I will become a federal employee soon and have a few questions.
I am 27y/o and will be making $63k once I enter, which is nearly double my current salary. So I want to make sure I am starting this journey on the right foot.
I currently have $8k in a split 401k (my contributions are Roth, the 3% company match in Trad). I will be rolling this over into the TSP, but am not 100% which direction to go. Do I stick it all in a L fund and forget it, or do I start hard in the C Fund. Or do I allocate amongst the L, C and S funds. I assume it’s best for me to continue my contributions as Roth since I intend to retire at a higher salary.
Next question is banking. I currently have Capital One and enjoy it, but was considering Navy Federal Credit Union, although I’m not seeing a major reason to switch. Except for their support during furloughs. The Capital One 360 Performance Savings is nearly two percent in interest, and I have several small(ish) savings accounts benefitting from that. I don’t see anything like that nearly competitive at NFCU. Also, I don’t want to have my checking at one, and savings at another again. Been there done that and waiting 2-4 days for my money to come from the checking and get deposited into the savings is annoying. I rather have it all the same bank because I am constantly moving things around. So am I missing any major benefits from a Credit Union by staying with Capital One?
I will be doubling my drive from 35miles to 65 miles one way. Luckily it’s only a 15 minute difference so it doesn’t bother me too much, especially since I’m doubling my pay. I will need a car probably within a year or two because my car runs okay currently but KBB is $2k or under, and it’s 14 years old. We know it’s only a matter of time before the major issues start appearing. I plan on driving it for as long as I can (and getting AAA membership), but I need to start saving/prepping for a car payment to get something new and under warranty with way better gas mileage (I’m currently in low 20s). I will be doing about 31k miles yearly just in commute alone. So I think just putting a savings account to the side and contributing monthly to it will be okay, unless there are better ways to prepare for a new vehicle to maximize savings?
I don’t even know where to begin on health plans, but I assume that’s not as much of a PF question.
I think that’s about it for questions. Advice appreciated.
Submitted December 29, 2019 at 06:26PM by DelightedWarship https://ift.tt/2rCLW7s
