New VA employee from Chicago!!!

[NewHire11]

Welcome NewHire11,

TSP contributions are related to tax deferment. Take 16,500 minus 401K earnings from contract job and that's how much you can put into TSP (401G) for the remainder of the year.

Ex
16,500 (IRS Limit)
6,500 (401K)
10,000 (TSP)
Divide 10,000 by number of pay periods and that will be how you can still max out your contributions.
If that is too much, just make sure to get the matching 5% for 5% of your pay....

Good Luck and Good Investing!

Thanks for your replies!!!! Unfortunately my fed contractor didnt have a 401k plan...which another reason why I am so greatful to finally land a job with the VA!

So with exactly 13 pay periods left....its seems like I would need to put away 16500/13 = $1270 away a pay period! yikes!

another question i have....if i put away 1270 a pay period until the end of the year....will only $1260 be taken out the last pay period automatically to meet the max tsp contribution for the year?

 

[Frixxxx]

...
I'm 33 and plan on being with the VA for around the next 30 years....a couple of questions? Is it still possible to maximize my TSP this year even though I am hired mid year and also placing my funds into the L2050 a good start? I plan on keeping my money there until I gain more knowledge about investing.

Any pointers or tips would be much appreciated!!! thanks!

Welcome NewHire11,

TSP contributions are related to tax deferment. Take 16,500 minus 401K earnings from contract job and that's how much you can put into TSP (401G) for the remainder of the year.

Ex
16,500 (IRS Limit)
6,500 (401K)
10,000 (TSP)
Divide 10,000 by number of pay periods and that will be how you can still max out your contributions.
If that is too much, just make sure to get the matching 5% for 5% of your pay....

Good Luck and Good Investing!

 

[Sensei]

Welcome - I also have close to 30 years of contributions ahead of me. And, like you, I parked in the L2040 (L2050 wasn't around yet) until I knew enough to feel comfortable making my own decisions with my money.

I know there's some way to make "catch up" contributions, but I've never done it. However, if you receive matching contributions from your employer, be sure you don't hit the max before the end of the year, otherwise their contributions stop. (At least, that's what I was informed)

Good luck, and see you around!

 

[nnuut]

Welcome to the Message Board Newhire11!!! Plenty of info here, just participate and it will come.
Best of luck
Norman

 

[ArchAngel]

Welcome from the Walla Walla, WA VAMC!

 

[NewHire11]

Hello all,

I will be starting my new job as a pharmacist with the VA starting on Tuesday. Previously I have been working for the VA as a federal contractor for the past year and half...so this is a very exciting time for me!!!

I can't wait to contribute to my TSP but I have very limited knowledge of the stock market or investing.

I'm 33 and plan on being with the VA for around the next 30 years....a couple of questions? Is it still possible to maximize my TSP this year even though I am hired mid year and also placing my funds into the L2050 a good start? I plan on keeping my money there until I gain more knowledge about investing.

Any pointers or tips would be much appreciated!!! thanks!