$$ Question

meltoine

If you/SO plan to be career military, what does your retirement savings look like? I mean aside from TSP and regular retirement benefits - are you personally saving on top of that in an IRA or something?

I've been lurking on MM and they got me thinking about retirement. I have a small IRA that I was contributing to, but when I was working in Cairo I had a 401(K) through my job so I stopped contributing to my IRA and I haven't started again. H doesn't save anything beyond TSP.  

kyrgyzstan

I will max out my Roth as long as I can, and FI will be starting his now as well.

Beachy730

Right now we just have his TSP.  I'm a teacher though and will (hopefully) start teaching again soon, and will set something up through there.

JustLes

We both max out Roth IRAs with Vanguard in addition to TSP contributions.  We also have long-term investments that are not in retirement accounts, but we don't intend on pulling that money out anytime soon.

meltoine

WishIcouldbeinthe'stan:

I will max out my Roth as long as I can, and FI will be starting his now as well.

Is he not your H now?? :P 

kyrgyzstan

meltoine:

WishIcouldbeinthe'stan:

I will max out my Roth as long as I can, and FI will be starting his now as well.

Is he not your H now?? :P 

HA! Yup! Lol. 

Honeydewchestnut

Both H and I max out our Roth IRAs

Sookie Stackhouse

WishIcouldbeinthe'stan:

I will max out my Roth as long as I can, and FI will be starting his now as well.

He's not your FI silly!

kristend33

We each contribute to our IRAs.

Sookie Stackhouse

Oh, I forgot to reply. H doesn't do anything right now (but that's about to change). I have an IRA and I also get a pretty decent pension.

*Krista*

We both max out Roths and we both contribute the maximum allowable to our TSPs. Unfortunately, with the proposed changes to military retirement, even with our current rate of savings, it seems unlikely that he would be able to retire at 20 years and we would be able to live the lifestyle we expected to. 

iluvmytxrgr

I'm more worried about getting four kids through school right now.  I'll get a full time job in a could years and start putting every dime I can into a retirement fund.

hilwithonelary

DH has 6 years in and plans to go career, but we don't factor in his pension in retirement planning in case his plans change or in case the pension program changes.  DH maxes out his TSP, but doesn't save beyond that.  $16,500/year is already a lot of money!  I maxed out when I was AD, but didn't contribute to anything the past few months while I wasn't working.  I'm starting a new job in a few weeks, but won't be eligible to contribute to a 401k for 3 months.  I plan to start up a traditional IRA as soon as I start working, but will switch over to saving in a 401k once I'm eligible.  I plan to max it out.  We prefer to get the tax advantage now, so we don't have Roth IRAs.  I know this is against the traditional wisdom, but it's the decision we've made for our family. 

I know a lot of MM girls would tell you to contribute to your 401k enough to get the maximum match, and then contribute to a Roth IRA.  Once/if you max out the Roth, then contribute to your 401k.  For your DH, since there's no match on TSP for AD members, I would guess their advice would be to contribute to a Roth, and then if he maxes that out, to contribute to TSP.

ETA: We don't plan on actually retiring once DH hits 20 years.  He will only be 42, so we will both continue working and contributing to retirement for another 15-20 years.   

Fancy3Face

I don't know if he plans to retire from the military, its a day to day thing.  BUT yes, we're saving for retirement on top of that.  Plus, I have a lot built up from the jobs I've had since graduating college.  I'm planning to stay at home permanently at the beginning of next year, but we'll still save what we can.  

HisChamaoleGirl

DH & I both have TSP & have savings accounts for retirement

renegade gaucho

I have a 401k through my job, and my husband has one through his civilian job (he was active duty for eight years and has been in the National Guard for nine).  We also contribute to an IRA.

Akhollywood85

J has his retirement through the military and I have mine through my office.  I think J may put a little extra in his each month and I have an IRA on top of mine.  I guess I've just been told many times that SS won't be here by the time I grow old that I feel that I have to be super prepared.

Audette

DH plans to go career.  The talks about changes to the pension may change that.  There's not much point in sticking around and dealing with crap if that changes...

In addition to whatever pension he gets, we also each have IRA's, DH contributes to his TSP, and I contribute to my employer's 401k.

We expect, even if DH does get the current 20-year retirement, that he would still find private employment for some time after "retiring" from the military.  No idea what that would be at this point in time, but there are a few directions he's looking at.

*Krista*

Audette:

DH plans to go career.  The talks about changes to the pension may change that.  There's not much point in sticking around and dealing with crap if that changes...

I know! It's pretty grim. I read that a retiring 0-5 with 20-22 years of service stands to lose $700,000 in retirement pay under the new recommendations. 

Sibil

We don't know if he'll go career, so we're saving pretty aggressively.  We both max out Roth, we're hoping to max out TSP as well as have extra for a traditional IRA this year.  But we're 30 and just really starting to save, so I feel like we should be aggressive now and maybe back off later, especially if it looks like he'll go career.

Carlisle_Girl

We save as if we're not getting military retired pay.  I figure that's safer than counting on it since you just never know what might happen in life.  We put 15% into TSP, and max out our Roth IRA's.  DH is a DAC and he' deployed this year too so we'll probably have to contribute to traditional IRA's this year instead of the Roth.  But yeah, that's basically it.  We save as if there's not going to be any military retirement.  If there is, then so much the better.

crownsuperstar

I have some with my current job however, the H puts some of the excess of his check in an account or in the stock market. 

bufdesa

Hyperlink removed by moderator.  STOP SPAMMING THE BOARDS!

Junebug060609

DH has his retirement from the Navy.  I have about 10 years worth of contributions in an IRA (I'm not taking $$ from them and letting them multiply while I'm a SAHM).