TSP.gov Catch-up Contributions
There are many ways to manage your TSP.gov account and understanding your ‘Catch Up’ contributions and how they work can have a big impact. It pays to be very knowledgeable about what is potentially the trajectory of your life in retirement. The more you know about your TSP.gov account the better you are equipped to deal with the challenges that will inevitably arise in retirement.
A few TSP.gov tips might help you to be better prepared to live in retirement on your own terms. Did you know?
Your TSP.gov account balance is updated each business day. So if you want to know what is going on in your account and desire to have your hand on the pulse of your business, you can check on your TSP.gov account as often as you wish.
You can view historical interest rates. The annuity interest rate for annuities purchased in June of this year, 2014, will be 2.750% and 2.875% for annuities purchased in the month of May of 2014.
Catch-up contributions limits for ‘Qualified Plans’ (like 401k plans) and your TSP.gov account for 2014 is $5,500 the same as it was for 2013.
If you are age 50 or will reach that age during the calendar year and you have made the maximum employee contribution ($17,500) to your TSP.gov account which remains the same in 2014 as it was in 2013, you can make catch-up contributions to your TSP.gov account which allows people over 50 to contribute a combined total of $23,000 ($17,500 + $5,500 for catch-up).
Your total contributions (both that you contribute and that which is matched by your employer – or what is called the I.R.C. Section 415(c) limit) for 2014 is $52,000 increasing by $1,000 from 2013.
Take good care of what is yours because how well you take care of what you worked so hard to build will determine your level of comfort and security in retirement.
P. S. Always Remember to Share What You Know.
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