Is it worth it to contribute to Roth TSP if you dont plan to retire with the Army? And reserve...what's your recommended percentage?

SPC Private RallyPoint Member — Sat, 27 Oct 2018 19:37:32 -0400

Response by SGM Bill Frazer made Oct 27 at 2018 9:19 PM

SGM Bill Frazer — Sat, 27 Oct 2018 21:19:27 -0400

Savings Plans are saving's plans- you can use it or transfer the Roth TSP to a different 401K once you get out.

Response by SFC Private RallyPoint Member made Oct 27 at 2018 9:43 PM

SFC Private RallyPoint Member — Sat, 27 Oct 2018 21:43:28 -0400

Absolutely. The Army will match if you're on the blended retirement. If you don't plan on retiring and you're not on the BRS then you're throwing free money away.

Response by SSgt Private RallyPoint Member made Oct 28 at 2018 8:13 PM

SSgt Private RallyPoint Member — Sun, 28 Oct 2018 20:13:08 -0400

Whether you choose BRS, TSP or an out side method beginning to save for retirement early is better than nothing. You should first be making sure you have your emergency fund established which should generally be 3-6 Months worth of Net income and then start preparing for retirement as soon as possible. It is generally recommended to be saving 5-10 percent of income for retirement.

Response by CPT Private RallyPoint Member made Oct 29 at 2018 2:04 AM

CPT Private RallyPoint Member — Mon, 29 Oct 2018 02:04:09 -0400

Yes, because you can always transfer it. But you should learn about it first. The first thing you should is get plan. I am a fan of the Dave Ramsey Baby steps. once you are at a point to save for retirement then you should save upward to 15% of your pay for your retirement.

https://www.daveramsey.com/baby-steps

baby-steps