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Reply to "How do you make maxing out TSp/401K work?"
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[quote=Anonymous][quote=Anonymous]29 year old fed, GS-14 attorney. We just bought a house, and have a 14 month old. Uncle Sam keeps getting me on taxes, and the CPA told me to max out tsp. Just curious how logistically others make it work, with young kids and childcare, etc... Luckily, we took a mortgage for a lot less than we qualified for. However, that money goes to savings in case of an emergency. If I keep increasing tsp, I won't have any savings of feels like.[/quote] As others have said, put step increases into your TSP. COLA increases as well. You may want to make your emergency fund smaller to max out your TSP. If an emergency does arise and you find your emergency fund isn't sufficient, you can take out a TSP loan to cover shortfalls. Better to max out your TSP tap into it for a loan in the event of an emergency than to have an emergency fund sitting around in a low-interest account.[/quote]
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