Each year the IRS determines the annual maximum contribution amount that an individual can contribute for that tax year to tax-deferred savings plans such as the TSP. This is known as the elective deferral limit and for most people a tax year is January 1 – December 31.TSP percentage restrictions (limits) were eliminated in 2006 and replaced with the elective deferral limit.
Most of us understand the basics of credit: the better your credit is, the more likely you are to be approved for loans. It’s a pretty simple thing – in theory; but the ways credit can affect other areas of your life can actually be quite complex. Over a lifetime, people with lower credit scores can pay thousands of dollars more on things like houses, cars, and bills than their peers with higher scores.
What does it mean to be ready for retirement? How do you answer that question? It turns out that while others can help you with answers about your financial well-being or guide you through benefits options, a large part of the answer is dependent upon your vision of retirement.
Social Security provides monthly income to 71 million Americans, but a poll last November of people under age 60 found 70% believe the retirement program is going bust.
The TSP has charted how investment patterns among its investors are changing. One major factor is changing the default investment fund for newly hired employees from the government securities G fund into the lifecycle L fund appropriate for the person’s age.
Office of Personnel Management (OPM)
Retirement Services – OPM.gov
Phone → 888-767-6738 (OPM Retirement Services)