finance-and-retirement-planning4.885 min read "Maximizing Retirement Savings in 2024: Strategies and New Rules to Know"
The article provides guidance for federal employees on how to maximize their Thrift Savings Plan (TSP) contributions in 2024, with the new maximum amount being $23,000 for those under 50 and catch-up contributions of $7,500 for those over 50. It emphasizes the importance of max funding in the last decade of work to boost retirement savings and suggests reallocating investments to more stable funds as retirement nears to preserve capital. The piece also highlights the TSP's limitation of commingled funds and suggests considering outside options for more strategic withdrawals in retirement. Financial advice is recommended, especially as the time to recover from losses is shorter in later years.
2 years ago•Source: FedSmith.com
