Military Nesties
meltoine
member
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
$$ Question
If you/SO plan to be career military, what does your retirement savings look like? I mean aside from TSP and regular retirement benefits - are you personally saving on top of that in an IRA or something?
I've been lurking on MM and they got me thinking about retirement. I have a small IRA that I was contributing to, but when I was working in Cairo I had a 401(K) through my job so I stopped contributing to my IRA and I haven't started again. H doesn't save anything beyond TSP.
Re: $$ Question
Is he not your H now?? :P
HA! Yup! Lol.
He's not your FI silly!
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.
BFP #2 02/05/2013 EDD 09/19/2013
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.
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.
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.
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BFP#2 2.5.11 (EDD 10.15.11) DS born 9.28.11 due to Pre-E
BFP#3 10.2.12 (EDD 6.12.13) MMC 11.24.12 @11.5w, had passed in 7th week
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