From janitor to TSP millionaire

[MillCreek]

https://federalnewsradio.com/mike-causey-federal-report/2018/01/from-janitor-to-tsp-millionaire/

An inspirational story for all of our Federal employees here.

[Fly320s]

Is that in addition to any other retirement/pension money for federal employees?

[Ben]

Is that in addition to any other retirement/pension money for federal employees?

Yes/no. It's in addition to our pension for FERS employees / military. Basically the fed.gov equivalent of the 401K. Up until this year, it was somewhat limited in how you could take out the dough, but it is more like a 401K now in that regard.

Uncle sugar contributes 1% to the TSP for FERS employees whether the employee participates or not. This is to give them parity with CSRS employees (an old pension system that was stopped in the 80s - employees at the time were grandfathered in). CSRS employees don't get the employer contribution (because their pension is better - I think it's the same for .mil), but can still participate in the TSP. For FERS employees at least, if you participate, the gov matches the first 3% and then gives you a 50% match for another 2% (or vice versa - I always forget).

It also has probably the cheapest fees out there.

[charby]

I've been a public employee for 17 years, I've taken advantage of low management fees on 403 and 457 retirement accounts. Most have not been matching funds but allowed payroll deduction. I should be a multimillionaire do to diligent savings at retirement.

[just Warren]

But you only get the money if you turn your TSP reports with the right cover sheets in on time, right?

[sumpnz]

But you only get the money if you turn your TSP reports with the right cover sheets in on time, right?

To just one boss, or all 3?

[zahc]

We'll all be millionaires soon.

[Ben]

Tangent, but what I find funny about the "millionaire" thing for retirement plans, is that of all the people posting on social media that they have become millionaires, some significant segment of that population has to be progressive, no?

So haven't they now become part of the evil rich 1% (more like 10% at 1 mil) and don't they now have to protest themselves? 

[Fly320s]

Tangent, but what I find funny about the "millionaire" thing for retirement plans, is that of all the people posting on social media that they have become millionaires, some significant segment of that population has to be progressive, no?

So haven't they now become part of the evil rich 1% (more like 10% at 1 mil) and don't they now have to protest themselves? 

You know better than that.  Only those other people are the evil rich.  The progressives don't tax themselves.

[K Frame]

Tangent, but what I find funny about the "millionaire" thing for retirement plans, is that of all the people posting on social media that they have become millionaires, some significant segment of that population has to be progressive, no?

So haven't they now become part of the evil rich 1% (more like 10% at 1 mil) and don't they now have to protest themselves? 

Well, you see, it's OK for them to be millionaires because they did it all on their own, and they didn't rob anyone blind while doing so. Everyone else who is a millionaire, though? They're evil bastards and have to be made poor through progressive taxation to return that stolen wealth to the poor whom they pillaged.

[K Frame]

We'll all be millionaires soon.

I hit the millionaire mark a couple of years ago between retirement, savings, and home equity, even after subtracting out all of my debt.

I might be a millionaire but it sure as *expletive deleted*it don't feel that way...

[just Warren]

IRWINNING!

[K Frame]

Irwhatever.

[just Warren]

Here's another way to do it.

[Devonai]

My plan is to keep everything in the G fund and retire with enough for a Viking funeral boat.