.calculator-container {
font-family: Arial, sans-serif;
max-width: 600px;
margin: 20px auto;
padding: 20px;
border: 1px solid #ccc;
border-radius: 8px;
background-color: #f9f9f9;
}
.calculator-inputs label {
display: block;
margin-bottom: 5px;
font-weight: bold;
}
.calculator-inputs input[type="number"] {
width: calc(100% – 22px);
padding: 10px;
margin-bottom: 15px;
border: 1px solid #ddd;
border-radius: 4px;
}
.calculator-inputs button {
background-color: #007bff;
color: white;
padding: 12px 20px;
border: none;
border-radius: 4px;
cursor: pointer;
font-size: 16px;
width: 100%;
}
.calculator-inputs button:hover {
background-color: #0056b3;
}
.calculator-results {
margin-top: 20px;
padding: 15px;
border: 1px solid #e0e0e0;
border-radius: 4px;
background-color: #e9ecef;
}
.calculator-results h3 {
margin-top: 0;
color: #333;
}
.calculator-results p {
margin-bottom: 5px;
}
.calculator-article {
font-family: Arial, sans-serif;
max-width: 600px;
margin: 20px auto;
padding: 20px;
line-height: 1.6;
color: #333;
}
.calculator-article h2, .calculator-article h3 {
color: #007bff;
}
function calculateTSP() {
var currentTSPBalance = parseFloat(document.getElementById("currentTSPBalance").value);
var currentAnnualSalary = parseFloat(document.getElementById("currentAnnualSalary").value);
var employeeContributionRate = parseFloat(document.getElementById("employeeContributionRate").value);
var employerMatchingRate = parseFloat(document.getElementById("employerMatchingRate").value);
var annualSalaryIncrease = parseFloat(document.getElementById("annualSalaryIncrease").value);
var annualTSPGrowthRate = parseFloat(document.getElementById("annualTSPGrowthRate").value);
var yearsUntilRetirement = parseInt(document.getElementById("yearsUntilRetirement").value);
// Input validation
if (isNaN(currentTSPBalance) || isNaN(currentAnnualSalary) || isNaN(employeeContributionRate) ||
isNaN(employerMatchingRate) || isNaN(annualSalaryIncrease) || isNaN(annualTSPGrowthRate) ||
isNaN(yearsUntilRetirement) ||
currentTSPBalance < 0 || currentAnnualSalary < 0 || employeeContributionRate 100 ||
employerMatchingRate 100 || annualSalaryIncrease < 0 || annualTSPGrowthRate < 0 ||
yearsUntilRetirement < 1) {
document.getElementById("tspResults").innerHTML = "Please enter valid positive numbers for all fields. Contribution rates should be between 0 and 100.";
return;
}
var projectedBalance = currentTSPBalance;
var totalEmployeeContributions = 0;
var totalEmployerContributions = 0;
var currentSalary = currentAnnualSalary;
for (var i = 0; i < yearsUntilRetirement; i++) {
var employeeContributionThisYear = currentSalary * (employeeContributionRate / 100);
var employerContributionThisYear = currentSalary * (employerMatchingRate / 100);
projectedBalance += employeeContributionThisYear;
projectedBalance += employerContributionThisYear;
projectedBalance *= (1 + annualTSPGrowthRate / 100);
currentSalary *= (1 + annualSalaryIncrease / 100);
totalEmployeeContributions += employeeContributionThisYear;
totalEmployerContributions += employerContributionThisYear;
}
var totalInvestmentGrowth = projectedBalance – currentTSPBalance – totalEmployeeContributions – totalEmployerContributions;
var resultsHtml = "TSP Retirement Projection Calculator
Projected TSP Retirement Savings:
"; resultsHtml += "Projected TSP Balance at Retirement: $" + projectedBalance.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + ""; resultsHtml += "Total Employee Contributions: $" + totalEmployeeContributions.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + ""; resultsHtml += "Total Employer Contributions: $" + totalEmployerContributions.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + ""; resultsHtml += "Total Investment Growth: $" + totalInvestmentGrowth.toLocaleString('en-US', { minimumFractionDigits: 2, maximumFractionDigits: 2 }) + ""; document.getElementById("tspResults").innerHTML = resultsHtml; }Understanding Your TSP Retirement Projections
The Thrift Savings Plan (TSP) is a defined contribution plan for federal employees and members of the uniformed services, similar to a 401(k) for private sector employees. It offers federal employees the opportunity to save for retirement with tax advantages and matching contributions from their employer. Understanding how your TSP balance can grow over time is crucial for effective retirement planning.
How the TSP Retirement Projection Calculator Works
This calculator helps you estimate your potential TSP balance at retirement by taking into account several key factors. It performs a year-by-year projection, illustrating the power of consistent contributions and compound interest.
- Current TSP Balance: This is your existing savings in your TSP account. The higher your starting balance, the more it can grow through investment returns.
- Current Annual Salary: Your current gross annual income. This is used to calculate your annual contributions.
- Your Annual Contribution Rate (%): The percentage of your salary you contribute to your TSP each pay period. Federal employees can contribute up to the IRS annual limit. Contributing a higher percentage significantly boosts your retirement savings.
- Employer Contribution Rate (%): This represents the total percentage of your salary that your employer contributes to your TSP. For most FERS (Federal Employees Retirement System) employees, this typically includes an automatic 1% contribution plus matching contributions up to an additional 4% (for a total of 5% if you contribute at least 5% of your salary). This calculator simplifies this to a single percentage for ease of use; input the total percentage you expect your employer to contribute based on your own contribution.
- Annual Salary Increase Rate (%): Your estimated average annual increase in salary. As your salary grows, so do your potential contributions.
- Annual TSP Investment Growth Rate (%): This is the average annual return you expect your TSP investments to generate. TSP offers various funds (G, F, C, S, I, and L Funds) with different risk and return profiles. A common historical average for a diversified portfolio might be 6-8%, but this is an estimate and actual returns can vary.
- Years Until Retirement: The number of years you plan to continue working and contributing to your TSP. The longer your money has to grow, the more significant the impact of compounding.
The Power of Compounding and Early Contributions
The results from this calculator will highlight the immense power of compound interest. Even small, consistent contributions, especially when combined with employer matching, can grow into a substantial sum over decades. Starting early allows your investments more time to benefit from market growth, turning initial contributions and earnings into even more earnings.
Important Considerations
- Estimates Only: This calculator provides projections based on your inputs and assumptions. Actual investment returns, salary increases, and contribution limits can vary.
- Inflation: The calculator does not account for inflation, which will reduce the purchasing power of your future savings. Consider adjusting your expected growth rate or future spending for a more conservative estimate.
- Withdrawal Strategies: This calculator focuses on accumulation. Planning your withdrawal strategy in retirement is another critical step.
- Contribution Limits: Remember that there are annual IRS contribution limits for TSP, including catch-up contributions for those aged 50 and over.
Use this tool as a guide to motivate your savings efforts and adjust your contribution strategy to help achieve your retirement goals.