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My situation: Active duty, navy, 2.5 years in, option to go traditional or blended
TSP - does DFAS match our contribution?
Does it depend on if we are in the traditional or blended?
Do they only match if we make contributions for every month?
The more information the better. Where can i go for the detailed information on how this all works? Thanks
TSP - does DFAS match our contribution?
Does it depend on if we are in the traditional or blended?
Do they only match if we make contributions for every month?
The more information the better. Where can i go for the detailed information on how this all works? Thanks
TSP
Retirement
Posted >1 y ago
Responses: 7
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hmm I'm surprised they have not forced you to do a mandatory class yet on this. Do you have JKO? If not I would suggest you go to JKO and register and take the online class for the new blended retirement system it will tell you everything about it.
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LTC Steve Mannell
This is a standalone version of the BRS OPT-IN training. Once you have completed this course follow your service procedures and provide the certificate to your unit BRS Point of Contact.
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LTC Steve Mannell
PO3 Allen Chandler Here is a table from the BRS Guide put out by the DOD Office of Financial Readiness. Google can serve up the full guide for you.
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LTC Steve Mannell
PO3 Allen Chandler Sorry table didn't load well. If you put in 5%, military will match 5%.
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MAJ Ken Landgren
PO3 Allen Chandler - The traditional one will be taxed upon withdrawals. The Roth one is taxed from the start.
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MAJ Ken Landgren
PO3 Allen Chandler - It is a fairly complicated analysis due to taxes being up front or at the end. Let me think on it.
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You are doing the right thing. Invest early like an E-8 I knew did. He retired in the late 90s with a quarter million. Let me give you an example of the time value of money:
$100 per month invested for 30 years at 10% return = $226,048.79
$100 per month invested for 10 years at 10% = $20,484.50
This does not include the matching so the values will be higher.
$100 per month invested for 30 years at 10% return = $226,048.79
$100 per month invested for 10 years at 10% = $20,484.50
This does not include the matching so the values will be higher.
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MAJ Ken Landgren
PO3 Allen Chandler - How much does the government match for TSP?
The first 3% is matched dollar-for-dollar by your agency or service; the next 2% is matched at 50 cents on the dollar. This means that when you contribute 5% of your basic pay, your agency or service contributes an amount equal to 4% of your basic pay to your TSP account.
The first 3% is matched dollar-for-dollar by your agency or service; the next 2% is matched at 50 cents on the dollar. This means that when you contribute 5% of your basic pay, your agency or service contributes an amount equal to 4% of your basic pay to your TSP account.
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