Military Retirement Benefits

DS has already been to a class on joining the Blended Retirement. He figures he'll put in 5% and let them match it. I encouraged him to max out his contribution since he has little debt. Did discuss the rate of debt versus putting money into retirement 401K.
 
-Bull- said:
If someone's LES is reflecting 0 then that would definitely be something to be corrected.
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I saw a zero on both my 2/C and Plebe's LES. They are both at USNA and I wonder if the whole class is like that.

@pleber16, did your LES show a date in DIEMS when you were a Midshipman or not till you commissioned? What is it now that you are an Ensign?

@BDHuff09, does your LES currently has a date or is it a "zero"?

Thanks, guys!
 
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Just to confuse the matter, I believe cadets, or anyone really, can start a Roth IRA up to the amount on their W2. This would require using one's own money, but grows tax free and is not taxed on withdrawal. This is an additional opportunity outside official retirement plans
 
Current law (Traditional or Roth) IRA up to $5500 in a calendar year unless you are old enough to increase $1000 to "catch up".

Don't confuse TSP with IRA.
 
Thank you for the clarification. I knew there was an upper limit. My child will be a plebe, and has not exceeded that amount in a W2 yet! She is growing her tiny little Roth which we helped her start with her first job proceeds
 
She gets over $1000 a month and her W2 with be over $6000!
 
We have a lot to learn. Excited about the journey. Appreciate all the knowledge on these boards! We were not sure how the W2 would look- figuring out cadet pay as we go
 
xyz321 said:
We have a lot to learn. Excited about the journey. Appreciate all the knowledge on these boards! We were not sure how the W2 would look- figuring out cadet pay as we go
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Wait till you try to figure out claiming her as a dependent or not on your 2017 tax return. Lots of discussion on SAF you can search for.
 
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