More Saving Opportunities for Retirement: TSP Contribution Limits Going Up
by Ian Smith |
The IRS recently released cost of living adjustments for pension plans and other retirement related plans. Federal retirees under CSRS likely have heard by now about the 3.6% COLA for retirees who have had benefits for at least one year. But the IRS announcement also included important information for TSP participants.
The annual contribution limit for TSP participants has increased to $17,000 per year from $16,500. It applies to private sector 401(k) plans as well. The catch-up contribution limit for those aged 50 and over remains unchanged at $5,500.
Here is how the annual contribution limits look going back to 2007:
|Year||Annual Contribution Limit||Max Catch-Up Contribution Limit|
For more information on regular versus catch-up contributions as well as how much the government will match to your contributions, visit the TSP web site.
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