I'll turn 50 next year, so I'll be eligible for the extra $6000 catch-up contribution. I already max out my regular contributions and plan to do the catch-up as well. I'm assuming some folks on this group have done this and can offer some guidance. I want to make sure I do this correctly, but I am also likely facing another wrinkle: I will probably only be working until August or September (ah, the life of a Foreign Service spouse). So, I have to structure my regular deductions to max out by September (yes, I'll miss the matching contributions for the rest of the year) - this I can calculate.
Reading over the documentation on TSP's site, it states "To be eligible to make catch-up contributions, you must be: age 50 or older during the calendar year in which the catch-up contributions are made (even if you become age 50 on December 31 of that year)."
Does this mean I can start the catch-up contributions in PP01 even though I won't turn 50 for a few months? If so, that would definitely make it easier to calculate that portion.
Thanks in advance for any advice/guidance on this.
Neal
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Posted by: Neal Makely <elglin@rocketmail.com>
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