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Postal Employees
Post your thoughts and opinions here about current Postal employee topics.
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Rank: Senior Member
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Are you a troll? That post is over 8 years old - the link doesn't even work.
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Rank: Advisor
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Not a troll, sorry the page didn't show the date. I'll delete.
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Originally Posted by: thepozr  Not a troll, sorry the page didn't show the date. I'll delete. You scared over 40 of us.
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There is a way to lose an agency matching contribution towards your TSP. https://www.myfederalretirement.com/tsp-matching/ |
Life is Sweet |
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Joined: 8/25/2016(UTC) Posts: 5,084 Location: Midwest Thanks: 136 times
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Originally Posted by: GordonG By the headline, the OP was eluding to the fact that there would be NO matching. 2 different things. |
Those who are, know those who are not.
If you think they are after you, what did you do wrong? |
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Rank: Senior Member
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TLDR the link. For 2020, you can contribute up to $19,500 to a TSP/401k.
19500 / 65057 = .2997 Meaning as a topped out carrier you can set your TSP contribution to 29%, until the new pay raise hits. If you were to contribute over that amount, you would exceed the $19500 limit before the end of the year. Thus loosing out on the agency match for the remainder of the year. If you are over age 50, you man contribute an additional $6500
Some may think it is impossible to save at that rate. Depends on your expenses and you spouses income. I know 1 co-worker that is near that amount.
The 2020 limit for IRA contributions is $6000. $7000 if you are over age 50.
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Those who are, know those who are not.
If you think they are after you, what did you do wrong? |
 2 users thanked roger.d for this useful post.
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Originally Posted by: colty31 Originally Posted by: thepozr Not a troll, sorry the page didn't show the date. I'll delete. You scared over 40 of us. The bigger problem is that such a story is believable with the current administration and senate leadership.
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1 user thanked MPE2009 for this useful post.
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If you want to be able to walk out on your terms, and flip off that nasty PM, and do burnouts as you leave the post office parking lot for the last time then save save save. Take that max contribution amount, and divide by 26, and same for catch up if you’re over 50. Every time you pay off a car loan, a mortgage, a bank loan, or any credit immediately up your tsp deduction before you get used to the new freed up money. If you lived on it before, you certainly can going forward.
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Rank: Senior Member
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Joined: 8/25/2016(UTC) Posts: 5,084 Location: Midwest Thanks: 136 times
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Originally Posted by: Sofedup If you want to be able to walk out on your terms, and flip off that nasty PM, and do burnouts as you leave the post office parking lot for the last time then save save save. Take that max contribution amount, and divide by 26, and same for catch up if you’re over 50. Every time you pay off a car loan, a mortgage, a bank loan, or any credit immediately up your tsp deduction before you get used to the new freed up money. If you lived on it before, you certainly can going forward. Start small with the 5% agency match. Then add 1% with each pay raise. Step raises are usually over 2% and contractual are just over 1%. So you will still see a little bump in take home pay. Get up to 15% (20 with the match). Closer to the $19500 if you can. ETA: don't just park it in the G fund. Edited by user Wednesday, November 27, 2019 6:43:31 PM(UTC)
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Those who are, know those who are not.
If you think they are after you, what did you do wrong? |
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Rank: Senior Member
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Joined: 4/20/2016(UTC) Posts: 946 Location: Maine Thanks: 9 times
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Originally Posted by: roger.d Originally Posted by: Sofedup If you want to be able to walk out on your terms, and flip off that nasty PM, and do burnouts as you leave the post office parking lot for the last time then save save save. Take that max contribution amount, and divide by 26, and same for catch up if you’re over 50. Every time you pay off a car loan, a mortgage, a bank loan, or any credit immediately up your tsp deduction before you get used to the new freed up money. If you lived on it before, you certainly can going forward. Start small with the 5% agency match. Then add 1% with each pay raise. Step raises are usually over 2% and contractual are just over 1%. So you will still see a little bump in take home pay. Get up to 15% (20 with the match). Closer to the $19500 if you can. ETA: don't just park it in the G fund. Everyone should have their credit card debt paid off before going over 5% on the match. Shooting yourself in the foot to do it any other way.
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1 user thanked colty31 for this useful post.
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