Q: I read the latest article from Mike Miles in Federal Times and I have a question: I am a Federal Employees Retirement Service (law enforcement officer) employee, and I max out my Thrift Savings Plan contributions. Can I contribute to an outside-brokerage individual retirement account ( I meet the Roth requirements) and if so, what is the cap for that yearly?
A: Yes, you may contribute to a traditional IRA, and the limit under current law is $5,000 if you’re under age 50; $6,000 if you’re 50 or older. Some or all of your contribution may be taxable, depending upon your circumstances.
