Leave TSP funds in TSP or move to Edward Jones

[retiredunder50]

Quote:

Originally Posted by Pepper_cat The info I provided was a reply I received from TSP representative when I asked the question to TSP earlier this month.

from https://www.tsp.gov/tsp-basics/move-money-into-tsp/
Ways to move money into your TSP account

Transfer money directly into the TSP

A transfer or “direct rollover” occurs when the eligible plan sends all or part of your money to the TSP. Use Form TSP-60, Request for a Transfer Into the TSP, for tax-deferred amounts. To transfer Roth money, use Form TSP-60-R, Request for a Roth Transfer Into the TSP.
Roll Over Traditional Money into the TSP

A “rollover” is when you receive eligible money directly from your traditional IRA or plan and then you later put it into your TSP account. You cannot roll over Roth money into the TSP and you must complete your rollover within 60 days from the date you receive your funds. Use Form TSP-60, Request for a Transfer Into the TSP, to roll over eligible traditional money.


from the instruction page:
"If you are making a transfer (direct rollover), you must
then provide the entire package to your IRA trustee or plan
administrator to complete Section III and send us the completed
form with a check."


looks like the transfer is direct from your IRA brokerage house to TSP, but in the form of a check

[Lawrencewendall]

Quote:

Originally Posted by retiredunder50 from https://www.tsp.gov/tsp-basics/move-money-into-tsp/ Ways to move money into your TSP account Transfer money directly into the TSP A transfer or “direct rollover” occurs when the eligible plan sends all or part of your money to the TSP. Use Form TSP-60, Request for a Transfer Into the TSP, for tax-deferred amounts. To transfer Roth money, use Form TSP-60-R, Request for a Roth Transfer Into the TSP. Roll Over Traditional Money into the TSP A “rollover” is when you receive eligible money directly from your traditional IRA or plan and then you later put it into your TSP account. You cannot roll over Roth money into the TSP and you must complete your rollover within 60 days from the date you receive your funds. Use Form TSP-60, Request for a Transfer Into the TSP, to roll over eligible traditional money. from the instruction page: "If you are making a transfer (direct rollover), you must then provide the entire package to your IRA trustee or plan administrator to complete Section III and send us the completed form with a check." looks like the transfer is direct from your IRA brokerage house to TSP, but in the form of a check

I guess we're talking apples and oranges. I moved money OUT of TSP not INTO it.

[deserat]

Quote:

Originally Posted by ExFlyBoy5 I have a decent friend that is an EJs advisor. They spend a lot of time looking for clients and he told me once that older folks are great "marks" and you can find these folks by seeing "fat squirrels and long cars" in some older, established neighborhoods. Yes...they still solicit business DOOR TO DOOR. Also, this is a picture from his Facebook. Do you want to help pay for an EJs advisors sweet ride?

They don't call him fast Eddie for nothing! Fat squirrels and long cars, indeed...sheesh.

[retiredunder50]

Quote:

Originally Posted by Lawrencewendall I guess we're talking apples and oranges. I moved money OUT of TSP not INTO it.

Thanks. I was quoting Peppercat as the TSP reply he references seems to be mostly focused on transfers IN to the TSP. That TSP reply aligns with what is currently on the TSP site with respect to inbound transfers (direct rollovers).

[retiredunder50]

With the improved withdrawal access, the relatively low fees & the unique G fund, the TSP is pretty good. There is a problem that couples should consider upon the death of the TSP account owner. If the beneficiary is your spouse, the spouse can basically continue on with TSP. However, when the spouse passes, the spouse's beneficiaries will have to pay taxes on the lump sum they receive.


https://www.tsp.gov/publications/tspbk33.pdf page 9


Payment of Death Benefits From
Your Account
Death benefit payments made from your beneficiary
participant account must be paid directly to your
beneficiary(ies). These payments are subject to certain
tax restrictions and cannot be transferred or rolled over
into an IRA or eligible employer plan. In addition, your
beneficiary(ies) will have to pay the full amount of taxes
on the taxable portions of the payment in the year it is
received. Your beneficiaries will not owe taxes on Roth
contributions, qualified earnings on Roth contributions,
and tax-exempt contributions in the account. For
detailed information about the rules associated with
death benefit payments, read the TSP tax notice Important
Information About Thrift Savings Plan Death Benefit Payments.
You may also want to consult a tax advisor.


You might want to leave your spouse instructions to get the funds into an IRA upon your death.