How do you compare to others at your station in life?

[JJbat150]

Yeah man. I really can't take much credit. I the guys that have lived and learned it have a lot to do with the times changing. I remember hearing my first Captain tell me "Before you get used to the money coming in, take at least 10% and put it in your TSP". Obviously me at 18, my face was like *whats a tsp??*. Glad I listened to those guys though. Only took 9 yrs to ask the right questions though. Better late than never I guess.

Where did you end up transferring to? FD is an awesome, fun job and I'm super happy but I always get caught up on the money side of things. A FF here caps out at a 7. Captains at an 8. If I go any higher than that then I wont be riding fire trucks and well....that would suck because that's all the fun! Not a better job imo but the pay isn't there .

I'm still with the VA working as a GS14 computer geek - it was a interesting path here.

I left the FD as a GS6 after 8 years to take a GS7 \ 9 position in Occupational Safety and Health - my plan was that the main OSH Specialist would be retiring in a few years and it was my path to a GS 11 position (OSH is what my degree is in). Unfortunately he was offered an early retirement, and I didn't have time in grade to fill his position. I then took a voluntary reduction in grade to take a Computer Assistant position knowing that IT offered a lot of upward mobility which I took full advantage of, landing in the GS14 Supervisory IT Specialist position I'm in now.

The FD never left my blood - been a volunteer for 30 years, and 5 years ago when I got the 14, I stepped down from 16 years as chief in my department.

[evilanne]

They were initially in Roth, but I switched to traditional to help make Student Loan repayments on an income-based repayment plan lower (also hoping for public service loan forgiveness in another 7 years). Will hopefully go back to Roth after I get things stabilized with student loans and other debts incurred while having gotten married, bought house, starting family, etc.

Getting rid of or staying out of debt early in your career is a big plus!

[RCTactical]

38yrs old
GS15
300k in TSP, started max contributions 2 years ago.
Min 20 years to retirement

[mmmmmbeer]

38yrs old
GS15
300k in TSP, started max contributions 2 years ago.
Min 20 years to retirement

Woof... holy smokes buddy. With the time you have left and the TSP balance you're sporting right now, you should probably change your name to RCRockafeller if you plan on following a daily or monthly mix. You're going to be in the multi millions said and done.

[BeachBum25]

Indeed.

[Longstreet]

Been in federal service for four years, but have only been eligible for tsp for 3.5 years, putting in 5% each year (plus the match). Was gs11 3.5 years ago but am now gs13 where I hope to stay for the next 26 years. Have 30k in my tsp currently, mostly due to (sadly) having been in the l2040 fund until 8 months ago. Am close to 14% ytd return since getting out of L2040 and mostly following seasonal patterns.

Edit: I'm 35 years old now

Way to climb the pay ladder, well done! Your salary has increased over 40% in short period of time, suggest you consider increasing your TSP contributions and/or other investments. Are your contributions Traditional or Roth?

They were initially in Roth, but I switched to traditional to help make Student Loan repayments on an income-based repayment plan lower (also hoping for public service loan forgiveness in another 7 years). Will hopefully go back to Roth after I get things stabilized with student loans and other debts incurred while having gotten married, bought house, starting family, etc.

Nice to know we aren't the only ones doing this Ewok! Hoping to take advantage of the public service loan forgiveness around the same time period, provided they keep the program that long and then switch back to Roth.

[Timber82]

34 (almost 35 in Oct)
GS 12/1 (go 2 in Feb) w 2.5 years in Civil Service
TSP: $43,526.02 as of 6 hours ago
TSP contributions: Started doing max this year.
No Idea when to retire, Goal is $1Mil in TSP.

[12ozCurls]

You will hit your goal with max contributions. Try to also do catch up when turning 50. Good luck.

[wdd09]

I'm liking these results I can achieve with VERY conservative returns and percentage of my salary I'm investing. I'm currently 26 and a GS 11/2 (optimistic I'll be a GS-12/1 in a year or two). I follow gclapper's seasonal strategy for all months but one. (July when I am in C instead of I). Up about 8.3% as of 8/28.

Retirement System: FERS
Selected Growth Model: Both
Amount Currently in the Account: $15,000.00
Years to Make Contributions: 31
Annual Pay: $62,000.00
Percent Salary to Save: 7 %
Expected Percent Salary Increase: 1.00 %
Number of Years Until You Start Withdrawing: 34
Expected Annual Return: 10.00 %

Projected Account Balance

Your existing account balance $15,000.00
Growth of your existing account balance $368,215.15
Your future contributions $268,827.00
Growth of your future contributions $1,786,105.73
Total estimated TSP account balance $2,438,147.88

[Timber82]

Expected Annual Return: 10.00 %

Projected Account Balance

Your existing account balance $15,000.00
Growth of your existing account balance $368,215.15
Your future contributions $268,827.00
Growth of your future contributions $1,786,105.73
Total estimated TSP account balance $2,438,147.88

Nice numbers, but just my opinion, I would set a more realistic expectation I would also run the numbers at a 4-7% annual return. That way anything over that is a bonus but you wont be disappointed if you don't hit the 10% every year which will be very hard to keep up with IMO.

[kavic]

Age: 58
GS salary level: 15
Current TSP balance: $1.3M
Contributions: $18K + $6K catch-up
Number of Years until retirement: I counted down to my MRA then life changed... Maybe two... no more than four...
Years in Federal Service: 32

Started daily strategy beginning of August and plan to tryout for the remainder of the year then re-evaluate. I want to take some of the emotion out of this. I took some huge losses over the years. Hid in G & F for a few of the wrong years. Now I watch on a regular basis. I always paid my retirement BEFORE my debts.

[evilanne]

wdd09, I agree with Timber on using different rates of return for projections. It also helps to increase contributions early in your career whenever you are able to do so.

Great Job kavic! What is deciding factor for actually retiring?

[kavic]

Great Job kavic! What is deciding factor for actually retiring?

I haven't really figured that out yet! People say I should stay to 62 to get the extra percentage in pension, I haven't decided if it's worth it. In two years wife can collect SS, so I'm willing to work at least that long. She doesn't have any pension coming and only about 80K in her retirement fund.

[wdd09]

wdd09, I agree with Timber on using different rates of return for projections. It also helps to increase contributions early in your career whenever you are able to do so.

Great Job kavic! What is deciding factor for actually retiring?

Eh, the seasonal strategy I'm following has a yearly average of 16%. I think 10% is a good expectation. But I could be wrong.

[evilanne]

I haven't really figured that out yet! People say I should stay to 62 to get the extra percentage in pension, I haven't decided if it's worth it. In two years wife can collect SS, so I'm willing to work at least that long. She doesn't have any pension coming and only about 80K in her retirement fund.

With over 30 years, don't you get the FERS Supplement (if they don't get rid of it) between MRA & 62? I know a lot of people who have delayed retirement several years after they planned and some who will work to 62 or longer to maximize retirement for that extra percentage. With your pension & TSP balance, you could probably get at least 85% to 90% of your current income and still have money left in TSP left at 100 years of age with a conservative 6% RoR.