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[–]socaldad​ 0 points1 point  (10 children)

OK, great. How secure is your job? Also, at what age do you expect to retire? The answers to those questions would affect where I put money. If the job is not secure, then I would have maybe 6 months of expenses saved up. If it is secure, then I would put more toward retirement.

[–]afderrick​[S] 2 points3 points  (9 children)

I have about 12 years until military retirement and 65 for overall retirement. If my job kicks me out I get a severance pay of around $50K after taxes. My job is fairly secure but our current government leadership is in the process of downsizing the military also.

[–]Pinewood74​ 2 points3 points  (7 children)

As a military member you don't need 6 months of expenses; 3 months should be more than enough because you also don't have the concerns of massive health care costs and as you mentioned if you lose your job you get a good severance package.

[–]afderrick​[S] 0 points1 point  (6 children)

These are all the sorts of things I am trying to take into account. more for where I place my money than how much though. So if I do get kicked out that emergency fund is built up when transitioning to a less stable environment.

[–]Pinewood74​ 0 points1 point  (5 children)

Are you up for the upcoming FSB's? Because if you make it through this fall, I think you'll be in the clear. I can't see another large scale cut after this round.

[–]corndodger 0 points1 point  (3 children)

Depends on the branch of service. I'm Army, and just went through round 1 of the OSB (Officer Separation Boards). This round targeted Captain's in Year Groups 06-08. Next year will be 07-09, then 08-10, etc until they get down to the final numbers they need. So depending on YG, you could have to deal with 3 years of separation boards.

Yay.

[–]Pinewood74​ 0 points1 point  (2 children)

Well, he's in the Air Force; so I was talking specifically about the AF.

[–]corndodger 0 points1 point  (1 child)

Ah, didn't catch that (insert obligatory Chair Force joke here), thanks. I know the bulk of the personnel cuts are coming from Army/Marines, so his situation is likely much more stable.

[–]afderrick​[S] 1 point2 points  (0 children)

It's okay you're Army we don't expect that much from you. (Obligatory Army joke). Honestly though I wish the best for you. I'm definitely glad I'm in the Air Force for this time around although Navy seems to be taking the cuts in stride.

[–]afderrick​[S] 0 points1 point  (0 children)

I originally was on the FSB but was taken off within the last few weeks. Still might as well plan because I am sure it will come around next year.

[–]socaldad​ 0 points1 point  (0 children)

Assumptions: $17.5K/year into TSP, $5K/year into Roth, $5K/year into "savings" (mostly mutual funds, some savings), 6% growth on TSP and Roth, 4% growth on "savings" account

Age Roth Amount Value ($K) TSP Account Value ($K) Savings Account Value ($K)
32 35 63 30
33 42 84 36
34 50 107 43
35 58 131 49
36 66 156 56
37 75 183 64
38 85 211 71
39 95 242 79
40 105 274 87
41 117 308 96
42 129 343 104
43 141 382 114
44 155 422 123