Currently an E6 and I’ve been selected for E7 so I’ve been eagerly anticipating the pay raise once I pin.
I budget pretty heavily and decided to make a project budget with my new E7 salary including all the deductions (FITW, FICA, SITW, etc). I’m currently contributing 7% towards my retirement as well.
Calculating what my deductions would be based on my taxable income and my 7% retirement contribution as an E-7 it looks like realistically I’ll be making about $349.00 more a month despite my base pay going from $4387.80 to $4886.40. After typing this all out, I’m not sure the point of this post anymore other than sharing the feeling of anticipating a pay raise just to see withholdings increase 🙃
Posted by irk0331
2 Comments
I highly suggest increasing your TSP contribution every time you get a raise. Even if it’s just 1%, that will make a big different when you retire and you won’t even notice it in the present because your pay is still going up.
congrats gunny