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.