The headline says it all. The IRS announced on November 1 that the 2024 annual 401K contribution limit was increased from $22,500 to $23,000 and the ROTH IRA contribution limit was increased from $6,500 to $7,000. What does this mean for you?
As a member of the military, you can now contribute up to $23,000 annually to your Thrift Savings Plan. If you are eligible to contribute to a Roth IRA, which most military members are based on 2024 salary limits, you can contribute up to $7,000.
For more information on Roth IRAs and TSPs, click here. Both are a great way to save for retirement and you should begin contributing regardless of where you are in your career.
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Military Money Matters 