usna2020Dad
Still Hoping my DS gets Appointment
- Joined
- Jan 14, 2016
- Messages
- 30
Great points! One more idea which is what I plan to do with my son.
If your parents are financially able and since the USNA provides an excellent free education, ask your parents to gift to you and you contribute $3k each year into your IRA account. Again, if they have the financial ability, it will be hard for any parent to say no to the idea given they are not paying for tuition or room and board. The $12k invested in your IRA over 4 years will grow to a very big number (from $166k to $371k @ 6% - 8% annual compounded rate) when you are ready to retire! When commissioned just make sure you always put at least 10% of your gross income into the TSP or other retirement plan.
If your parents are financially able and since the USNA provides an excellent free education, ask your parents to gift to you and you contribute $3k each year into your IRA account. Again, if they have the financial ability, it will be hard for any parent to say no to the idea given they are not paying for tuition or room and board. The $12k invested in your IRA over 4 years will grow to a very big number (from $166k to $371k @ 6% - 8% annual compounded rate) when you are ready to retire! When commissioned just make sure you always put at least 10% of your gross income into the TSP or other retirement plan.