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  • Tsp ???

    My career counsler , If I recall correctly told me TSP is still available to me in the Guard. Im active duty and have tucked a little away.

    I just got off the phone with the good and decent folk at TSP after inquiring about a loan, and they told me some NG units do not offer TSP....? Once again i am confused....lol

  • #2
    Re: Tsp ???

    I am active-duty and why would you touch your TSP to get a loan? TSP or any type of 401K program is not meant to be touched until you are 60. My suggestion is to leave it alone.

    Comment


    • #3
      Re: Tsp ???

      Roger. Actually TSP has a pretty sweet deal for loans against money you have put into it....1.35 percent interest. You wont get that any where else.

      All due respect, my question is if TSP is available to NG?

      Comment


      • #4
        Re: Tsp ???

        Still not a smart move.

        And to answer your question in which you could of easily search on the internet for is YES.

        You still access MyPay when you are in the Guard.

        And here is a link that answers your question.

        http://money.cnn.com/retirement/guid...ymag/index.htm

        The Thrift Savings Plan, or TSP, is a kind of defined contribution retirement plan for employees of the federal government, including members of the uniformed services (Army, Navy, Air Force, Marine Corps, Coast Guard, Public Health Service, and the National Oceanic and Atmospheric Administration, including the Ready Reserve or National Guard of those services.)
        Last edited by Chief Kemosabe; June 8th, 2012, 03:57 PM.

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        • #5
          Re: Tsp ???

          Originally posted by fmcityslicker View Post
          Still not a smart move.
          Yup. Agreed. It may seem like "cheap money" but all the money you have out of the TSP won't obviously accumulate interest. The "secret" of any retirement savings is the "magic" of TIME.

          It is the absolute last place I would ever consider taking money from, AND I would go so far as to say the only way would be if I was under duress to the point of not being able to eat and have a cot to sleep on. Perhaps that seems a little over the top, but you can live a lot of years past 60 - 65.

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          • #6
            Re: Tsp ???

            The way it was explained to me is the money that's in there continues to grow, or fail regardless of the loan. You are borrowing against it, not withdrawing it. Maybe I misunderstood. Or perhaps the TSP Rep is *&cked up, apperntly so considering they warned me of TSP possibly not being availble to me as NG

            And I did an internet search , and yes came across similar info about the TSP. As I said the career counsler here told me it was available to me, but TSP Reps. informed me some Guard units (depending on the state) dont offer it. Which led to my confusion.

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            • #7
              Re: Tsp ???

              The money grows because the 1.39% or whatever interest you pay goes into the account, not to the man. So, it can actually be beneficial if you have a a crystal ball and forsee an economic sink coming, to take out a loan when the interest is higher, like 5% and when the economy tanks, your saved from loss and your money is making 5%...those situations are pretty rare.

              There may be some benefit if you are paying off some high interest debt, but its a huge mathematical gamble.

              Long story short, yes, as a guardsman you are eligible for TSP. I have two accounts. One as an army civilian and one as a guardsman.

              Comment


              • #8
                Re: Tsp ???

                Originally posted by inquiring View Post
                The way it was explained to me is the money that's in there continues to grow, or fail regardless of the loan. You are borrowing against it, not withdrawing it. Maybe I misunderstood. Or perhaps the TSP Rep is *&cked up, apperntly so considering they warned me of TSP possibly not being availble to me as NG

                And I did an internet search , and yes came across similar info about the TSP. As I said the career counsler here told me it was available to me, but TSP Reps. informed me some Guard units (depending on the state) dont offer it. Which led to my confusion.
                Anyway, you could have talked to many leaders in your chain which would have validated what we have posted (an old squad leader eons ago schooled me). I already have over 20 years of service but still contribute to the TSP which is basically added money since I can only put $5000 in my USAA Roth IRA account.

                Like Mongoose stated; it is the TIME factor. The problem that many of us failed to do was to start saving early in our young years. If you are between 18-25 and started paying yourself (e.g. TSP, ROTH IRA) and consistently do this until the day you retire; you will be a very comfortable retired individual. It is all about money management. I suggest you go to ACS and speak to a financial counselor about your financial issues then the career counselor. His/her lane is AD re-enlistments and their contracts.

                And who were the TSP reps who gave that misinformation?

                Well Sky Soldier; I loved Vincenza and Aviano when I visited there in 2009 and stood at the Army Lodging at Vincenza. Very small post but I loved running that track. I took the train from there to take the hour ride to Venice and absolutely loved it. You got it made. When I left Germany last year; I fought for Italy but lost.
                Last edited by Chief Kemosabe; June 9th, 2012, 01:21 AM.

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                • #9
                  Re: Tsp ???

                  Roger. Once again Thank you Gentlemen for your input and advice.

                  Comment


                  • #10
                    Re: Tsp ???

                    For clarity of those reading this thread, find the TSP website here. It's been a long time since I started my TSP, but I believe a new entrant must establish the account through the unit's Readiness NCO. After that, the owner can manage his own account remotely.

                    I am not a financial planner, I'm not certified in anything of that sort. My advice is just the advice of a stranger on the Internet. You must take responsibility for your own actions.

                    Now that you've read my disclaimers, read my recommendation. Invest in the Lifecycle funds. These are funds that the manager rebalances and reallocates yearly, to match a risk model based on the age at which you will need the money. Thus, if you're younger, the fund takes riskier bets, because they have more years to make up any losses. As retirement approaches, however, the fund invests more in safer, stabler investements with less risk (and less reward). Determine the year in which you turn age 60, and invest in the fund closest to that year (example: you're now 25, so you turn 60 in 2047, so invest in the L2050 Fund). Then invest the maximum amount every year ($17k for TY2012), and don't look at the account balance more than twice yearly (ideally, only look at it only once yearly). Based on investment history of the past century, following that plan means that you'll do better than about 85% of investors, and it takes virtually no energy or attention on your part.

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                    • #11
                      Re: Tsp ???

                      Does anyone know if the Roth TSP option is available to Reservists yet? All I can find is that it's supposed to become available "mid-2013," but I haven't seen anything definitive yet.

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                      • #12
                        Re: Tsp ???

                        Is the Roth TSP available to reservists yet? I keep reading that it will become available "mid-2013," but I haven't seen a hard date yet.

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