Posts tagged Thrift Savings Plan (TSP)

What is the best way to save for the future outside of a work retirement plan?

It sounds like you have a good handle on your retirement savings based on your contributions to both the TSP and your workplace plan, assuming you are contributing at least 10% to 15% of your income. If so, begin investing outside your retirement accounts in a taxable investment account to fund other goals such as buying a home, starting a business, or taking a major vacation.

Investing, Life PlanningJoshua Escalante Troesh, CFPSeptember 18, 2019Starting Out, Building Wealth, Buying A Home, Young Families, IRA Rollover, Individual Retirement Account, Thrift Savings Plan (TSP), 401(k)

Should we pay off our mortgage when on fixed income pensions?

I generally don't advise clients to aggressively pay down their mortgage unless they have so much money in retirement assets and income that the mortgage money won't make a difference to them. Unlike what many might suggest, your mortgage does not present a risk to you and your wife during retirement. So long as you can afford to pay your monthly payment and . . . .