• James Robinson CFP

Getting Easier...Catch-Up Contributions to TSP

Starting in January 2021, the catch-up process is easier. If you are turning 50 or older, you will no longer need to make two separate elections each year in order to take advantage of catch-up contributions.

Instead, your contributions will automatically count toward the IRS catch-up limit if you meet the elective deferral limit and keep saving. If you are eligible for an agency or service match, contributions spilling over toward the catch-up limit will qualify for the match on up to 5% of your salary. Your election will carry over each year unless you submit a new election.

For 2020 catch-up contributions, you do still need to complete the current process and make a separate election.

Go to https://www.tsp.gov/making-contributions/contribution-types/ for:

1. An important note to members of the uniformed services

2. To check current contribution limits to make sure you are on track this year.

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