TSP Contribution limit going up for 2013

Hey all,

My updated spreadsheet for TSP contributions for 2013 ($17,500 limit).

Remember this is pre-tax dollars being taken out of your paycheck, so it will reflect any changes to your elections and tax bracket.

Happy investing, Happy Holidays!:cool:

Spreadsheet is free for public use since it is math only (conditional formatting), spread the word, spread the knowledge. And for the love of all that is holy, Spread the Love!

Don't forget the catch up for those lucky enough to be over fifty years old. I believe that is now $5,500 for a contribution total of $23K.

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Originally Posted by Birchtree

Don't forget the catch up for those lucky enough to be over fifty years old. I believe that is now $5,500 for a contribution total of $23K.

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I leave that out, as it is usually the exception to the rule and rare that I talk to people who meet that level of participation...But SPOT ON Mr. Birchtree.

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Originally Posted by Birchtree

Don't forget the catch up for those lucky enough to be over fifty years old. I believe that is now $5,500 for a contribution total of $23K.

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I'm new to this forum and appreciate all that I'm sure that I'll learn.

I have been contributing to TSP for several years (max allowed) and will turn 50 in February. What is the "catch up" and does it help me in any way?

Thanks,
Craig

ETA: Never mind. I should have done my own research first and looked at the fact sheet on the TSP web site. :rolleyes: I'll be adding my catch up payments to my account as soon as I figure out whether I want to stay with traditional or put it into the Roth TSP. Comments on that are certainly welcome. :D

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Originally Posted by Birchtree

Don't forget the catch up for those lucky enough to be over fifty years old. I believe that is now $5,500 for a contribution total of $23K.

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#1. Yes, I'm over 50 years old.

#2. No, I don't make enough money to come anywhere CLOSE to maxing out the extra contribution. I'm struggling still to even put away the basic $17K contribution. Got a teenager getting ready for college and the college fund 529 plan is also asking to be filled. Between conventional TSP, Roth TSP, and the 529 program, I'm basically tapped out.

But hey, it's only money. Right?

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Originally Posted by James48843

#1. Yes, I'm over 50 years old.

#2. No, I don't make enough money to come anywhere CLOSE to maxing out the extra contribution. I'm struggling still to even put away the basic $17K contribution. Got a teenager getting ready for college and the college fund 529 plan is also asking to be filled. Between conventional TSP, Roth TSP, and the 529 program, I'm basically tapped out.

But hey, it's only money. Right?

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Yep, it's only money. I'm having a hard time funding Roth+maxed out conventional+catchup this year. only making it partway on the catchup, partway on the roth, barely made those. Did anyone notice yet that the 25% tax bracket is increasing to 28% next year? that will make it even harder to play catchup-may not be doable at all for me, unless I sacrifice the Roth next year. decisions decisions.

The best thing to do is IMPEACH all of the clowns in Washington DC that are trying to stimulate our economy with higher taxes! DUH!

This worksheet is great. Thank you so much Frixxxx!

Currently, I'm 49 years old and have been contributing $535 of my employee traditional plus $55.83 agency automatic and $223.33 in the agency matching. Based of your spreadsheet am I over-contributing? My year to date contribution is currently at $21,168.16 in my TSP should I be contributing less into the TSP and more into a Roth IRA for tax purposes?

Any help would be much appreciated.

Thanks!

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Originally Posted by jlaufer89

Currently, I'm 49 years old and have been contributing $535 of my employee traditional plus $55.83 agency automatic and $223.33 in the agency matching. Based of your spreadsheet am I over-contributing? My year to date contribution is currently at $21,168.16 in my TSP should I be contributing less into the TSP and more into a Roth IRA for tax purposes?

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I THINK you may be confusing some terminology. Your contribution is just that...YOUR contribution. It does not include what the gov't throws into the pot. At $535 per payperiod, I calculate that out to $13,910 which is well within the $17K limit. And when you turn 50, you can also add catch up contributions of $5,500 more as BT said earlier. Double check your numbers but it looks like you should be OK. :cool:

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Originally Posted by uscfanhawaii

I THINK you may be confusing some terminology. Your contribution is just that...YOUR contribution. It does not include what the gov't throws into the pot. At $535 per payperiod, I calculate that out to $13,910 which is well within the $17K limit. And when you turn 50, you can also add catch up contributions of $5,500 more as BT said earlier. Double check your numbers but it looks like you should be OK. :cool:

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I got the same numbers......DO NOT Count employer contributions for tax purposes or limits...Just Yours!Keep up the good work though!

Thank You! I think my confusion has been cleared up!

Thanks for the spreadsheet. Knowing I can contribute 673.08 per pay period is great information, but when can we start contributing this much? IE When is the first pay period of 2013?

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Originally Posted by andysimpson76

Thanks for the spreadsheet. Knowing I can contribute 673.08 per pay period is great information, but when can we start contributing this much? IE When is the first pay period of 2013?

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Andy,

I think you can make the change now. Regardless, it will not cause problems to start early if you are not approaching the limit for CY2012 (calendar year) - which I think was $17,000 or so. The reason I am not absolutely certain is that my last pay statement (2012/12/21) kinda sorta maths out as the final pay date. There is, however, a smallish difference in what I expected - so maybe this pay period is partially 2012 and partially 2013. Ugghh...