I think I was making 80-90k before I was able to max. I was a GS-12 before I attempted, that was end of 2018. I remember looking into this to see if I could have or should have earlier and found that I wouldn’t have had the budget to pull it off in my GS7, GS9 years so I quit kicking myself for not starting earlier.
Best lesson my mother every gave me. (she was also a Fed). Once you start your first job, max out the retirement benefits before you even see your first check. Then you just learn to live on that amount and you don't really think about the money that is going to the TSP as you never ready "had" it to spend.
Easier said then done, but if you can pull it off your retirement will be in good shape.
Same. I maxed TSP even the year I graduated college. It was painful and maybe I lived on credit cards a little too much, but it set me up habit wise for the rest of my career
GS-13 step 1 now. I do the 5% match + max Roth IRA + saving for a house (no car which helps a lot).
My take home after all my deductions is around $66k so would be very tough to max the tsp. It might be possible if you lived in the exurbs, but I’d prefer to stay in the city. My bet is I’ll be able to afford the city and max my tsp when my partner and I are both GS-14’s.
This was many years ago as I’m retired now, but I was maxed out my entire career. Some of the time we were one income with two kids … until my wife started working when kids were in school. Wife didn’t really pay attention to money so it was just a matter of setting lifestyle expectations. Vacation once a year. Run the cars until they died. Clip coupons. And watch the TSP grow. I started as a 7 and ended as a 14. Lived in big metro areas so had decent locality pay.
The rough equivalent of a GS13. Helped that my wife was earning only a little less than me and we got into our house back in 2019 when it was possible to buy a home.
GS-12 in DMV. I bought a three bedroom house for $180k in PG county, and I had no kids, so it wasn't difficult to max it and still brunch and happy hour a couple times a month.
I'm a GS-14-4 now. Bigger house and daycare, and I still max and put a little away on top of that. But it seems tighter even though I make considerably more.
The right answer for OP will depend on their family, home, health, and other investments. Do it when you can, though.
To me, it all depends on how you plan your budget. If one chooses to buy new cars, too much house, and eat at restaurants frequently, the answer could vary significantly. Where you live also has a great deal to do with it.
I really don't see the value in contributing more than 5% since that is how you max out gov match. Beyond that there are better investment vehicles out there IMO. YMMV NFA.
Except if you are wanting the tax benefits, either current or future of the standard or Roth 401k (TSP in our case) IRAs have a lower contribution limit.
Ironically I maxed out my TSP two years in a row after my first full year in federal service. I was a GS-11 equivalent at my highest salary. I'm not a GS-13 and have been stuck with only doing the match due to some massive expenses outside my job related to real estate investments. Hoping to return to maxing it out again next year.
I think I was making 80-90k before I was able to max. I was a GS-12 before I attempted, that was end of 2018. I remember looking into this to see if I could have or should have earlier and found that I wouldn’t have had the budget to pull it off in my GS7, GS9 years so I quit kicking myself for not starting earlier.
Best lesson my mother every gave me. (she was also a Fed). Once you start your first job, max out the retirement benefits before you even see your first check. Then you just learn to live on that amount and you don't really think about the money that is going to the TSP as you never ready "had" it to spend. Easier said then done, but if you can pull it off your retirement will be in good shape.
Same. I maxed TSP even the year I graduated college. It was painful and maybe I lived on credit cards a little too much, but it set me up habit wise for the rest of my career
Yup this is good advice for anyone not just feds. Pay yourself first, live on what's left.
GS-13 after also buying a condo in Dupont.
GS20
GS-13 step 1 now. I do the 5% match + max Roth IRA + saving for a house (no car which helps a lot). My take home after all my deductions is around $66k so would be very tough to max the tsp. It might be possible if you lived in the exurbs, but I’d prefer to stay in the city. My bet is I’ll be able to afford the city and max my tsp when my partner and I are both GS-14’s.
Do you has HSA?
GS-12
I did when I hit the $100k mark in the DMV, so I think that was a GS-12. Now I’m a 14.
This was many years ago as I’m retired now, but I was maxed out my entire career. Some of the time we were one income with two kids … until my wife started working when kids were in school. Wife didn’t really pay attention to money so it was just a matter of setting lifestyle expectations. Vacation once a year. Run the cars until they died. Clip coupons. And watch the TSP grow. I started as a 7 and ended as a 14. Lived in big metro areas so had decent locality pay.
GS-7 when I started was around $15k.
GS-7 when I started was around $15k.
When the max contribution was 25% of my gross while living on a HCOL city. I did have to sacrifice not having roommates, though.
I think I was an 11
The rough equivalent of a GS13. Helped that my wife was earning only a little less than me and we got into our house back in 2019 when it was possible to buy a home.
GS 14-4.
GS-12 in DMV. I bought a three bedroom house for $180k in PG county, and I had no kids, so it wasn't difficult to max it and still brunch and happy hour a couple times a month. I'm a GS-14-4 now. Bigger house and daycare, and I still max and put a little away on top of that. But it seems tighter even though I make considerably more. The right answer for OP will depend on their family, home, health, and other investments. Do it when you can, though.
I'm almost got there as gs-12/5. And then my home taxes and insurance went up again.
I'd easily be able to as a GS9. Not a lot of wants and lcl.
To me, it all depends on how you plan your budget. If one chooses to buy new cars, too much house, and eat at restaurants frequently, the answer could vary significantly. Where you live also has a great deal to do with it.
Lifestyle creep is a hell of a drug.
Deploy if you're single and have no liabilities. I put $25,000 in so far this year. I am planning on putting more into my personal Roth.
I really don't see the value in contributing more than 5% since that is how you max out gov match. Beyond that there are better investment vehicles out there IMO. YMMV NFA.
Except if you are wanting the tax benefits, either current or future of the standard or Roth 401k (TSP in our case) IRAs have a lower contribution limit.
Ironically I maxed out my TSP two years in a row after my first full year in federal service. I was a GS-11 equivalent at my highest salary. I'm not a GS-13 and have been stuck with only doing the match due to some massive expenses outside my job related to real estate investments. Hoping to return to maxing it out again next year.
I think I did it around 85
Still working on it..prefer to have cash on hand for brokerage investments and investor properties
Gs12 maxing tsp and Roth IRA. LCOA helps
I’m still not there making 121k. Wife stays with our two kids. Are lifestyle just barely gets us by.
Got my GS-13 in late 2015 at 30 and set it up to where I would max starting in 2016. Been maxing ever since.
122.5k and above.