Sorry the GubMints posts have been a bit sparse over the last week or so- I’ve just accepted a new job in Industry, and I’m fully engaged trying to ‘Get a sip of water from the Fire Hose’ as I learn the ropes at the new job.
GubMints posts will be focused on my experiences separating from Federal Service for the next month or so, as I wade my way through the following events: Continue reading →
TSP contributions – Both Agency (Gratis) and Matching- will be throttle back in accordance with what you are actually paid (not ‘base pay’) during furlough pay periods.
Can I stop contributing to the TSP?
Sure. Just recognize that by stopping contributions, you also stop TSP Matching contributions, which is like leaving free money on the table. Confused? Here’s more info on the Types of Contributions to your TSP.
Can I take a financial hardship withdrawal? Yes, but note:
It’s time for GubMints to stop chirping about furlough news and help you get in fiscal shape. Here’s 9 ways to help you look like you were chiseled out of a piece of wood!
Ditch your landline at home. If you still ‘need’ to have a landline (i.e. you have a commuity gate, monitored alarm, etc), get an OOMA box for your landline. All that is necessary is a high-speed internet connection (>384Kbps upload speed). With OOMA, you get unlimited calling, caller ID, call waiting, and voicemail for almost free (You pay only your state’s 911 Tax/Fee each month). GubMints has been using OOMA service for over 1 year now. Savings of $10 – $30/month.
The TSP director stated that TSP is bracing for an anticipated increase in TSP loans and early TSP withdrawals as a result of administrative furloughs (sequestration).
Roth participation is on the rise. In the latest TSP participant report, Roth accounts are approaching the $1M mark in total assets, with the average Uniformed Services (Military) Roth TSP balance of $889 per member.
I’d hope that Active Duty Roth participation was a bit higher, but note that Roth TSP has only been available for a short while to Active Duty (4th qtr 2012).