Retiring & Placing Money Where?

[KCinKC]

I'm almost positive I need to find a financial analyst fast but I'm open for thoughts...I'm turning 72 with 37 years of service, non-military. I want to place a big chunk of my TSP into a son's TSP, who could retire from federal service between 7 to 17 years from now. Maybe I missed it but I couldn't find anything on TSP.gov that stated I could/could not do this. Also, what about an IRA and moving TSP funds into an IRA (Roth?) for my son? I appreciate your comments and thank you.

 

[Frixxxx]

I'm almost positive I need to find a financial analyst fast but I'm open for thoughts...I'm turning 72 with 37 years of service, non-military. I want to place a big chunk of my TSP into a son's TSP, who could retire from federal service between 7 to 17 years from now. Maybe I missed it but I couldn't find anything on TSP.gov that stated I could/could not do this. Also, what about an IRA and moving TSP funds into an IRA (Roth?) for my son? I appreciate your comments and thank you.

You need: A tax consultant before a financial analyst.

I know what you are trying to do, but unfortunately, tax-deferred accounts eventually have to be taxed. Uncle Sam wants that money!

You can make a withdrawal and "gift" it to your son. A tax person can tell you how, how much, and what works for you.

Good Luck!