TSP to IRA

[jean.elmelki]

I got out of the Marines back in May '11 so I can no longer contribute to the TSP. I started working on IFT now since I found out about tsptalk, do you guys recommend that I move my money to an IRA account or keep working with around with the IFT? Thanks.

 

[Birchtree]

If you're inclined to move money to an IRA - do it piecemeal and take your time. That way you could make money in several places.

 

[nasa1974]

I got out of the Marines back in May '11 so I can no longer contribute to the TSP. I started working on IFT now since I found out about tsptalk, do you guys recommend that I move my money to an IRA account or keep working with around with the IFT? Thanks.

If you're inclined to move money to an IRA - do it piecemeal and take your time. That way you could make money in several places.

Jean, Read pages 16 & 17 of "Summary of the Thrift Savings Plan" https://www.tsp.gov/PDF/formspubs/tspbk08.pdf.

I would try to find more information since this seems somewhat vague. It looks like the only way you could piecemeal it as Birch suggested would be to take a monthly withdrawal.

I would recommend that you get as much information as possible and make a decision sooner than later.

If you move the whole thing over to an IRA you will not pay taxes on your TSP portion. If you have them send you a monthly check then it will be taxed. I doubt that you can have the money sent to an IRA account on a monthly basis.

 

[jean.elmelki]

I really don't mind leaving it in my TSP account, but I'd like to be able to add to it to increase my profit and you're not allowed to do that once you get out. So here are my options... leave in TSP, move to IRA or wait a few months and put it in a 401k where I get matched contributions. I don't know the exact information for the matched contribution but, from opinion, which is best?

 

[nasa1974]

I got out of the Marines back in May '11 so I can no longer contribute to the TSP. I started working on IFT now since I found out about tsptalk, do you guys recommend that I move my money to an IRA account or keep working with around with the IFT? Thanks.

I really don't mind leaving it in my TSP account, but I'd like to be able to add to it to increase my profit and you're not allowed to do that once you get out. So here are my options... leave in TSP, move to IRA or wait a few months and put it in a 401k where I get matched contributions. I don't know the exact information for the matched contribution but, from opinion, which is best?

To me an IRA and a 401k are the same thing. If the company you are working for offers a 401k with matching funds up to a certain percentage I would go with the company 401k. Just my opinion.

 

[jean.elmelki]

To me an IRA and a 401k are the same thing. If the company you are working for offers a 401k with matching funds up to a certain percentage I would go with the company 401k. Just my opinion.

Ok I thought that would be best. Thanks.

 

[RealMoneyIssues]

To me an IRA and a 401k are the same thing. If the company you are working for offers a 401k with matching funds up to a certain percentage I would go with the company 401k. Just my opinion.

Free money is always good