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). (If you have multiple IRAs, this is the total amount you can contribute...
Another great deployment TSP contribution benefit is the ability to exceed the $22,500 annual contribution limit. If you max out your Roth TSP, your additional contributions will go into your traditional TSP account. The IRS will classify these traditional contributions astax-exempt contributions. Th...
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...
401K/403b.These are buckets provided by your employer. They select an investment company which then offers a selection of investments from which to choose. Many employers will match your contribution up to a certain amount. Both your and your employer’s contributions are tax deferred, reducing ...