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TSP during time in combat zone

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auggievan
Starting Member

2 Posts

Posted - 04/12/2005 : 10:25:20

I am a US Army officer within 2 years of retirement (military retirement). I currently max my TSP (like 401k without match), my Roth and my wife's Roth. We have a new mortgage (20 yr 2nd and 30 yr primary) on the house we hope to retire into, which extends beyond my projected retirement date of 67. 1st Kid hits college in 8 years and I am on track with 529 accounts to get them through State Schools. I have a 6 month emergency fund, which will double as coverage during my job search time in 2 years. I am 42 yrs old.

I am expecting to spend a year in a combat zone with tax exempt on much of my income. I am curious what decisions others have made reference their TSP contributions during deployment. TSP site says the funds will be accounted for as tax exempt contributions and can be withdrawn tax exempt later, but earnings are tax defered.

I am considering the following actions:

1. all possible income into the TSP up to IRS max
2. place funds in taxable savings vehicles for shorter term needs

Comments?

Tom

US Army Officer using the TSP.

Edited by - auggievan on 04/14/2005 18:21:07

auggievan
Starting Member

2 Posts

Posted - 04/20/2005 : 14:49:39

No one had any comments....well I decided to first max my TSP then add remainder to my short term investment taxable accounts.

Piece of information above, with the exception of house sale proceeds, I have been putting almost all my savings in tax derfered vehicles the last four years (Roth, TSP, and 529).

Tom

US Army Officer using the TSP.

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