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07-28-2020, 04:07 PM
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#41
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Dryer sheet aficionado
Join Date: Jul 2020
Location: Westerville
Posts: 26
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Quote:
Originally Posted by Awebb
How are Fidelity or Vanguard different from Edward Jones?
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They have cheaper expenses, .9% vs .03, sometimes 0 for the same stuff.
VSTAX, or any total market fund. Your best bet is CDS or just spend it.
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07-28-2020, 04:10 PM
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#42
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Full time employment: Posting here.
Join Date: May 2008
Location: Lexington
Posts: 714
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Also have a substantial TSP account, certainly do not plan to ever leave it unless they neuter it heavily in the future. I don't have much more to add, but this title immediately struck me as jumping from one of the safest options possible, into one of the most unsafe options possible, quite an extreme move.
EJ does allow you more ability to have someone to talk to, and general handholding, but they generally are guiding you off a cliff, or at least a really steep hill. You have to educate yourself to even properly make use of EJ's services, and by that point, you are back to the TSP being the best option in nearly all the aspects that really matter for self-informed investing. If you aren't at all capable of any sort of asset management, there are certainly better options than EJ.
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07-28-2020, 05:28 PM
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#43
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Thinks s/he gets paid by the post
Join Date: Dec 2017
Posts: 1,619
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That EJ phone call is horrible. I just had my mother sign a transfer form with Vanguard and let them do it. The advisor told me that I should have made an appointment but I didn't let his opinion concern me.
Also the EJ advisor wants him to sell and take out cash probably so that he can get one more commission. My mother was paying >$200 for each trade.
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07-28-2020, 06:53 PM
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#44
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2004
Location: Laurel, MD
Posts: 8,327
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Quote:
Originally Posted by RetMD21
That EJ phone call is horrible. I just had my mother sign a transfer form with Vanguard and let them do it. The advisor told me that I should have made an appointment but I didn't let his opinion concern me.
Also the EJ advisor wants him to sell and take out cash probably so that he can get one more commission. My mother was paying >$200 for each trade.
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Yeah the call exposed a dark side of EJ but the new “advisor” wasn’t much better. When I moved funds from a regional broker to Fido I didn’t have to go through that. A reputable advisor should be able to get a fax number or address without putting a client through all that stress.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
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07-28-2020, 08:11 PM
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#45
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Dryer sheet wannabe
Join Date: Feb 2018
Location: Bay Area, California, USA
Posts: 18
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Quote:
Originally Posted by donheff
To me that is a sensible use of the TSP G Fund. But you may not have thought through how to access that "cash" in a tax efficient manner. If we spiral into a massive recession in the next few years you might well figure on pulling "cash" from the G Fund. That will work, but since that cash is coming from a tax deferred source all of it will be taxed as ordinary income. That may or may not matter, depending on your other sources of income that year and whether you have to take RMDs anyway. If you are high income, have a lot of equities in a taxable account, and would rather have your "cash" withdrawal taxed at capital gains rates, you can sort of achieve that by selling enough taxable equities to generate the cash you need and simultaneously buying the same amount of equities through an exchange from G to C in the TSP on the same day. This leaves you with cash on hand and no net change in your equities.
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+100
This is absolutely the way to use the TSP. My wife and I have had our TSP accounts entirely invested in the G Fund for more than 20 years and our equity investments outside the TSP. As Don pointed out, the G Fund has long term Treasury yields with no risk, not even interest rate risk because of the overnight repricing. If we were to need cash, we would sell our equities outside our TSP and move a corresponding portion of our G Fund into the C Fund. Brilliant advice.
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07-28-2020, 08:26 PM
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#46
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Recycles dryer sheets
Join Date: Jan 2010
Location: That Toddlin' Town
Posts: 57
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Edward Jones is about making money. YOUR Money and taking it for themselves via High annual fees and more.
RUN !
I'm in the TSP, retired in 2012, and kept the majority of my funds there, but I DO have 2 Mutual Funds with Vanguard and 1 with Dodge & Cox (I'll sell that when the time comes).
You can't go wrong with Vanguard or Fidelity. Both are excellent.
WITH lower fees for sure.
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07-28-2020, 10:15 PM
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#47
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2011
Location: West of the Mississippi
Posts: 17,263
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Quote:
Originally Posted by Awebb
Hello
I have retired from fed gov. I have a TSP (Thrift Savings account). I also have an Edward Jones account. My financial advisor is trying to talk me into moving my TSP funds into Edward Jones. It would be nice to have everything in one place and I do not have financial knowledge so my TSP is just sitting there. I do know it is cheaper to leave my funds in TSP.
Any thoughts.
Thanks
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Educate yourself about the basics of investing. It’s not rocket science. 40 hours of reading at most. Over a decade or two it will be like earning at least $1000 an hour for the time spent. And you won’t feel like a fool.
__________________
Comparison is the thief of joy
The worst decisions are usually made in times of anger and impatience.
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07-29-2020, 06:44 AM
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#48
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Recycles dryer sheets
Join Date: Oct 2018
Posts: 193
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Just be aware that in order to withdrawal from TSP, a notarized concurrence from your spouse is required.
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07-29-2020, 06:46 AM
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#49
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Thinks s/he gets paid by the post
Join Date: Feb 2014
Location: Syracuse
Posts: 3,502
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We being trolled here?
__________________
“No, not rich. I am a poor man with money, which is not the same thing"
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07-29-2020, 07:03 AM
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#50
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,328
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Quote:
Originally Posted by HawkOwl
Just be aware that in order to withdrawal from TSP, a notarized concurrence from your spouse is required.
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i recently rolled a portion of my TSP account to Schwab so I can do QCDs. I didn’t have to do this.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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07-29-2020, 07:21 AM
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#51
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Recycles dryer sheets
Join Date: Oct 2018
Posts: 193
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Quote:
Originally Posted by donheff
i recently rolled a portion of my TSP account to Schwab so I can do QCDs. I didn’t have to do this.
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Really? Could it be based on the length of the marriage? My spouse and I recently withdrew from our respective TSPs, and we each had to submit a note approving the transaction for the other. TSP is temporarily waving the notarization requirement (but not the physical signature) due to COVID-19.
Or maybe withdraws and transfers have different requirements?
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07-29-2020, 07:27 AM
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#52
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,328
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Quote:
Originally Posted by HawkOwl
Really? Could it be based on the length of the marriage? My spouse and I recently withdrew from our respective TSPs, and we each had to submit a note approving the transaction for the other. TSP is temporarily waving the notarization requirement (but not the physical signature) due to COVID-19.
Or maybe withdraws and transfers have different requirements?
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Maybe I am misremembering and had to upload a form signed by her. I definitely didn’t have to visit a notary. I did this before the end of 2019.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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07-29-2020, 09:06 AM
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#53
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: ATL --> Flyover Country
Posts: 6,649
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Quote:
Originally Posted by teejayevans
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Oh, what a nightmare but not surprising.
__________________
FIRE'd in 2014 @ 40 Years Old
Professional Retiree
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07-29-2020, 09:09 AM
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#54
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,356
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OP hasn't checked in for the last five days so the question has probably been answered to her satisfaction.
__________________
I thought growing old would take longer.
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07-29-2020, 02:40 PM
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#55
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Thinks s/he gets paid by the post
Join Date: Oct 2006
Posts: 1,076
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Quote:
Originally Posted by HawkOwl
Really? Could it be based on the length of the marriage? My spouse and I recently withdrew from our respective TSPs, and we each had to submit a note approving the transaction for the other. TSP is temporarily waving the notarization requirement (but not the physical signature) due to COVID-19.
Or maybe withdraws and transfers have different requirements?
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Quote:
Originally Posted by donheff
Maybe I am misremembering and had to upload a form signed by her. I definitely didn’t have to visit a notary. I did this before the end of 2019.
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Maybe, it depends on whether you've enrolled in TSP as a CSRS covered employee/annuitant. I believe the rules are slightly different for CSRS folks as opposed to FERS people, especially since the CSRS participant in TSP is not receiving a Government match. As I recall, my spouse did not have to sign anything associated with TSP when I retired, and if ever took out a TSP loan (while I was still working) I don't believe my spouse would have had to sign anything. https://www.tsp.gov/loan-basics/applying-for-a-loan/
__________________
Someday this war's gonna end . . .
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07-29-2020, 03:27 PM
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#56
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,328
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Quote:
Originally Posted by ChrisC
Maybe, it depends on whether you've enrolled in TSP as a CSRS covered employee/annuitant. I believe the rules are slightly different for CSRS folks as opposed to FERS people, especially since the CSRS participant in TSP is not receiving a Government match. As I recall, my spouse did not have to sign anything associated with TSP when I retired, and if ever took out a TSP loan (while I was still working) I don't believe my spouse would have had to sign anything. https://www.tsp.gov/loan-basics/applying-for-a-loan/
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This prompted me to look it up and you are correct. I am CSRS and can do as I please. FERS retirees need to get a spousal write off. I do now recall that TSP sent an after the fact notice to my wife.
__________________
Idleness is fatal only to the mediocre -- Albert Camus
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07-29-2020, 05:07 PM
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#57
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Full time employment: Posting here.
Join Date: Feb 2017
Location: Severn
Posts: 947
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I'm FERS and retired last year (2019). Because spouse is eligible for joint life annuity and 50% survivor benefits from TSP, she had give the ok for installment payments (Rule of 55) and Roth conversions via notarized document (TSP-99).
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07-29-2020, 06:37 PM
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#58
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Recycles dryer sheets
Join Date: Oct 2018
Posts: 193
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Quote:
Originally Posted by donheff
This prompted me to look it up and you are correct. I am CSRS and can do as I please. FERS retirees need to get a spousal write off. I do now recall that TSP sent an after the fact notice to my wife.
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That makes sense. My wife is FERS, and I am Uniformed Services, and we each have to get the other’s signature to withdrawal funds.
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07-30-2020, 01:03 AM
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#59
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Recycles dryer sheets
Join Date: Oct 2014
Posts: 125
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I’ve left mine in TSP for 6 years since I’ve retired. I’m happy with the results, safety & lower fees.
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07-30-2020, 08:41 AM
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#60
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Recycles dryer sheets
Join Date: May 2013
Location: Gainesville
Posts: 160
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Quote:
Originally Posted by Markola
Avoiding fees is one of the most important factors in investing success and all firms are not created equal. Most firms, with Edward Jones being among the worst, are designed to separate unknowing clients from their money with outrageously high fees. A very few, like Fidelity and Schwab, aim to attract the clients who understand that fees lower clients’ investment returns. One, alone, Vanguard, is a cooperative owned by the clients themselves and, naturally, it has the consistently lowest fees in the industry. It also does not have the expensive offices the others have and everything is done over the phone.
Uniquely, your TSP has even lower fees than Vanguard, so putting everything in the Lifecycle Income Fund is just fine, as my own wife has. TSP will calculate the sustainable payment you’ll get each month and simply send it to you.
Your Edward Jones broker will likely insult your intelligence, stamp and holler and say he can outperform TSP, as he is trained to do, because he has a conflict of interest, he thrives on people’s ignorance and not using him denies him his huge fees. However, virtually everyone on this board of experienced investors will tell you that going with Edward Jones is a huge mistake you will regret.
I feel for you having to make a hugely important decision without enough knowledge. To keep it simple as you learn from this board and other reputable sources, leave your money in the TSP. In fact, ask the TSP folks to transfer your Edward Jones money to TSP. GOOD LUCK and start reading about Vanguard and their index funds.
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+1 Great advice!
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