Thread: 2015 Contribution Limits

Who in the heck has $18,000 extra to drop in the TSP, I never did?

Originally Posted by nnuut

Who in the heck has $18,000 extra to drop in the TSP, I never did?

Yea I'm not sniffing that.

Originally Posted by nnuut

Who in the heck has $18,000 extra to drop in the TSP, I never did?

Me! When I got the kids out of the house and reorganized my budget, it took three years of promotions and pay increases to get to where I max'd out my contributions. It wasn't easy, but I did it!

Set goals and set budget, the young ones will need to do it early to pay off what is currently out owe there in national debt.

Here's my reference chart for all you savers/investors (2015)!

2015-quickreference-tsp-contributions.xls

Originally Posted by Frixxxx

Me! When I got the kids out of the house and reorganized my budget, it took three years of promotions and pay increases to get to where I max'd out my contributions. It wasn't easy, but I did it!

Sounds great, but that was back in the days of pay increases and promotions, unlike today!

Originally Posted by Lindoug

Sounds great, but that was back in the days of pay increases and promotions, unlike today!

You're thinking of COLA, promotions and step increases never stopped.

Originally Posted by Frixxxx

Me! When I got the kids out of the house and reorganized my budget, it took three years of promotions and pay increases to get to where I max'd out my contributions. It wasn't easy, but I did it!

Set goals and set budget, the young ones will need to do it early to pay off what is currently out owe there in national debt.

Yep, it isn't easy, but it is doable.

Slowly inching my way to maxing out. Right now I contribute about 16500 annually. Just takes a bit more planning when there's no matching for military (and when you have a wife and 2 hungry boys at home).

Although, I can't complain since under the current system I can draw a pension at age 38.

Originally Posted by Frixxxx

Me! When I got the kids out of the house and reorganized my budget, it took three years of promotions and pay increases to get to where I max'd out my contributions. It wasn't easy, but I did it!

Set goals and set budget, the young ones will need to do it early to pay off what is currently out owe there in national debt.

Pay increases, buying a vehicle off lease, paying it off early and keeping it in repair for the next 15 years instead of continually trading in for a newer one, paying down the mortgage early (after paying off the vehicle loan) and putting the interest not paid into retirement account, living close to work, only moving to a new job if the cost of living in new location doesn't offset the new income, etc. etc. paying off credit cards at the end of the month or asap, all that has combined to work for me the past few years.

Originally Posted by Lindoug

Sounds great, but that was back in the days of pay increases and promotions, unlike today!

In my Agency, they're trying to take away Administratively Uncontrollable Overtime, which will result in a 30% pay cut. Kinda hard to raise your contributions to retirement when they are looking to cut your pay that much.

Originally Posted by RevShark

The IRS has increased retirement contribution limits:

• The elective deferral (contribution) limit for employees who participate in 401(k)s, 403(b)s, most 457 plans and the federal government’s Thrift Savings Plan has been increased from $17,500 to $18,000.

http://www.fa-mag.com/news/irs-increases-maximum-allowed-pension-plan-contributions-for-2015-19626.html

You thought $18K was a lot? Read on in the the article. It also says: "Taxpayers 50 years old and over can contribute up to $24,000"!! And if you want to put it into your Roth TSP, that is $37K gross at 35% tax rate. I don't know why they even bother putting a 'cap' on it, when so few people can even reach the cap!