There are financial risks associated with investing. You must conduct your own research and due diligence, or seek the advice of a licensed advisor if necessary.

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Retiring as a millionaire in the Thrift Savings Plan (TSP) while also receiving a military retirement pension may seem like a daunting task, but it is possible. With a little bit of discipline, planning, and strategizing, you can comfortably retire as a TSP millionaire while living off your military retirement pension.

First and foremost, it is important to understand the TSP’s investment and contribution options. The TSP offers five investment funds ranging from low-risk to high-risk options. You should evaluate your risk tolerance and choose a mix of investment funds that align with your retirement goals. It is recommended that you diversify your investment portfolio by investing in a mix of stocks, bonds, and mutual funds.

Next, it is crucial to take full advantage of the TSP’s contribution options. The TSP allows you to contribute up to $19,500 annually to your account, which is tax-deferred until withdrawal. Additionally, if you are over the age of 50, you may make catch-up contributions up to an additional $6,500 annually. The more you contribute to your TSP account, the more compounding interest you will earn over time.

Another strategy to help increase your TSP balance is to enroll in the TSP’s matching program. If you are active duty military and make contributions to your TSP account, your branch may match up to 5% of your contribution. This can be a significant boost to your overall TSP balance.

If you plan to retire as a TSP millionaire while living off your military retirement pension, it is important to create a budget and stick to it. Determine your monthly expenses and ensure that you are living within your means. Consider downsizing your home, eliminating unnecessary expenses, and living a modest lifestyle to stretch your pension benefits further.

Lastly, consider working with a financial advisor who specializes in retirement planning. Investing your TSP funds wisely, determining the optimal age to withdraw your benefits, and maximizing your pension benefits are complex decisions that require careful consideration. A knowledgeable financial advisor can help guide you through the process and ensure that you are making informed decisions.

Retiring a TSP millionaire while receiving a BRS/FERS military pension requires a disciplined and strategic approach to financial planning. With careful consideration of your investments, contributions, budget, and retirement goals, it is possible to achieve financial freedom and retire comfortably.