With the September CPI data the BLS released yesterday, all the information need to calculate the TSP contribution limit for next year is available. Below are the updated TSP contribution tables.
Due to base pay going up by 4.6% and the contribution limit going up by about 9.6%, most servicemembers will have to contribute a greater percentage of their pay to max it out next year. As a reminder, these tables assume constant base pay and contribution percentage throughout the year and you do not contribute from special, incentive, or bonus pay. If you expect your pay to change due to advancement, time in service raise, or some other reason, the TSP contribution calculator blow might be more useful.
https://docs.google.com/spreadsheets/d/15OigNS8TEP_hsAXYbYS62vMMp3b7xxQi_yZJ8D859E8
It accounts for changes in base pay and can be used for changing contributions during the year but still assumes no contributions from special, incentive, or bonus pay.
Edit: It turns out I made a mistake in the spreadsheet and applied the 4.6% raise to the 2021 numbers instead of the numbers for this year. This caused the spreadsheet to calculate erroneously high contribution percentages. The link is updated with the corrected tables.
Edit 21 October 2022: The IRS confirmed the contribution limits and other cost of living adjusemts for 2023. You can find more details in their press release here.
Due to base pay going up by 4.6% and the contribution limit going up by about 9.6%, most servicemembers will have to contribute a greater percentage of their pay to max it out next year. As a reminder, these tables assume constant base pay and contribution percentage throughout the year and you do not contribute from special, incentive, or bonus pay. If you expect your pay to change due to advancement, time in service raise, or some other reason, the TSP contribution calculator blow might be more useful.
https://docs.google.com/spreadsheets/d/15OigNS8TEP_hsAXYbYS62vMMp3b7xxQi_yZJ8D859E8
It accounts for changes in base pay and can be used for changing contributions during the year but still assumes no contributions from special, incentive, or bonus pay.
Edit: It turns out I made a mistake in the spreadsheet and applied the 4.6% raise to the 2021 numbers instead of the numbers for this year. This caused the spreadsheet to calculate erroneously high contribution percentages. The link is updated with the corrected tables.
Edit 21 October 2022: The IRS confirmed the contribution limits and other cost of living adjusemts for 2023. You can find more details in their press release here.