One primary difference between them is their respective contribution limits. For 2024, the annual limit is $23,000 for a TSP (with a catch-up contribution of $7,500 for those over 50, the limit is $30,500); for an IRA, it is much less—$7,000 ($8,000 if you are over 50)....
Each year, the IRS sets new maximum contributions, known as the IRS elective deferral limit. You can view this year’sThrift Savings Plan contribution limitsonline or consult the Office of Personnel Management. For 2024, the IRS elective deferral limit is $23,000 in regular contributions and $...
With automatic enrollment set at 5%, participants can fully capitalize on matching contributions without taking any action; the agency or service automatically matches up to 4% of a participant’s basic pay plus an additional automatic 1% contribution (4% + 1% = 5% matching). If you opt-out...
and those who have left service can choose to maintain their TSP accounts (though they can no longer make contributions). While many features of the TSP (e.g., Roth contribution options and employer matches) are common to other workplace-defined contribution plans, the TSP has ...