Opened up an IRA and brokerage account! HSA and adding more to TSP is next. Question: if I want to retire early and I already have TSP, Social Security and 20 years of Govt pension kicking in for retirement years, should I still max out my TSP or dump the money in brokerage account for the pre-retirement years? I’m 49
When does the pension kick in? Year/Age. Are you planning on reimbursement from Out of Pocket Expenses with the HSA?
Are you thinking of the Roth conversion ladder? How fast could you get 5 years worth of Expenses into a brokerage? Do you plan on RE at 54/55?
- Pension kicks in in 10 years (when I’m 60. I’m 49 now). Would love to retire in 5 years at 55.
- I just learned about the HSA through the personal finance club course. I currently have a Flex Spending Account and need to learn about if I can have an HSA and a FSA at the same time, and how to set up a HSA, etc.
- I think I can get 5 years of expenses into a brokerage over the next 5 years.
- I also have a side business that I’m also working on growing more this year.
- I do not have a mortgage bill as I own a 2-flat apartment and rent out 1 unit and live in the 2nd unit. Rental income covers the mortgage.
I can throw more into my TSA but maybe I should put that money towards my brokerage account to use during pre-retirement years 55 to 60? Or maybe I’m just dreaming too hard Lol
Thanks for your insight!
Generally with your high deductible health plan through your employer, will tell you if you are HSA eligible. I’m not 100% sure on the exact guidelines but not sure you can have both.
I know you must have a high deductible health plan to be HSA eligible.
Not sure what the exact rules of the TSP are and how to access those funds. Looks like your best option right now would be pad up the brokerage account.
Also with the side business you could do a SEP IRA or solo 401k. Again those guidelines are murky as I’m not experienced with those types of accounts.