The Worst TSP and IRA Rollover Mistakes

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[@paulettepierre6758]

I turn 59 1/2 next month but still have 5 years to retirement. I decided I want to start doing in-service rollovers so I have more investment choices. I have both Traditional and Roth Tsp so I will be doing both on a quarterly basis. I’ve already opened my rollover IRA with Fidelity. You have to make sure you have it open for 7 days prior to directly rolling it over.

[@sdh41]

My recent experience has been for doing a traditional IRA, if you "move your money" (not going to use either "transfer" or "rollover" yet) from TSP to a traditional IRA at a financial institution such as Schwab, Fidelity, etc., AND you use the TSP website to do it, unless I am missing something, the word "Transfer" is not used on the website - only "Rollover" and the options are "Rollover mailed to you" or "Rollover mailed to institution" (moving mine to an institution). The account at the institution receiving the TSP money must be established because the TSP website will ask for the Institution name and address, PLUS the account number. Using the TSP website for this does have a quirk that does cause a delay of about a week for the transaction to occur - I am currently waiting - but the "moving of money" can be done using the website. Caveat - This has been MY experience... yours may vary.

[@billh4285]

I did my first Roth Conversion in April. When I called TSP, I used the words "Direct Transfer" which they understood was not a rollover. There are also some tax rules people should be familiar with when doing this. Number Crunch Nerds has some excellent, in-depth videos on this.

[@David-cv3bp]

I thought even within the TSP you could move money to the Roth TSP?

[@jerrys2346]

Good explanation. I knew 75% of this but the extra 25% education was worth the price of admission!

[@exvan3571]

Are the people currently running the TSP competent, or were they the lowest bidder for the contract? The latest TSP website is awful and they don't seem to care. Makes one wonder about the rest of it.

[@LoLwanderer]

Hi I'm around 30 with 3 years of service, so a long way to go for me. I thank you for your videos but I have my doubts about whether I can trust the system will persist in its present form long enough for me to collect the benefits as they are offered today. Your thoughts?

[@appleblows1]

I see you can transfer from Traditional TSP to Traditional IRA and do a Roth conversion. My question is, can you transfer from Roth IRA back to Roth TSP?

[@thkchristensen]

What about a 72T? If you transfer all your Traditional TSP to a Traditional IRA can you use a 72T to withdraw $$ under 59 1/2 without penalty?

[@BA-pz3lo]

im gonna be 48 when i retire from the army. so i have to wait until im 59 1/2 to move my TSP money to my Schwab account?

[@eandrgoodwin]

It sure would be nice if they allowed Roth conversion WITHIN the TSP!!!

[@carriebeard9926]

Very helpful!

[@jonathanfiscus3221]

Great video! So many options to consider.

[@Vicshade]

Good information as always. So helpful.

[@David-cv3bp]

Great explanation, so many just don’t understand.

[@zenawarrior7442]

Another great video, thanks😊

[@jt2quick]

As always...another great video...Learned something new today.... You keep up the fire, Mr. Haws...and have a great wekeend to boot!!!!

[@LinhPhuong-js4no]

Hello, is there a 5 years rule under TSP Roth , thank You!

[@p56900]

TSP now says transfer is done online and us called Rollover out ...have you helped a client with that new online "transfer" method?

[@Jon-yo4wj]

Can i rollover or transfer my TSP to IRA? In your other video you mentioned that we cannot and I just want to make sure