403B/401K plus a TSP at the same time?

[dirtbiker]

I'm in the Army National Guard and have never contributed to the available TSP (dumb when I was younger not to, and currently max out my civilian 401K). What I stupidly never thought of though, is that the Guard will match 5%, and on the civilian side they match 7%. Can I take advantage of both? In other words, contribute 5% of my military salary to the TSP, and then max out my 401K minus what was contributed into the TSP, so that the combined totals would equal my contribution limits, but I get matches on both sides?

 

[jazz4cash]

Yes you should be able to take advantage of both as long as you do not exceed the max combined contribution limit.

 

[dirtbiker]

Thanks for the reply. Just what I was hoping to hear.

 

[jazz4cash]

Well I’m surprised no others piped up and I am not an expert, but here’s a recent article that says it’s ok:

https://www.nextgen-wealth.com/blog/multiple-401k-accounts

 

[oldphd]

At my last j*b at a state university, I was covered by a pension, had to contribute 10% to that. I also had the option of 403B and a 457. Did both. When I started I didn't make enough to max all of them out, my monthly check was in the $5 range. Later on I was able to max them out and get a slightly larger check but not a lot.

As an aside, when I first asked HR about this, they didn't know. Had to check. The guy I was talking to was middle aged and couldn't wrap his mind around the idea that someone could/would be in a position to defer ALL their money and get a few dollar paycheck.

Before anyone asks, I was filling my taxable space by doing Roth conversions and taking LTCG. And my day to day expenses were covered by assets instead of income. It's worked out well, now FIREd, I have about 1/3 of my retirement $$$ in Roth. And the gains in the tax free gains in the Roth are substantial, which makes me feel good that the path I chose has worked out. I continue to do Roth conversions.