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Additional Info
What Fed Future Tools Do:
Annual Estimated Salary: The tool estimates your annual salary between now and your retirement.
Estimated Annual/Monthly Retirement Annuity: The tool calculates your estimated retirement annuity based on the average of high-3 / 100 * years of service. We apply a 1.1 multiplier for retirees 62 or older. LEO retirement annuity is based on high-3, using a 1.7% multiplier for the first 20 years and 1% for years after 20.
TSP Balance Estimate: The tool provides you with a TSP balance estimate each year until retirement, which is calculated by combining the TSP balance for each year with the user's contribution for the year, agency matching, and compounded by the estimated annual TSP growth rate input on the Future Assumptions page.
Career Scenario Simulation: You can edit your future grades and steps to simulate different career scenarios, and see how they affect your salary and retirement benefits.
What Our Tools Don't Do:
Determine Retirement Eligibility: The tool assumes that you have reached your minimum retirement age and applies the 1.1% multiplier for retirees who have reached the age of 62.
Guarantee Exact Figures: While we strive to provide accurate estimates, Fed Future does not guarantee exact figures.
Calculation Information:
Future Salaries: Each year, the salary rate for your grade and step is compounded by the estimated annual federal pay raise which is input on the future assumptions page. You can adjust the percentage to fit your own estimate of future Annual Federal Pay raises.
"Today's Dollars" on the Dashboard: This is calculated by decreasing the future amount by the same rate that salaries have increased over the same time period, according to the Future Annual Federal Pay raise input.
Grade/Step at Retirement: Our script attempts to follow the normal step progression, only showing the next step in the year you'll be that step for the full year. You can adjust grades and steps for each year, however you want.
TSP contribution options:
Max: Adjust each December to meet the next year's maximum contribution rate.
Percent Contribution: This option automatically increases contributions with step/grade/raises.
Dollar Contribution: This option is the most difficult to calculate because it's unlikely an employee will end with the same dollar contributions they are using 10+ years from retirement. But if that's your situation it should calculate correctly.
ROTH vs Traditional: This tool makes no assumptions about tax implications of ROTH vs. traditional TSP
Paycheck Calculator: This tool is still a work in progress. It's not currently feasible to calculate state taxes given all the differences, so the calculator uses modifiers for Federal and State taxes. You can change them until the taxes match your LES. Once saved, future paychecks will be clickable to see future Net Pay estimates. Keep in mind the tax amounts will change as you go up in tax brackets, so the calculator should only be used for estimations.
If you have any questions or feedback, please don't hesitate to contact us.