TSP Contribution Limits
The Internal Revenue Service (IRS) set annual contribution limits for all Qualified Plans (Defined at a plan that is eligible to receive certain tax benefits as defined by the Internal Revenue Code and also for the exclusive benefit of either employees or their beneficiaries). Be sure to be aware of these contribution limits and the possibility of them changing in the future. Remaining informed of vital information is crucial to ensuring your retirement proceeds securely and comfortably. Remember: there is no such thing as being over prepared!
Current Year Contribution Limits Are;
2014 Contribution Limits;
Under 50 Years of Age: $17,500
Total for those 50 Year of Age and Older: $23,000 ($17,500 + $5,500)* People over the age of 50 are allowed to contribute an additional $5,500 in the form of a ‘Catch-Up Contribution.’