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There are a slew of options when rolling over your TSP. Many revolve around suitability and asset allocation. Vice letting the TSP sit stagnant, reach out to me and we can look at what's the best option for you.
Investing
Retirement
Transition
Planning
Personal Finance
Edited >1 y ago
Posted >1 y ago
Responses: 4
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After retirement I "Transferred" my TSP into an IRA (Traditional). This way I can avoid paying taxes on the full amount that is the result of putting it into a Roth IRA.
Through the IRA, I can control how much of it I can allocate into my Roth every year. I'm only paying taxes on the amount I converted. This lets me control my tax bracket. This is my experience so far on TSP matters. This is not financial advice.
When we retire we are all in a different financial situation. This is why a Certified Financial Planner (CFP) is certified resource available. They are regulated by the SEC, FINRA and are require to be fiduciary (clients best interest).
Through the IRA, I can control how much of it I can allocate into my Roth every year. I'm only paying taxes on the amount I converted. This lets me control my tax bracket. This is my experience so far on TSP matters. This is not financial advice.
When we retire we are all in a different financial situation. This is why a Certified Financial Planner (CFP) is certified resource available. They are regulated by the SEC, FINRA and are require to be fiduciary (clients best interest).
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Sgt Robert Novotny
Yes sir. My mentor is a '94 West Point grad (so we get into Go Navy, Beat Army discussions often) and has many designations that have catered to helping our veterans. CFP is one of them. Takes a few years of dedication to earn the CFP designation. Just like in the Marine Corps earning my black belt. That's how I've approached every new exam or designation coming my way. It just takes time. Learn from your mentors.
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When I go out in 2012 I rolled over my TSP into a Roth and everything worked out ok. I wanted to have more control over my money.
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Sgt Robert Novotny
Are you getting positive management of your account from a professional? Or are you managing the asset allocations yourself?
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SSG Phillip Cox
At first I managed my own money. Now The Mutual Fund Store manages my money. They are a fee based firm that charges a percentage of the account to manage. I prefer this to firms that are commissioned based. To me a fee based broker is a clear honest approach. The more money I make, the more my advisor makes.
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Sgt Robert Novotny
I've been out (retired) since 2012, and have about $26K sitting stagnant in my own TSP. What are my options? I've looked into IRA's, both Roth and Traditional. What would prevent me from paying taxes, or at least minimize the taxes I might have to pay? I tried talking to a USAA Financial Advisor, and he was worthless.
I've also thought about withdrawing the money as I do have a big purchase I want to make (don't need to, just want to). Again, what would be the taxes I would have to pay if I decide to withdraw the entire amount?
I've been out (retired) since 2012, and have about $26K sitting stagnant in my own TSP. What are my options? I've looked into IRA's, both Roth and Traditional. What would prevent me from paying taxes, or at least minimize the taxes I might have to pay? I tried talking to a USAA Financial Advisor, and he was worthless.
I've also thought about withdrawing the money as I do have a big purchase I want to make (don't need to, just want to). Again, what would be the taxes I would have to pay if I decide to withdraw the entire amount?
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Sgt Robert Novotny
If you plan on taking the withdrawal, no matter where you put it now you're going to see those taxes and penalties. We suggest saving 20% of what you withdraw when it comes time to pay the piper come tax time. There are, like with anything, exceptions to the penalties for certain dollar amounts. If you want - shoot me an e-mail to [login to see] and we can get into specifics and spitball some scenarios that work best for you and hardest for your dollars.
Thanks for reaching out! You can also see my professional website to learn more about me before reaching out, if you'd like. robertnovotny.nm.com
God Bless, and thank you for your service, John.
Thanks for reaching out! You can also see my professional website to learn more about me before reaching out, if you'd like. robertnovotny.nm.com
God Bless, and thank you for your service, John.
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SSG Phillip Cox
I did have my money at USAA for a bit and found the investment services less than desireable.
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