7:55 am, May 22, 2015

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  • 5

  • Kind of a good idea  (Flagged as Abuse)
    The Original Joe S
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    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Mixed blessing
    Consider an employee with credit cards carrying 18% interest, and which the employee is unable to fully pay off each month. Unless TSP offers an especially good long-term interest rate, it's probably a better investment for the employee for pay off the credit card before investing in TSP. (Doing a proper analysis undoubtedly involves looking at when an employee needs liquid assets to be available, and what tax bracket he's in.)
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • On the other hand
    contributing 5% to the TSP results in an automatic 100% return on your investment due to the matching contributions. Then there is the growth on top of that. If an employee doesn't have a significant amount invested in their TSP they will have a difficult time meeting their retirement goals, especially if Congress further dilutes federal retirement benefits.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Useful
    Years ago I found myself in exactly the situation that Zoopy describes. A small amount of money in my TSP and a huge credit card debt charging 20+ percent. When the credit card company "LOST" 2 payments in a row that I HAD MADE, I realized that they were crooked and I had to get rid of them ASAP. However, along with their claiming that the payments weren't made, they had trashed my credit history so badly that literally NO ONE would loan me the money to pay them off. (This was what they wanted, I was a Gold Mine to that crooked credit card company.) My TSP came to the rescue. You can borrow 1/2 of the money in your TSP account; the interest you pay on that loan is paid to yourself; and they do not perform a credit check on you (it's YOUR money after all). So from personal experience, I disagree with Zoopy, pay the extra percentage of money into your TSP and when you have enough, use it to pay off those credit card bills completely.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Looking back.....
    Obviously, taking that 5% match is a no brainer. But...... The first order of business for a young person is to get out of debt. When one becomes free of debt (Excluding car), one's financial firepower grows exponentially and opens up a whole new world. And its a pretty good world.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • We can argue whats good/bad
    but everybody is missing the point. IF congress wants to treat us like a private company then they need to stop this. No private companies make you auto enroll into such programs. This is wrong and shouldnt be allowed! CONGRESS, STAY OFF MY PAY
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }