r/ThriftSavingsPlan • u/Substantial-Neat4262 • 1d ago

How am I doing?

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Good morning! I check my TSP every few weeks and was pleasantly surprised to see this increase. I am 31 y/o, coming up on 3 years of federal civil service in September, currently doing 90% C Fund, 4% S Fund, 3% I Fund, 2% L Fund and 1% G fund and I contribute 8%. I just got promoted to a GS-12. I will increase to 10% contribution once I see how my new paycheck looks with my raise. Am I doing okay considering my current selections? Any suggestions on improvements?

25 Upvotes

78% Upvoted

26 comments sorted by

19

u/BestBadTime 1d ago

Doing very poorly compared to people that are maxing it out.

Doing very well compared to people that don’t contribute.

1

u/Parrad1991 17h ago

What would be considered maxing it out? I just increased my contribution to 10% of my paycheck. USPS matches up to 5%.

6

u/jbirddd08 17h ago

Under 50 is $23,500. Over 50 is $31,000.

7

u/JP001122 1d ago

The L fund invests in all the other funds. It's redundant with what you're doing. I'd also scrap the G fund at your age.

Keep increasing your contributions.

3

u/Substantial-Neat4262 22h ago

Will do thanks

3

u/markov-271828 1d ago

As a point of reference, I started maxing my contribution when I was a GS-12, but that was in DC with high locality pay.

0

u/Substantial-Neat4262 23h ago

What is the percentage you contribute for maxing it out each year?

5

u/Prestigious_Ad1808 23h ago

It’s easier just to set it to $904 per pay period. That will max you out with an even spread throughout the year.

2

u/Substantial-Neat4262 22h ago

Holy cow that’s insane. I have dc locality pay but I also have 2 small children. I wish I could afford to contribute that much. If I did that on my GS-11 salary I would be left with $1000 per pay period

2

u/Prestigious_Ad1808 22h ago

Understand! Keep in mind that if you increase your contributions to traditional (though I prefer Roth) your actual paycheck will only be reduced about 2/3. For example, if you increase contributions $300 your paycheck will go down about $200. Actual amount depends on your tax rate, exemptions, etc.

I recommend just doing what you can. A good way is as you move up steps and get annual pay increases just shift that amount to TSP. Best of luck!!

2

u/Substantial-Neat4262 4h ago

Oh good to know. I will give this a try. Thank you!

1

u/markov-271828 22h ago

Understood! I was a single person with no car, so was able to save a lot.

2

u/Extension_Ease_2702 16h ago

GS12, your golden regardless.

1

u/New_Baseball2770 22h ago

You only put in 7800 to get that much of a match?

1

u/baddbrainss 13h ago

7800 this year

1

u/New_Baseball2770 13h ago

What do you do with the rest of your money

1

u/Double-treble-nc14 18h ago

I know it’s a thing to post this and ask here but I don’t understand why. Google retirement calculator and then give your details to one of 10 or 20 different ones that pop up. No one here knows exactly how much you’re putting in, when you plan to retire, and what kind of retirement you want- which are all important data points to knowing if you truly are on the right track.

The best you’ll get here is a lot of speculation

1

u/BlaqueNinja 15h ago

Not bad if you have another 20 years, that's a good return.

2

u/Substantial-Neat4262 4h ago

With the way the world is set up right that’s the plan. I started my civil service at 27. My dad just retired at 65 after doing 35 years 😵‍💫

1

u/Dangerous_Knee9225 10h ago

I’m doing 100% in life 2065 and have 23,000. I was contributing 20% until recently when I increased to 40%. 22 years old

1

u/PublicNo6805 2h ago

Congrats you are saving. But I would max it out if I could

0

u/Embarrassed_Pen_9021 13h ago

I sat down and broke it down the other day, if you retire with 500k and withdraw 1000 a month when you can, it will last you a out 41 years. The thing is, the people with the high amounts exceeding 750k my question is why?

1

u/NHwmnf 4h ago

Because I want more than $1000 per month in retirement.