- September 5, 2023
- Posted by: legaleseblogger
- Category: Related News
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Looking for Advice on Savings and Investments Breakdown
Hello everyone,
I hope you’re all doing well. I posted on this platform a few years ago, and now I find myself in a different situation. I would greatly appreciate any advice or opinions regarding the breakdown of my savings and investments. Currently, my plan is to stay in the military for 20 years and, if possible, aim for 25 years of service. Allow me to provide some background information.
I am a 30-year-old AGR O-2 with dependents (for now, it’s just my wife, but we are planning to have a child within the next 1-2 years). I will be eligible for UVP to O-3 this November. Before accounting for debts and bills, my monthly net pay amounts to approximately $5200. Additionally, I am still waiting for a BRS CP check of around $15,000, which I intend to use for the installation of an air conditioning system.
Let me provide you with an overview of my current savings, including retirement funds:
1. TSP: $80,000
2. Vanguard: $9,000
3. Marcus HYSA: $4,500 (I contribute $500 per month)
4. Combined Checking/Savings: $16,000
On the other hand, here are my current debts:
1. Car loan balance: $6,300 at 0% interest rate ($500 monthly payment, remaining for 11 months; I plan to continue saving the payment amount even after the loan is paid off)
2. Mortgage: $340,000 at a 6% interest rate (PITI currently amounts to $2,490, but I round it up to $2,600 to reduce the principal amount)
In terms of my goals, I intend to retire from the AGR with a maximum of 25 years of active federal service. This would mean that I will be 51 years old when I reach the 25-year mark. Additionally, I aim to fully retire by the age of 60. Within the next 5 years, I would also love to purchase land, specifically around 7-10 acres.
At the moment, I am maximizing my contributions to the Roth TSP (33% of my base pay) and IRA. However, after recently buying a house, I am starting to feel the need to reduce my retirement contributions to maintain some financial stability. I believe there are several viable options for me:
1. Option 1: Decrease my TSP contribution to 25%. This would result in an additional $464 per month ($58 for every 1% reduction), which I could then allocate to savings. I would still contribute $1,450 per month to the TSP and receive the 5% match, but I won’t be able to maximize it until I get promoted, assuming no other changes take place.
2. Option 2: Implement option 1 and also reallocate a portion, such as 50%, or even all of my Roth IRA contributions to any of the above-mentioned savings.
3. Option 3: Reduce my TSP contribution even further to a percentage that I am comfortable with, and redirect the remaining amount to savings.
I would greatly appreciate any advice or opinions you may have regarding my situation. If I missed any crucial information, please let me know, and I will gladly add it.
Furthermore, I have recently come across an AI Legalese Decoder that can assist individuals in navigating legal documentation. This technology utilizes natural language processing and machine learning to simplify complex legal jargon and contracts, making them easier to understand. With the help of the AI Legalese Decoder, individuals can ensure they fully comprehend the terms and conditions of various legal documents, allowing them to make more informed decisions.
In my case, I believe that the AI Legalese Decoder would be beneficial as I navigate through financial documents such as contracts, loan agreements, and mortgage terms. By using this tool, I can better understand the intricate aspects of these documents, enabling me to make well-informed financial decisions.
Thank you all in advance for your valuable insights.
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Why do you want so much in savings? You have $20k in cash. That’s plenty.
Keep your retirement savings up. You’re right at, if not just slightly behind, depending on your gross. You should have 1x your annual gross income saved for retirement by 30. I understand you’ll likely have the pension as well which puts you above that, so if that’s in your math, you’re good.
Still no need for more cash though.
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