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You can contribute a maximum of $16,500 in 2010 if you are younger than 50 years old. If you are 50 or older, you can make an additional catch-up contribution of as much as $5,500, for a total of up to $22,000. Those contribution limits are scheduled to adjust annually in line with inflation.

The Thrift Savings Strategy, or TSP, is really a type of defined contribution retirement strategy for workers from the federal government, such as members from the uniformed solutions (Army, Navy, Air Force, Marine Corps, Coast Guard, Public Well being Service, and also the National Oceanic and Atmospheric Administration, such as the Prepared Reserve or National Guard of these solutions.)

They function a lot exactly the same way as 401(k) plans: you are able to opt to divert a part of your salary in to the strategy, and also the cash is automatically deducted out of your paycheck prior to taxes are taken out. The cash grows tax-deferred till it is withdrawn, and after that Uncle Sam comes calling.

Not at this time. When members of the uniformed services had been granted the proper to take part in the TSP back in 2000, regulators left the decision about whether or not to offer matching contributions towards the discretion of each uniformed solutions division. As of 2010, none had done so.

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