unlimited contributions?

[vdc]

does anyone know if the contribution limit to the tsp for civilian employees is going to be removed?

the reason i ask is that someone at work told me that the current contribution limit ($14K) is going to be removed, thus allowing us to contribute as much as we want?

i tried searching on the tsp site for this and could not find anything. can anyone confirm this?

also, i'm wondering how many of the members here are civilian and how many are military? i myself am a civilain employee. :?

what do you guys think of the following tsp calculator, i saw it on some website the other day, do you guys think it's fairly accurate?

http://hr.er.usgs.gov/calculators/tsp/tsp.pl

have fun pluggin' in your #'s!!!:^

[Show-me]

15% up to$14kfor 2005. Limits are eliminated up to $15k for 2006.

http://www.tsp.gov/features/chapter02.html#sub2

[Birchtree]

VDC,

Removing contribution limits non-confirmable. Do you think Uncle is magnanimous? FERS 15% up to the IRS limit of $14,000 in 2005 and $15,000 in 2006. After that the limit remains $15,000 but is indexed to inflation. The over age 50 catch up goes to $5000 up to at least 2010. CSRS is 10% up to the IRS limit. Hope this may help.

[coolhand]

I'd like to clarify this a little just to make sure this is understood. In 2006 we will have a $15K cap, but you will not be limited by a percentage of pay to reach that level.

For instance, I would have to contribute 22% next year to hit the $15K capand the rules next yearallow me to do just that (if I could affordit).


http://www.tsp.gov/forms/oc03-03.pdf

[Mike]

I'd have to set a TSP witholding rate of 29% of my base pay to hit that total. :shock:

I don't think I want to deprive myself of that much income just yet... unless I can find myself some ladies that like to pay for everything instead of the other way around. :P

[pyriel]

Mike wrote:
I'd have to set a TSP witholding rate of 29% of my base pay to hit that total. :shock:

I don't think I want to deprive myself of that much income just yet... unless I can find myself some ladies that like to pay for everything instead of the other way around. :P
Mike, Are you advertising?:cool:

[Spaf]

Mike wrote:
I'd have to set a TSP witholding rate of 29% of my base pay to hit that total. :shock:

I don't think I want to deprive myself of that much income just yet... :P

Considering withholdings, deductions, taxes,penalities, and medical expenses. And, being able to withdraw 4% annually from a rollover TSP. I would be better off with welfare and medicade. :X

[Mike]

pyriel wrote:
Mike wrote:
I'd have to set a TSP witholding rate of 29% of my base pay to hit that total. :shock:

I don't think I want to deprive myself of that much income just yet... unless I can find myself some ladies that like to pay for everything instead of the other way around. :P
Mike, Are you advertising?:cool:
Always. :^