Newps wrote:


Margy Natalie wrote:


We call it TSP, for Thrift Savings Plan, but it's essentially the
same as your 401k. I can contribute any amount up to the IRS max
which I believe is $14K this year, goes up about $500 a year, same as
you. The Government contributes another 5% of my base pay.




TSP this year is $15,500. Since I just started with the govt. I get
0% from them.



If you're a Fed then you have to wait either 6 months or a year. I was
putting in $575 a paycheck into the TSP in 2006. I bumped it to $650
for this year. That way my contributions automatically stop by December
when the money comes in handy for Christmas.



After a year I think I might get 3%.

Once you're eligible the plan is the same for everybody. You put in 5%
and the government matches it, 5% is the most they put in. You can go
up to the IRS max.




I'm also in the govt.

pension which according to most is worth almost nothing.



At 25 years you would get a pension of about 39% of your high three
years base pay. The formula is 1.7% per year for the first 20 then 1%
for every year after that. I can go at age 49 with 25 years. If I stay
until mandatory retirement at 56 that would give me a 46% pension. I
have no desire to stay that long and do not plan to. I want out ASAP.
Better than I thought, but I'm not staying that long.

Margy