Quote:
Originally Posted by BPRICE1234
My TSP account is doing well but unfortunately I got a really late start. Maybe 5 to 10 years left to work. Simply looking to maximize while I can afford to make up any losses.
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- Contribute the maximum each year which should also get any matching
- Contribute any "catch up" maximums you are eligible for also
- Learn how to take full advantage of matching funds, which could mean spreading contributions throughout the year (my matching was up to X% of my contribution each paycheck. If I hit my yearly maximum in July then I had no contributions in the last half of the year and therefore no matching the last half of the year)
- If you live in a state with state income tax, think hard before electing Roth contributions. If you convert funds to Roth after you've established residency in Florida then you won't have to pay state income tax
- If you can afford it, open another investment account and fund that too
- Live below your means. "If you have it you might as well spend it" is a recipe for never being able to retire.