Murphys law
Dryer sheet wannabe
Hello, I've been reading these forums for a few months now, and decided to go ahead and introduce myself, and my situation.
I am 22 years old, and have been in the air force for a little over a year. I plan on beating the majority, and fully retire after 20 years of service.
I am married, with a 2 year old daughter and another due next month. We currently rent and plan to do so until I get out of the air force and move back home. The only debt I have is a 7% car loan that will be paid off in 29 months (I could pay this now but I'm looking to build credit, is this a good idea?).
I am currently investing 50% of my base pay ($860) into the L2050 TSP. I am hoping to have the TSP maxed by the time my car is payed off. I plan on switching to the Roth option of TSP once it becomes available to me. Once my tsp is maxed I don't know if I should start a Roth Ira, or invest in taxable accounts.
I am going to try to keep my new car until I retire, to save money. It only has 3500 miles on it after 6 months, so I think it's very possible. I also plan on saving my GI Bill for my daughters, which should save us alot of money. Both of my daughters will be done with high school by the time I get out, so that should help to.
All said and done, I am hoping to retire in 18 years and 10 months (41 years old). My only concern is having enough in taxable accounts to get me from 41 to 59 1/2. My pension will help, but i konw it wont be enough. Do you think its possible?
All wisdom is appreciated.
I am 22 years old, and have been in the air force for a little over a year. I plan on beating the majority, and fully retire after 20 years of service.
I am married, with a 2 year old daughter and another due next month. We currently rent and plan to do so until I get out of the air force and move back home. The only debt I have is a 7% car loan that will be paid off in 29 months (I could pay this now but I'm looking to build credit, is this a good idea?).
I am currently investing 50% of my base pay ($860) into the L2050 TSP. I am hoping to have the TSP maxed by the time my car is payed off. I plan on switching to the Roth option of TSP once it becomes available to me. Once my tsp is maxed I don't know if I should start a Roth Ira, or invest in taxable accounts.
I am going to try to keep my new car until I retire, to save money. It only has 3500 miles on it after 6 months, so I think it's very possible. I also plan on saving my GI Bill for my daughters, which should save us alot of money. Both of my daughters will be done with high school by the time I get out, so that should help to.
All said and done, I am hoping to retire in 18 years and 10 months (41 years old). My only concern is having enough in taxable accounts to get me from 41 to 59 1/2. My pension will help, but i konw it wont be enough. Do you think its possible?
All wisdom is appreciated.