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.
John Grobe’s latest book, The Answer Book on Your Federal Employee Benefits, has just been released by LRP Publications. Order your copy at shoplrp.com. Ask your human resources office to contact Federal Career Experts about pre-retirement training.