Thank you very much for your advice. I have thought about that the only thing is I need to consult with a tax expert to measure the tax consequences of such a move. I'm really enjoying retirement!
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On Tuesday, June 6, 2017, 2:43 PM, Ian Heskitt iheskitt@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
If it were me in your situation, I would withdrawal enough to pay off all my debt in full immediately (besides the mortgage), make a strict monthly budget, vow to myself never borrow money again, and reassess my monetary needs at that point. IMHO there is no point in keeping money in your TSP to gain interest while you're paying interest on debts. I am by no means a financial expert, but that's my opinion.
If you are hardly touching the balance, I personally would also change my TSP allocations to maybe 30-40% G and the rest split between C and S.Good luck, sounds like you're doing well. Enjoy retirement.
Sent from Yahoo Mail for iPhoneOn Tuesday, June 6, 2017, 4:10 PM, Victor Figueroa coquinpr1@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
This is correct and I have a little over 500k
Sent from Yahoo Mail for iPhoneOn Tuesday, June 6, 2017, 12:48 PM, Ian Heskitt iheskitt@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
What is your TSP balance and I assume you have no early withdrawal penalty because your LEO?
Sent from Yahoo Mail for iPhoneOn Tuesday, June 6, 2017, 2:11 PM, coquinpr1@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
I'm 57 years old and have been retired for about 1 1/2 years (Federal Law Enforcement); I would like to get some ideas from the experts as to how to handle my current financial situation. In a nutshell, right now I have four income sources, a pension, a social security supplement until age 62 (or until congress decides otherwise), an $800 monthly withdrawal from my TSP, and a part-time job which generates $600-$1000 per month. All of a sudden this year I found myself needing additional cash and can't change my situation until October when I can change my TSP withdrawal amount. This is what's causing me some angst since I'm not sure what that amount should be. I have a $344K mortgage, $62K in installment debt, and $12K in revolving debt. I would like to see those numbers come down, specially my installment and revolving debts; plus have enough money to travel. Should I withdraw around $3K or more/month from my TSP next year to pay down my debt quicker? Additionally, once I turn 60 I will also start receiving my military retirement pension. I would like to pay down my debt as soon as possible. So far, since I began withdrawing $800 from the TSP my account has grown by about $1000, I'm very conservative 90% in G 5% in C and 5% in F. I don't want to see my account go down too much. Any help will be appreciated.
I wish we were able to change our withdrawal options more than once/year.
Posted by: Victor Figueroa <coquinpr1@yahoo.com>
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