Thrift Savings Plan (TSP) released a list of new rules taking effect in 2024 in accordance with SECURE Act 2.0.

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⏰ Table of Contents ⏰
0:00 5.2% Pay Raise
1:51 10% Penalty Waived
3:39 No More RMD for Roth
4:20 RMD Age Raised
5:16 Catch-up Contributions
6:35 Roth Income Limits
8:23 Other TSP Updates

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LEARN MORE ABOUT: Thrift Savings Plans

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New TSP Rules in 2024 You Need to Know

The Thrift Savings Plan (TSP) is a retirement savings and investment plan for federal employees and members of the uniformed services. It is similar to a 401(k) plan in the private sector and allows participants to save for their retirement through payroll deductions.

In 2024, several new rules and changes are being implemented for the TSP that participants need to be aware of. These changes are aimed at improving the plan and providing more flexibility and options for participants.

One of the major changes that will take effect in 2024 is the introduction of new withdrawal options. Currently, participants have limited options when it comes to withdrawing funds from their TSP accounts. However, the new rules will allow for more flexible withdrawal options, including more options for annuity payments and changes to the required minimum distribution rules. This will give participants more control over how and when they access their TSP funds in retirement.

Another important change is the introduction of a new TSP Lifecycle fund. The TSP Lifecycle funds are a series of professionally managed, diversified funds that automatically adjust over time to become more conservative as the participant approaches retirement. The new Lifecycle fund will provide participants with even more options for diversifying their TSP investments and managing risk as they approach retirement.

Additionally, the TSP is also implementing changes to the rules governing loans from TSP accounts. The new rules will allow participants to take out larger loans from their TSP accounts, which can be helpful in certain financial situations. However, it is important for participants to carefully consider the potential impact of taking out a loan from their TSP account, as it can affect their retirement savings in the long run.

It’s important for TSP participants to stay informed about these changes and how they may impact their retirement savings. It is advisable to consult with a financial advisor or TSP representative to understand the new rules and make informed decisions about their TSP accounts.

Overall, the new TSP rules in 2024 are designed to provide participants with more options and flexibility when it comes to managing their retirement savings. By staying informed and understanding these changes, TSP participants can make the most of their retirement savings and ensure a secure financial future.