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Ask Lane Your Own Question
Category: Finance
Satisfied Customers: 12038
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I am getting ready to do something with a Thrift Saving PLan

Customer Question

I am getting ready to do something with a Thrift Saving PLan at 70 yrs old. I have the option to start drawing which I don't need it and will have to pay taxes on, or roll it over to an IRA. I don't know anything about IRA's. I have another Account with another broker. Can I roll it over to that account. It is also a before taxes account.
Submitted: 2 years ago.
Category: Finance
Expert:  Shawn P Adamo replied 2 years ago.
Hello. My specialty is focusing on YOUR Financial needs. Financial Planner/Business Owner for 20 years. CPA,PFS,QFP,GMMA.
You can roll it over without taxation but at age 70 1/2 , regardless of your desire - whether you want to or not, you MUST take an annual minimum distribution.
I'll offer you a telephone discussion to explain in greater detail. All you have to do is accept and I can share my number in a confidential box that only you can see. Otherwise we can text back and forth.
I'll send the offer now.
Expert:  Lane replied 2 years ago.
Hi,I have a different answer. You didn't specify whether you were still working or not..If you are participating in the retirement plan where you work and if the plan allows, you do not have to take any RMD from that plan until the year you retire. ... You can read more about that here: yes, to answer your question; you MAY roll the TSP amount over to another pre-tax IRA - either this existing one you have OR a newly established traditional IRA..(But if you ARE still working where you have the TSP - yu woul lose the opportunity to continue to defer taxes - IRA's do not have the "still working" option..And finally, although you may not request a payment of your RMD AS a TSP wothdrawal option - because that is not one of the statutory TSP withdrawal options. However, if you chose monthly payments based on life expectancy, the total dollar amount of your annual payment will approximate your RMD.You can read more about that and other TSP specific information here: me know iif you have any question at all...Lane.(If this HAS helped, I would appreciate a positive rating (using the stars or smiley faces on your screen)… That’s the ONLY WAY I'm credited for the work here)