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LEARN MORE ABOUT: Thrift Savings Plans
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The Thrift Savings Plan (TSP) is a retirement savings plan for federal employees and members of the uniformed services. It is a valuable benefit that offers individuals the opportunity to save for their retirement through tax-deferred contributions and investment options.
As we head into the year 2024, it is important to optimize your TSP to ensure that you are maximizing your retirement savings and building a secure financial future. Here are some tips on how to optimize your TSP in 2024:
1. Review your investment strategy: Take a look at your current investment allocations and make sure they align with your long-term financial goals. Consider your risk tolerance, time horizon, and investment objectives when making decisions about where to allocate your funds within the TSP. Diversifying your investments can help mitigate risk and enhance your overall returns.
2. Maximize your contributions: In 2024, the maximum contribution limit for TSP accounts is $20,500 for individuals under the age of 50 and $27,000 for those over 50. Consider increasing your contributions to take advantage of these limits and maximize your retirement savings potential. Even small increases in contributions can have a significant impact on your account balance over time.
3. Take advantage of employer matching: If you are a federal employee or member of the uniformed services, your employer may offer matching contributions to your TSP account. Make sure you are contributing enough to receive the full match, as this is essentially free money that can boost your retirement savings significantly.
4. Consider the Roth option: The TSP offers both traditional and Roth options for contributions. While traditional contributions are tax-deferred, Roth contributions are made with after-tax dollars, allowing for tax-free withdrawals in retirement. Consider the benefits of the Roth option and determine if it aligns with your financial and tax planning goals.
5. Stay informed: Keep up-to-date on changes to the TSP program, investment options, contribution limits, and other relevant information. Stay informed about market trends and economic developments that may impact your TSP investments. Consider working with a financial advisor to help you navigate the complexities of retirement planning and optimize your TSP.
By following these tips and strategies, you can optimize your TSP in 2024 and take significant steps towards building a secure financial future for your retirement. Take advantage of the benefits offered by the TSP and make the most of this valuable retirement savings plan.
Yes can you do a video on the new postal health care
There is no tax benefits for TSP?
im 29. im putting 15% in. 20% with match. i plan to max out by the time im 35…
Can I buy $SQQQ ETF on my TSP?
It's good to mention that your agency matching TSP goes into the traditional IRA pretax so if like me you're a Roth guy, your portfolio will be mixed.
it was just a moment in the video at 7:11, but i didnt know this at all. would love a longer vid on it just explaining it out a bit more. and how we can strategize the tsp with knowing this. was a v interesting read. thank you for bringing it up! https://www.cbo.gov/budget-options/58634
I started my grade plus step ( 7+1=8) and increased the amount of cost of living each year. Ended my career at 26 percent.
My TSP: C, S, & I in a Roth at 18% thinking to bump it to 20% with the new Fed 2024 raise, got 6 yrs.to go then also draw SS.
Help please. I'm a Ramsey follower in Baby Step 7 ( paid off home). We are confused on contributing to the TSP. We set it to invest $1174 per pay period, but that may mean we go some months without getting the match. I didn't realize the match counts towards the $30,500. Please simplify any responses because I'm brain injured (cognitive delay). How do we calculate the contributions in a manner that allows us the match all 26 pay periods? I'm sorry if this is a dumb question. 2024 is first time going for the limit.
I am 60, and I plan to retire in 3 years. How should I be investing in my Roth
Good info!
Dude love the content. Thanks for wearing a suit. I greatly appreciate how your broke it down.
Correction on 2024 contribution limits: $23,000
Catch-up contributions $7,500 totaling $30,500