The 7 days is likely for fraud protection and that's a good thing. Advice to those who are doing this on your own. First go into your institution website and create an appropriate account, go back to TSP and put that information into TSP, wait the 7 days, go back into TSP and initiate your rollover. It's a much smoother process and no need to do things twice.
What does waiting the 7 days do to prevent fraud? If you do a rollover one month to an institution and then do it again the next month you have the same 7 day wait. What do you mean by no need to do things twice? Anyone transferring needs to have an account number at the receiving institution to put in the TSP website, and then you have to go through the process once and do it again after 7 days. Correct?
one can enter the financial address for TSP rollovers on the TSP web site before doing the steps to request a rollover. Once logged in, go to "financial institutions" under the quick links, and the entered address can be used in 7 days. This way, one does not have to go through all the rollover steps twice.
@@FederalRetirementPlanning Yes, I entered the institution (#1 for Trad. IRA) today. But I will have to do the partial rollover 7 days later. I am doing this because I want to do QCDs next year to cover RMD requirements, and save taxes, since I will not be itemizing with the high standard deduction. QCDs can not be done from 401(k)s. It's too bad all this retirement stuff has to be transacted by paper check in the US (snail) mail instead of electronically.
Quick question. If you are still contributing to a TSP can you rollover balance to another institution or do you need to retire or separate from the Government first?
I’ve never had an issue with that and I guess I’ve never seen a check either because they usually go straight to the other institution. The check should likely be made payable to the receiving institution (ie. Vanguard) fbo participants name
On tsp website , I see the direct deposit option . I put all the information they need and go back after 10 days , that direct deposit option still not available . So like you said the direct deposit still not available although they have it there ? Thank you!
I have retired as a fed employee. I feel i should roll my tsp over into a new ira. Is there any advantage to keeping some money in TSP instead of closing it out?
If you are under 59.5 there can be for access. If u keep it open with a minimal amount of money, u can always move funds back into it. Here is a video that share some thoughts on it ua-cam.com/video/jQgrE3rE0zQ/v-deo.htmlsi=hdl6z5fdGxT1R6qx
One minor comment. People under FERS must obtain spousal approval. People covered by CSRS are not required to obtain spousal approval. The Federal Retirement Thrift Investment Board (FRTIB) makes an attempt to notify CSRS spouses.
if you have regular and a roth ira in tsp how do you transfer them over separately to keep the tax benefits of roth? At a quick glance it seems like it is easier to just take the check and then drop it off at your broker...
Trying to rollover to fidelity. I added the institution waited seven days and went through the distribution. After submitting, I get a message to contact tsp and the process could not be done on line.
Outstanding Brad! This is first I’ve seen anyone walk through the steps to do a direct rollover from the TSP to a traditional IRA. Thanks!
Thanks, it's something I've been wanting to do for awhile and finally got the opportunity
Very clear. Thank you sir
I use this tutorial every time I do a rollover. Thank you so much for making this available.
Happy to help!
Thank you Brad! Really helpful!!
The 7 days is likely for fraud protection and that's a good thing. Advice to those who are doing this on your own. First go into your institution website and create an appropriate account, go back to TSP and put that information into TSP, wait the 7 days, go back into TSP and initiate your rollover. It's a much smoother process and no need to do things twice.
What does waiting the 7 days do to prevent fraud? If you do a rollover one month to an institution and then do it again the next month you have the same 7 day wait.
What do you mean by no need to do things twice? Anyone transferring needs to have an account number at the receiving institution to put in the TSP website, and then you have to go through the process once and do it again after 7 days. Correct?
Awesome video. I'm getting ready to rollover TSP into a deferred annuity.
😬😬
one can enter the financial address for TSP rollovers on the TSP web site before doing the steps to request a rollover. Once logged in, go to "financial institutions" under the quick links, and the entered address can be used in 7 days. This way, one does not have to go through all the rollover steps twice.
that's good to know, have you done this?
@@FederalRetirementPlanning Yes, I entered the institution (#1 for Trad. IRA) today. But I will have to do the partial rollover 7 days later. I am doing this because I want to do QCDs next year to cover RMD requirements, and save taxes, since I will not be itemizing with the high standard deduction. QCDs can not be done from 401(k)s. It's too bad all this retirement stuff has to be transacted by paper check in the US (snail) mail instead of electronically.
@@ronbweather the paper check stuff is insane in 2024
Informative video - THANKS
Quick question. If you are still contributing to a TSP can you rollover balance to another institution or do you need to retire or separate from the Government first?
If you are 59.5 or older you can
Right on!! How do you know what the check will say on it? Vanguard has pretty specific instructions on what the check should be made "payable to"...?
I’ve never had an issue with that and I guess I’ve never seen a check either because they usually go straight to the other institution.
The check should likely be made payable to the receiving institution (ie. Vanguard) fbo participants name
How does TSP determine the funds (e.g., Fund F, Fund S) from which the transfer will be drawn? Thank you!
Based on how you’re invested, the withdrawal will b the same
@@FederalRetirementPlanning Thank you!
HI, can TSP do a direct deposit of these funds if we provide the account information?
😂😂
Negative, TSP is still living in the 70s
On tsp website , I see the direct deposit option . I put all the information they need and go back after 10 days , that direct deposit option still not available . So like you said the direct deposit still not available although they have it there ? Thank you!
I have retired as a fed employee. I feel i should roll my tsp over into a new ira. Is there any advantage to keeping some money in TSP instead of closing it out?
If you are under 59.5 there can be for access.
If u keep it open with a minimal amount of money, u can always move funds back into it.
Here is a video that share some thoughts on it
ua-cam.com/video/jQgrE3rE0zQ/v-deo.htmlsi=hdl6z5fdGxT1R6qx
@@FederalRetirementPlanning Thank You Very Much...
One minor comment. People under FERS must obtain spousal approval. People covered by CSRS are not required to obtain spousal approval. The Federal Retirement Thrift Investment Board (FRTIB) makes an attempt to notify CSRS spouses.
Thanks for the info Steve, I didn't know that CSRS employees don't need spousal consent
if you have regular and a roth ira in tsp how do you transfer them over separately to keep the tax benefits of roth? At a quick glance it seems like it is easier to just take the check and then drop it off at your broker...
Yes, do them separately
Always thought it would be beat to rollover Traditional TSP yo a Roth IRA and pay the taxes now.
Might be, but a lot of people have large balances that could put them into the highest tax bracket when doing a conversion
Makes sense. @@FederalRetirementPlanning
During the 2 week waiting period of check, is our account still accumulating losses and gains if the market?
@@raymondsiguas4746 it's only 7 days and yes, your money stays invested.
@@FederalRetirementPlanning Put the money in the G-Fund prior to doing a rollover, that will insure there are no losses.
Trying to rollover to fidelity. I added the institution waited seven days and went through the distribution. After submitting, I get a message to contact tsp and the process could not be done on line.
that's one I haven't seen before
HB, I’m trying to do the same. Could you please tell me what happened? Were you able to get your money over to Fidelity?