Sunday, May 1, 2016

Retirement savings for 2016

I mentioned that I had planned to shut off the TSP for a while. Well, now it's back on. Due to our increased income this year, we will be using only the traditional side. From what I understand, the TSP can be rolled to his new job's 457 plan. Due to our early retirement plans, having money in the 457 will be a huge advantage. It can be withdrawn without penalty after leaving your job (no penalty for being under 59 1/2). So, I'm getting the TSP stocked as well as I can before the husband separates.

Last month we put in a little over $3,500. This month it will be more because he gets a raise (because of his time in service). Since we don't know exactly when his last day will be, I'm not sure if we will get the TSP "filled" for this year or not. We will see.

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