I'm going to submit my $1039 change at the end of next week. I turn 50 next year so it will be nice being allowed to invest more. If you submit it too early and the amount takes effect prior to the cutoff for 2021, you'll still be cut off at the max for this year without losing your match. For example, if you've been paying in the 750 per PP to meet the $19,500 max and your increase for 2022 to $789 kicks in PP26 of this year, they will still cap you at $19,500. That's how DoD AF works anyway. Not sure if it's different for other agencies. I submit it early so that I know the new amount will be effective for PP1.
Regular was increased $19,500 to $20,500 and catch-up stayed the same at $6500. In the 8 years I've been a federal employee, I don't remember one figure raising without the other before. Strange.
Contribution limits for a separate Traditional or Roth IRA remain the same at $6000, or $7000 for catchup.
Does anyone know the date to make changes for 2022 TSP contributions to be effective on on the First PP of 2022?
Also - i think the Limit has gone up to $20,500 for Regular and $6,500 for Catch Up for a total of $27,000.
By 26PP then biweekly contribution would be $1,038.47 per pay period. Please let me know if error?
Thanks,
Tim
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