Can I Contribute to an IRA if I'm Fully Funding My TSP Account?

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By on April 13, 2016 in Q&A, Retirement with 0 Comments

Q.  I’ve been told that I cannot contribute to an IRA for either 2015 or 2016 if I’m fully funding my TSP account; is that true?

A.  Nothing could be further from the truth.  Even if you are contributing the full $18,000 (plus another $6,000 if you turned 50 in 2015), you can contribute $5,500 to an IRA (plus another $1,000 if you turned 50 in 2015).  You still have until April 18, 2016 to contribute to an IRA for 2015.  Information on IRA contributions can be found in IRS publication 590-A.

Agencies can request to have John Grobe, or another of Federal Career Experts' qualified instructors, deliver a retirement or transition seminar to their employees. FCE instructors are not financial advisers and will not sell or recommend financial products to class participants. Agency Benefits Officers can contact John Grobe at [email protected] to discuss schedules and costs.

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About the Author

John Grobe is President of Federal Career Experts, a firm that provides pre-retirement training and seminars to a wide variety of federal agencies. FCE’s instructors are all retired federal retirement specialists who educate class participants on the ins and outs of federal retirement and benefits; there is never an attempt to influence participants to invest a certain way, or to purchase any financial products. John and FCE specialize in retirement for special category employees, such as law enforcement officers.