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Thrift Savings Plan Updates for 2022: What You Need to Know The Thrift Savings Plan (TSP) is a retirement savings plan for federal employees and members of the military, offering a range of investment options to help individuals build a secure financial future. As we head into 2022, there are several updates and changes to the TSP that participants should be aware of. Let's explore what these updates entail. Increase in Contribution Limits: One of the most significant updates for 2022 is an increase in the contribution limits for TSP. Starting from January 1, 2022, the elective deferral limit has been raised to $20,500 per year, up from the previous limit of $19,500. This increase enables participants to save more towards their retirement and take advantage of potential tax benefits. Catch-Up Contributions: For those aged 50 or older, TSP allows catch-up contributions as an additional way to boost retirement savings. In 2022, the catch-up contribution limit has also increased from $6,500 to $6,000 annually. This additional amount helps older participants bridge the savings gap and accelerate their retirement nest egg. Gradual Implementation of Roth Interfolio Transfers: Roth contributions within TSP have been gaining popularity in recent years due to their tax-free growth potential. However, until now, participants could not transfer funds from their Traditional TSP accounts to their Roth TSP accounts. In 2022, the Federal Retirement Thrift Investment Board has announced the gradual implementation of Interfolio transfers, allowing participants to convert their traditional balances to Roth balances. Improved Online Access and User Experience: To enhance participant access and user experience, the TSP will be launching upgraded online features in 2022. These enhancements aim to provide an easier and more intuitive interface for participants to manage their accounts, make contributions, perform fund transfers, and access educational resources. The updates include streamlined navigation and improved mobile compatibility, making it convenient for participants to stay on top of their retirement savings. Education Resources and Advice: Recognizing the importance of financial education, TSP continues to expand its educational offerings in 2022. Participants can access various webinars, calculators, online courses, and retirement planning tools to empower themselves with essential knowledge to make informed decisions about their retirement savings. Additionally, TSP also provides access to financial advisors who can offer personalized assistance and guidance based on individual circumstances. Enhanced Lifecycle Funds: TSP's Lifecycle Funds are designed to automatically adjust asset allocations based on participants' target retirement dates. In 2022, these funds will undergo an enhancement known as 'Lifecycle Fund Glidepath Adjustment.' This adjustment aims to modify the rate at which the funds transition from a more aggressive to conservative investment strategy as participants near retirement. The intention is to better align participants' risk tolerance with their target retirement outcomes. In conclusion, the Thrift Savings Plan is continuously evolving to meet the changing needs of its participants. The updates for 2022 aim to empower individuals with increased contribution limits, improved online access, educational resources, and enhanced investment options. By staying abreast of these updates and making the most of available features, participants can maximize their retirement savings potential and achieve a financially secure future. https://inflationprotection.org/2022-brings-new-updates-to-the-thrift-savings-plan/?feed_id=127772&_unique_id=64dbe557e5520 #Inflation #Retirement #GoldIRA #Wealth #Investing #mfln #militaryfamilies #militaryfamilies #OneOp #ThriftSavingsPlan #mfln #militaryfamilies #militaryfamilies #OneOp
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