Employees sometimes ask if they can contribute to an Individual Retirement Account (IRA) even if they are contributing to TSP. The answer is yes. Employees may contribute up to $5,500 in 2017 to an IRA. Employees age 50 or over may make an additional $1,000 “catch-up” contribution. Those limits apply to the combined total of traditional IRA and Roth IRA contributions. Almost all employees may contribute to a traditional IRA. The extent to which those contributions may be tax deductible will depend on the employee’s income level. Many employees may contribute to a Roth IRA, but that option phases out for higher earning employees. For more information, consult a financial advisor.