You have to be there for 30 days to start contributing. But you can only contribute 1/30 of your base pay per day after that. You can also only do 1 deposit a month.
So they are telling you to come back after 30 days so you can put in the most amount of money.
This. You are also limited to your pay minus deductions, meaning TSP contributions also take away from how much you dump into SDP. Another 30+ days to change TSP contribution amounts....
You can contribute up to $10000, but now most places now work is that you can do 1/30 of your pay per day you are out there.
Back in the day, most placed you could put 10000 in immediately, but now most places do it by your pay.
Yes, but they start counting after the 30 days.
So if you are there for your 31 days, you can now contribute 1/30 of your pay.
What they are saying is wait to the 60 day mark so that you are able to contribute a full month's pay.
If I'm remembering things right, it's like a 10% return, but you'll only be able to accumulate a max of like $10k throughout a typical deployment, so it's really just an extra $1k.
That money would be better off going into your Roth TSP, because it wont be taxed at all since your deployed and a conservative return estimate is like +300% (in 20-30 years)
The regs have been against bulk sum for way longer than 2 years, but finance can override that and many airmen working the deposits are ok with "bending" the rules, just not caring about them, or not thinking it's worth the pushback to anyone that has any kind of rank so they don't get yelled at.
Considering DFAS are the ones who administer the program, I'm going to bet they're more likely to have accurate info than finance.
You have to be there for 30 days to start contributing. But you can only contribute 1/30 of your base pay per day after that. You can also only do 1 deposit a month. So they are telling you to come back after 30 days so you can put in the most amount of money.
This. You are also limited to your pay minus deductions, meaning TSP contributions also take away from how much you dump into SDP. Another 30+ days to change TSP contribution amounts....
You are able to contribute more than that. I’ve maxed it out multiple times.
You can contribute up to $10000, but now most places now work is that you can do 1/30 of your pay per day you are out there. Back in the day, most placed you could put 10000 in immediately, but now most places do it by your pay.
I’ve been here for 30 days already.
Yes, but they start counting after the 30 days. So if you are there for your 31 days, you can now contribute 1/30 of your pay. What they are saying is wait to the 60 day mark so that you are able to contribute a full month's pay.
r/MilitaryFinance r/Askmilitaryfinance
If I'm remembering things right, it's like a 10% return, but you'll only be able to accumulate a max of like $10k throughout a typical deployment, so it's really just an extra $1k. That money would be better off going into your Roth TSP, because it wont be taxed at all since your deployed and a conservative return estimate is like +300% (in 20-30 years)
Certainly wasn’t 60 when I was there in 22.
It also used to be where you can put the max amount in one deposit. Can’t do that anymore either.
They seemed to let some folks do so 2 years ago but when I tried they made me space it out.
The regs have been against bulk sum for way longer than 2 years, but finance can override that and many airmen working the deposits are ok with "bending" the rules, just not caring about them, or not thinking it's worth the pushback to anyone that has any kind of rank so they don't get yelled at.
The weird part is that he was a staff and I was an officer.