Is 600k in TSP Enough to Retire?

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I am a practicing financial planner, but I'm not your financial planner. Please consult with your own tax, legal and financial advisors for personalized advice.

[@clnelson321]

When I tell people they will most likely make more money when retired than when they were working, they can hardly believe it.

[@bleebu5448]

I retired a year ago. My wife passed away 4 years ago. When I retired, I had no mortgage, no car payments etc. I was saving close to 70% of my pay (maxed out the TSP, and just paying day-to-day living expenses). So far, every thing is working out, haven't touched my TSP, pensions are covering day-to-day expense, and I am still growing my checking and savings accounts. I was able to take a vacation to Fiji, and can probably take another vacation to Belize this year. I might even be so bold as to take a trip to Bonaire. (Scuba is a cruel mistress). But, all of my worries about finances when I made the decision to retire may have been for not. I think I made the right decision.

[@AD-ui2pz]

we need Trump again to skyrocket our earnings and the economy - I had incredible earnings overall in my TSP for his first term - earning six figures a year with the orange man ! bring him back !!

[@michaelsherman6492]

Veterans don’t forget to file VA claims as it can be substantial and is tax free… every penny you are owned/earned apply for it! You earned it in sweat and blood and countless injuries.

[@celticmco5672]

I can easily live off my FERS pension and Social Security and not touch the TSP. Make sound final choices, don't get divorced and remarried 3 times and the TSP can just be your fund for the extras your denied yourself while working.

[@jimmywalters3071]

Very simple to understand , unlike many federal jobs I worked. I'm surprised that many federal workers don't know when they are eligible to retire and/or don't know how to calculate how much they will get at a certain age or right now if they wanted to retire.

[@JustAName-it5qp]

I WILL be the first in my family tree to be a millionaire through TSP. I will be satisfied to leave this life if I can leave at least 6 digits among my kids.

[@danieljustdaniel9550]

I'm retired with a Military and civilian pension. Have a good VA rating and started my SS at 62. I live in Fl now in a new home that was paid for by the sale of my old home up north. I do not have the need to touch my TSP at this time and hope that I will not have to. It will go to the wife when my time is up, or I will use it on the new younger girlfriend when her time is up. She isn't happy. about that decision.

[@itguru2037]

One thing that is important to remember is what your FERS pension is worth versus the private sector. For example in the private sector you would need 750k in a 401k to equal 30k in FERS pension. This on top of insurance premiums. 600k in the TSP is gravy money. Pension, social security, and savings with little debt will go a long way. Use the 4 percent rule in reverse

[@PacNW]

@robertmurtle4148 His math is correct: 2000 (Pension) + 1000 (SS) + 1600 (TSP) = 4600 (total) 🙂

[@JohnBaker3000]

Don't forget to substract state taxes, if it applies to your state. It can be substancial.

[@tyteskillz]

From my tsp, FERS pension, ss, and VA disability comp, I’ll be good in retirement.

[@pattyk8594]

Absolutely one of your best videos! Thank you! :o)

[@DinSF]

Thank you for your video

[@DesignBuildFixReview]

I calculate what I need by removing all of the stuff I pay for in my paycheck for most part. The takehome and insurance cost is what matters most. Also taking into account for tax rate in retirement. Then take into account insane inflation but good luck with that.

[@davidrex9592]

Thank you for always giving us advice. I'm lucky to have 150k but I'll be fine from setting myself up via other avenues.

[@clydegibson1146]

Don’t forget to add any allotments to your net pay, especially if they are covering loan payments, child support, etc.

[@stephendibari5010]

i have created an Xcel spreadsheet which covers my exact situation. great stuff.

[@joeanderson9267]

Another awesome video! This information makes me feel better about my future retirement.

[@DH-gk8vh]

Thank you! Very helpful. Looks like I'm good.