TSP/Thrift Savings Plan

Comment

Comment by NavyDads Co-Admin, Gary on December 28, 2013 at 1:15pm

Comment by Evan Barnard on December 2, 2013 at 9:14am

The Navy shares a 401k plan with all uniformed services called the Thrift Savings Plan.  It has some different rules than the civilian/govt employee version.  It does not have a matching component since the military in theory is eligible for a traditional defined benefit pension plan whether your sailor contributes or not.

Comment by B'sNukemom&dad⚓️MM on December 1, 2013 at 8:05pm

Charlie - from what my son has told me there is no matching.

Comment by B'sNukemom&dad⚓️MM on October 3, 2013 at 12:07pm

Evan - thanks for the suggestion - will definitely encourage sailor to transfer that amount to his TSP.

Comment by Evan Barnard on October 1, 2013 at 7:36pm

At least we'll remember when it kicked off.

Comment by Evan Barnard on October 1, 2013 at 6:33pm

http://www.dfas.mil/pressroom/govtshutdown/crafaq.html

Frankly, I didn't expect this to be one of the first news items after launching this group, but the above link has a few clear answers to some of folks most pressing questions regarding the shutdown.  In a nut shell, active duty military will eventually receive all of their pay due, but it is possible it could be delayed in getting deposited to their accounts.

Comment by Evan Barnard on September 30, 2013 at 5:39pm

Hey, if he is already used to living without that $100/month, once he finishes his Montgomery contribution, see if he would just switch it towards the TSP.  He'll never know the difference until he actually retires :) And then he'll be glad he did.  Congrats on your Sailor's progress.

Comment by B'sNukemom&dad⚓️MM on September 30, 2013 at 4:21pm

So glad to see this site!  As Evan knows we've been discussing it on the Navy Mom's site too.  Oct. 23rd will mark the 1 year anniversary since he left for boot camp so he should be close (if not already done) with paying into his MGIB.  And he does contribute to the TSP.  I just want to make sure our Sailor is set up properly.....I have questions regarding the Star re-enlistment and how to handle the bonus he will get (once he completes nuke school of course). Talked with Sailor a little about this yesterday and he says we don't need to worry about the Star re-enlistment for probably at least a year though....

Comment by Evan Barnard on September 29, 2013 at 12:21pm

This goal of this group is to provide a resource related to the many financial decisions Sailors have to make, young and old.  It could be about utilizing the Thrift Savings Plan, as well as the other options not sponsored by the government.  We can also deal with questions related to the various education programs available like the post 9-11 GI Bill vs. Montgomery GI Bill, or even questions related to taxation of an overseas sailor, or serving in a combat zone.  By its very nature, many responses may seem like advice, or even be advice.  Please understand the Department of the Navy doesn't want you to make decisions about your future solely based on any discussion here.  We encourage you to use a variety of sources to help reach a conclusion.

Comment by NavyDads Co-Admin, Gary on September 28, 2013 at 10:02pm

Jim You Rock Bro for creating this Group!!

My son and I talked in depth about this before he left for RTC. I literally grilled the boy to put away a certain percentage of his salary into TSP every payday.

Basically just set it and forget it!

To date I have not heard a complaint heheh...

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