No matter the type of TSP or contribution structure you choose, the contribution limit is $23,000 for 2024 (up from $22,500 in 2023). Employees age 50 or older can also make catch-up contributions of $7,500 in either year.78 Employees who are new to federal employment can roll over...
“Just as with the current process, participants turning age 50 or older will not need to make a separate election for catch-up contributions. Participants can make one contribution election, and this will carry over every year unless the participant chooses to stop or change the election. Par...
For 2024, the IRS elective deferral limit is $23,000 in regular contributions and $7,500 in catch-up contributions, if you’re over age 50. For uniformed services participants, this includes incentive pay and special pay, including bonuses. If you want to maximize your contributions but aren...
Note – TSP Contribution Limits:The Thrift Savings Plan follows the same contribution guidelines as the 401(k). The contribution limit in 2024 is $23,000, and those aged 50 or above can make “catch-up” contributions, up to an additional $7,500 per year. The total amount a member can...
Additionally, while the annual deferral limits for the TSP are $22,500 in 2023 (plus a $7,500 catch-up contribution for participants age 50 and older),the limit increases to $66,000(for 2023) during the year of a combat deployment. This includes both the participant’s contr...
to choose an employer that offers a 401(k) to its workers. You can then take advantage of the annual elective deferral limits and saveup to $19,500of your pre-tax income. And if you are 50 or over, you can also save an additional$6,500 as a catch-up contribution....
All withdrawals after age 59 1/2 are tax-free. You can withdraw your original contribution anytime, tax and penalty free. There is no RMD. It can be passed to your heirs tax-free and will continue to grow for them tax-free.
Keep in mind that there are annually established contribution limits for TSP accounts. In 2024, individuals can contribute up to $23,000 to their TSP accounts, and participants who are aged 50 and older can contribute an additional $7,500 (a “catch-up” contribution). ...