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: coquinpr1@yahoo.com
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