Maximize Your Retirement Savings with Catch-Up Opportunities
March 2, 2021
Saving for retirement may have been a challenge in 2020. If you are able to save in 2021, consider maxing out your UW Tax-Sheltered Annuity (TSA) 403(b) Program contributions. The current IRS limit is $19,500 for everyone. But did you know that there are two additional catch-up opportunities? You may be eligible for one or both of these catch-ups.
Age 50 and Older Catch-Up
If you are age 50 and older at any time during 2021, you are eligible to contribute an additional $6,500. You do not need to take any specific action to be eligible for this catch-up.
15-Year Service Catch-Up
If you have at least 15 years of service with UW System in 2021, you may be eligible to contribute an additional $3,000. There are specific eligibility requirements, and you will need to have your situation reviewed. Please contact your human resources office for more information.
In order to adjust your current contribution amount, visit MyUW Portal, click on the Benefits Information tile, and choose Launch full app. At the bottom of the screen select Update TSA Deductions.
Not Enrolled Yet?
If you are not currently enrolled in the TSA Program, it’s never too late! Sign up by completing the EZ Enrollment and turning it into your human resources office.
Visit the TSA Program website for more information.
Source: UW System Office of Trust Funds
Categories: Supplemental Retirement Program