Federal employees will be able to add more money to their Thrift Savings Plan accounts next year under a change the IRS announced yesterday.
Starting in 2024, the contribution limit for TSP participants will increase to $23,000, up $500 from 2023.
The catch-up contribution limit for 2024 remains the same at $7,500. This allows federal employees 50 and older to make an extra contribution to the TSP each year, for a total of $30,500, to further boost their retirement savings. Employee elections carry over each year unless they submit a new one, but contributions may be stopped, started or changed at any time.
Get a detailed rundown of all the changes to retirement contribution limits.