One TSP Investment Limit Rising, Other Staying Same

/in /by

One TSP Investment Limit Rising, Other Staying Same

Effective in 2024, Roth balances will no longer be subject to required minimum distributions prior to a participant’s death.

The standard investment limit for the TSP (and other 401(k) type retirement savings plans) is rising to $23,000 for 2024, from $22,500 in 2023. That “elective deferral limit” is the total investment allowed in traditional balances (pre-tax on investment, taxable on withdrawal), Roth balances (after-tax on investment, tax-free on withdrawal if certain conditions are met) or both, for those with both types of balance. Click HERE to read more.

Biden Signs Order Finalizing 5.2% Pay Raise For Feds in 2024

/in /by

Biden Signs Order Finalizing 5.2% Pay Raise For Feds in 2024

Source: Government Executive

The measure confirms that the federal workforce will see its largest pay increase in more than 40 years.

President Biden on Thursday issued an executive order implementing his plan to provide civilian federal workers with an average 5.2% pay raise next month. Click HERE to read the full article.

2024 General Schedule Base Pay Table

/in /by

2024 General Schedule Base Pay Table

  • Salary Table 2024-GS
  • Incorporating the 4.7% General Schedule Increase
  • Effective January 2024
  • Annual Rates by Grade and Step

Click HERE for full chart

5 Things the TSP Doesn’t Let You Do

/in /by

5 Things the TSP Doesn’t Let You Do

You’ll have to decide if you value simplicity or flexibility when choosing where to keep your retirement money.  The TSP (Thrift Savings Plan) is really good at a lot of things, but not everything.  While you’re working the TSP is hard to beat.  It is simple and has high quality, low-fee investment options. But when you retire the story changes. Click HERE to read more.

IRS Increases Business Mileage Rate for 2024

/in /by

The Internal Revenue Service has increased the vehicle mileage rate for 2024 when using a personal vehicle for business purposes. The rates are used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes. Click HERE to find out more.