Hi everyone, I’m a 22yo E-4 active duty. I just contributed the max amount to my 2024 ROTH IRA and my ROTH TSP contribution is at 10%.
- Savings: $17,000
- ROTH TSP: $15,000
-
ROTH IRA: $7,800
-
Debt: Only owed debt is my wife’s car which has $15,000 left at 8% APR. (I know I need to expedite paying this off.)
My primary goal is to retire early in my 40’s. I would like to retire from the military to receive pension and VA benefits. Any advice on how to improve my ability to retire early would be greatly appreciated, I just can’t stand the thought of working till I’m dead, TIA.
What else could I do?
byu/Open_Reindeer_6600 inMilitaryFinance
Posted by Open_Reindeer_6600
1 Comment
Need to kill that debt. I would have waited on your IRA, but reduce your TSP to 5% and use every cent to kill that loan. 8% is high.