More 2014 numbers have been announced, this time by the IRS and the TSP.
There will be no changes in the TSP contribution limits. The elective deferral limit remains at $17,500 and the “catch-up” contribution limit remains at $5,500.
There are also no changes in the IRA contribution limits. The regular contribution limit remains at $5,500 and the “catch-up” contribution limit remains at $1,000.
The deduction phase outs for traditional IRAs are:
- $60K to $70K for single filing status
- $96K to $116K for joint filing status if spouse belongs to a retirement plan at work
- $181K to $191K for joint filing status if spouse does not belong to a retirement plan at work
The contribution phase outs for Roth IRAs are:
- $114K to $129K for single filing status
- $181K to $191K for joint filing status
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About the Author
John Grobe is President of Federal Career Experts, a firm that provides pre-retirement training and seminars to a wide variety of federal agencies. FCE’s instructors are all retired federal retirement specialists who educate class participants on the ins and outs of federal retirement and benefits; there is never an attempt to influence participants to invest a certain way, or to purchase any financial products. John and FCE specialize in retirement for special category employees, such as law enforcement officers.