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Christopher R. York
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To my fellow Guard and Reserve Soldiers about Retirement.

Do you have a TSP account? Is that enough?

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To my fellow Guard and Reserve Soldiers about Retirement.

2/21/2016

15 Comments

 
When I talk to Soldiers, especially lower enlisted about retirement they stop and listen because they too want to retire at some point but know little about how to. As a member of the Military, you are eligible to apply for the Military’s version of a 401K which is called a Thrift Savings Plan or TSP.
                First let’s talk about what exactly these accounts are. These accounts take a percentage of your Drill paycheck (Percentage of your choosing) and input it into an account that allows your money to potentially grow. With these accounts your account is tax deferred which means you do not pay taxes on it until you take it out, once you reach retirement age which as of writing is 591/2. With these accounts it is important to mention that you are unable to put money from your pocket into the account. Only money taken from your paycheck can be put into the account and there is a maximum deferral contribution of $18,000 within the year.
                Is what you are putting in enough? That is a question you will have to ask yourself. Since the Military does not participate in a matching program (which is matching dollar for dollar up to a certain amount) the amount you want to put in is up to you. It is true that the more you put in the better off you are but as National Guard and Reservist we do not make much so contributing let’s say 5% of your pay would not equal much.
                This brings me to adding an additional account to your retirement. The IRS says that an individual may contribute up to $5,500 (at time of writing) into an IRA or Roth IRA retirement account. The good thing is this does not include the money you contribute to your 401K (TSP Account)! Also, with an IRA or Roth IRA you can contribute money at any time from your pocket into these accounts.
                So here’s my plea to you my fellow National Guard and Reservists, establish an additional retirement account. Let your money grow for you. I suggest if you have an established civilian job and are not reliant on your drill paychecks, how about dedicating your whole or a large portion of your drill pay towards your TSP account. I understand it may seem like a sacrifice now, but you will thank yourself later. Furthermore by doing this you are establishing another positive lesson which is building the dedication of paying yourself first.    

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    Lieutenant/ Financial Professional

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