Prepare for a worry-free future

I have a Roth IRA and i’ve contributed the max of $5000 for both years 2010 and 2011. Now i also contribute 20% of my paychecks into the government Thrift savings plan. With i go over the max of 5000 this years since im contributing into the TSP as well? Or is it even considered in the same group of investments?

If it is what are the penalites for contributing more than $5000 a year.

thanks any links or information will help

I am investing for the long term (i.e. 30+ years) and want to know what people think is the best allocation of TSP funds for now and/or for the long haul.

Right now I put %50 in the C fund, %25 in S, and %25 in I. Obviously I’m willing to be aggressive but I’m also not averse to switching things around every now and then if it’s going to help me.

For those not familiar with the TSP:

C Fund = Large US companies (S&P 500)
S Fund = Medium and small US companies (Wilshire 1500)
I Fund = International Companies (Europe and Japan mostly)

We live on SS and small pension. Would love to pay off bills. The only savings we have is an IRA which would pay off almost completely, but the savings would be gone-after paying the taxes.