Military Nesties
ericandmarie
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.
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.
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.
TSP
Break it down like I'm 5. Is this the only savings plan available through the military? I have zero knowledge on this (or IRAs & 401(k)s for that matter). Just trying to see if it's worth setting up.
ETA: I ask if it's worth setting up because there are a couple guys in H's shop that SWEAR by not using TSP. They say there are better options out there.
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Re: TSP
You are correct that the TSP is the only plan available through the military. There are much better options out there, especially because the military/government doesn't match contributions to the TSP.
My advice is to open up a Roth IRA for each of you with Vanguard, Fidelity, or a similar brokerage. Once you max those out, you can put anything extra you want to save for retirement in the TSP.
ETA: Here is a helpful matrix that compares the different retirement savings vehicles available. This will give you an idea of what your options are and how they work. The TSP is essentially a 401(k) plan, so you can keep that in mind when reading it. http://en.wikipedia.org/wiki/401(k)_IRA_matrix
This.
Currently, we are contributing to TSP. But we plan to max out a Roth when H gets his next promotion or I get a job; whichever comes first. We don't want to stop the TSP, but we think that the Roth is incredibly important.