Thursday, December 29, 2005

Finance tip for servicemembers: Seize the day 
Just kicking around some numbers for an article, and came up with this:

A 25-year-old worker has 40 or more years of work ahead in his or her career before retirement. If that worker contributes the maximum $4,000 per year to a Roth IRA at the beginning of each year, and realizes an 8-percent annual return on his or her investments, that worker would have saved over $1.12 million, tax free, at the age of 65.

If he or she waits just five years to begin saving, however, that figure drops to $744,409: a penalty of 33-percent in retirement income. In other words, waiting 5 years to begin saving costs a 25-year-old $74,943 per year.

Except for the tax free part, troops, the same is true for enrolling in the Thrift Savings Program, except the amounts you may contribute are even higher.

Pay off that ridiculous car loan they stuck you with at that car lot off post - for a car you're not even driving if you're deployed, sucker - and enroll in the Thrift Savings Plan as soon as you can. No, the DoD doesn't match your contributions. But aside from the lack of a matching incentive, you will not find a better 401(k) type plan in the civilian sector.

Splash, out


No, the DoD doesn't match your contributions.

Not yet...
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