s/o - if you're a fed, how much do you have in TSP & how old are you?

[Anonymous]

57. 650k. Invested with a financial advisor upon retiring.

[Anonymous]

wow, i feel horrible. 42, with about 80k and 10 years of service. started as a GS-9 (with a PhD and thus having made no money during 8 years of grad school) and finally at a 13. whohee. Even worse, DH, who is 50, has just under 200k AND we have two little kids who will be going to college when we are looking at retiring. we're screwed.

[Anonymous]

Forget college and focus on retirement savings. You will help your children even more by doing so. Can you and your husband start contributing more? How about trying to max for one PP to see how severe the pay cut is for doing so? I tried this once, and while I couldn't continue maxxing, I was able to see that I could afford to contribute more.

Oh and I have to ask, are you still in the G fund? If so, that could be part of the issue too.

[Anonymous]

50 yrs, w $425k. Always pretty maxed out ( btw the amount for 2013 is $17,500 ). I did take a loan out about 15 years ago. I also could have been more aggressive.

FERS sucks compared to CSRS.

[Anonymous]

Anonymous wrote:50 yrs, w $425k. Always pretty maxed out ( btw the amount for 2013 is $17,500 ). I did take a loan out about 15 years ago. I also could have been more aggressive.

FERS sucks compared to CSRS.

Yes but CSRS was insanely generous. At least with FERS you have a pension. Most American workers do not.

[Anonymous]

48 years, $240, 9 years in

[Anonymous]

Anonymous wrote:Forget college and focus on retirement savings. You will help your children even more by doing so. Can you and your husband start contributing more? How about trying to max for one PP to see how severe the pay cut is for doing so? I tried this once, and while I couldn't continue maxxing, I was able to see that I could afford to contribute more.

Oh and I have to ask, are you still in the G fund? If so, that could be part of the issue too.

I think it's also true that when your children are ready for college, the financial aid folks will take every penny from your college savings account. But they will leave money in your retirement account, because they understand you will need to retire, and then they will (possibly, depending on your income and other assets) give your kid more financial aid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:50 yrs, w $425k. Always pretty maxed out ( btw the amount for 2013 is $17,500 ). I did take a loan out about 15 years ago. I also could have been more aggressive.

FERS sucks compared to CSRS.

Yes but CSRS was insanely generous. At least with FERS you have a pension. Most American workers do not.

For now.

[Anonymous]

39 y.o. 194 k. 6 years in

[Anonymous]

Oh I am so behind. I just got a fed job two years ago and I'm 45. Sigh....

[Anonymous]

33 yo, 3 years in, 64k. I wish I could have maxed out and taken advantage of the market upswing! I got in on the bottom of this one. Alas, daycare is expensive.

[Anonymous]

Anonymous wrote:28, 38k, 5 years in. 11k in IRA.

Thanks to OP for starting this topic!

Updated -

29 now. 55K in TSP. 14K in IRA as of today.

Considering I didn't max either acct, it's been a great year! I'm doing 10% to TSP, but will double that next Fall. I can't wait to start maxxing eventually!

[Anonymous]

39 years old, $255K in tsp.

[Anonymous]

Can someone explain how the TSP works?
What are the required contributions?
The amounts are so much higher than 401(k)s.

[Anonymous]

Anonymous wrote:Can someone explain how the TSP works?
What are the required contributions?
The amounts are so much higher than 401(k)s.

TSP is just the federal employee version of a 401(k)-- has pretty much exactly the same rules (such as contribution limits). There is some matching, so it works out if you put in 5% of your salary, the govt will match that 5% (they won't give you more if you put in more, and if you put in less you will get less).