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Increased the TSP (Retirement)

January 5th, 2014 at 10:25 am

I increased my husband's TSP contribution from 7% of basic pay to 8%. It is the first time I have increased this in awhile. Last year was a big bump in our Roth IRAs to meet the new maximum contribution of $5,500 each.

This year, I wanted to make sure that 1% raise was saved. It means another $800 saved for the year. Might as well save it for retirement and make it count for more later. Smile

Are you increasing your retirement savings? Did you pick a dollar amount, or a percentage? Are you saving in a work retirement plan, an IRA or both?

3 Responses to “Increased the TSP (Retirement)”

  1. Single Guy Says:

    I've maxed out both for ... oh maybe 6 years now. My girlfriend is upping her TSP this year, though in years past she had maxed it out then as well (in fact many more than me!). In fact I already put in my 6,500 for the IRA for 2014. Hopefully the market won't tank now.

  2. scfr Says:

    Well done to both you ccf and to Single Guy! I save in 401K and Roth. My husband saves in SEP IRA & Roth. We have both been contributing the max allowed for many years, but when we started out it was only a couple percentage points bumped up after a couple years to max out employer match and then gradually increased over the years. This year we can contribute even more due to being eligible for "catch up" contributions. I think the important thing for people just starting out to remember is to save as much as they can, but that even 1% is better than nothing. Just because they can't save the recommended 10-15% is not a reason to throw their hands up and save nothing.

  3. creditcardfree Says:

    I agree scfr! Any amount saved for retirement is better than none. And automatic savings through work takes much of the work out of beginning the process.

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