The IRS recently announced the contribution limits for retirement investment accounts in 2015, including the Thrift Savings Plan (TSP).
For next year, the elective deferral, annual contribution limit for TSP is $18,000, up $500 from 2014.
The catch-up contribution limit for employees ages 50 and older is increased to $6,000 from $5,500.
The increase in the cost-of-living index triggered these limit adjustments. Other limits will remain the same because they were not subject to an annual COLA adjustment. For example, the limit on annual contributions to an Individual Retirement Arrangement (IRA) will remain at $5,500.
Whether you are civilian employee or a member of the uniformed services, the TSP is a critical element of your benefit package. Be sure to check out the TSP Contributions section of our website, and learn more about similarities and differences at our TSP Funds Comparison page.
Contact a federal benefits consultant today to learn more about your investment options.
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