can you transfer some TSP to gold/silver IRA

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TSPTrader
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can you transfer some TSP to gold/silver IRA

Post by TSPTrader »

I am a civilian (55 yrs old) with a TSP contribution (5%). Is there a limitation to withdrawing some of my TSP money and investing it in Gold/Silver IRA without any penalties?? I have called TSP plan admin with different answers. Has anyone done it? who do you recommend?

Midway
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Re: can you transfer some TSP to gold/silver IRA

Post by Midway »

Why would this be different from rolling it over into any other IRA?

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evilanne
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Re: can you transfer some TSP to gold/silver IRA

Post by evilanne »

I don't have any 1st hand experience. I have invested a little in precious metals outside of retirement accounts. I know one person that had invested in some type of metals IRA but eventually closed it because he said with fees/storage, he was actually losing money (this was awhile back). I know he had a really hard time closing out the account.

Here is a link I found https://www.forbes.com/advisor/retireme ... ld-silver/. They mention that no more than 5-10% should be invested here but you got to realize that the financial advisors want to keep more of your money and I'm sure the ones involved in precious metal think you should invest much more. Didn't see anything about limitations on how much you can invest. I'm sure if you talk to a few companies they should know. I'd be interested in what you find out. I may want to try it down the road with Roth account.

https://www.401kgoldirarollover.net/how ... a-roth-ira
(this one say no more than a third)

https://www.linkedin.com/pulse/top-5-pr ... ette-lode/

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TSPTrader
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Re: can you transfer some TSP to gold/silver IRA

Post by TSPTrader »

FWIW - after a few calls with different custodians If you have a TSP and you are younger than 59.5 years of age, then you cannot move the funds freely until you turn 59.5, or leave your job as a federal employee.

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Scarfinger
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Re: can you transfer some TSP to gold/silver IRA

Post by Scarfinger »

Midway wrote: Sun Mar 19, 2023 12:25 pm Why would this be different from rolling it over into any other IRA?
you can open up a Roth IRA or traditional IRA at a broker like Fidelity and buy a low cost gold ETF like SGOL, exp ratio 0.17%

ETF's are easy to buy/sell vs investing in something advertised on TV.

I use Fidelity Roth IRA to get exposure to US Small/large cap Value and International Large/small cap value
I am just an average Joe. I have no clue to what the market will do.
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bloobs
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Re: can you transfer some TSP to gold/silver IRA

Post by bloobs »

evilanne wrote: Mon Mar 20, 2023 12:59 am I know one person that had invested in some type of metals IRA but eventually closed it because he said with fees/storage, he was actually losing money (this was awhile back). I know he had a really hard time closing out the account.
Buying precious metals but not taking physical delivery of it never made sense to me.

Why pay (trust) others to store it, or buy some derivative of it (gold/silver ETFs et al.) when the whole point of buying gold/silver is to hedge against unscrupulous 3rd party entities stealing or otherwise compromising the
integrity of traditional investment classes like equities, bonds, crypto, real estate, and cash?

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IRQVET
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Re: can you transfer some TSP to gold/silver IRA

Post by IRQVET »

Can we expound on this topic?

What are people actually doing, not speculating, but I’d like to hear from people ACTUALLY doing this in real time. Who is investing in prescious metals, who are using, and what are your opinions/ observations as someone who actually do this?
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Disclaimer: The contents of this thread are known to the state of California to cause cancer. (As they always seem to know more than the rest of us)

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Aitrus
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Re: can you transfer some TSP to gold/silver IRA

Post by Aitrus »

I don't invest in precious metals. I have a small amount of physical stuff from an inheritance (my brother and I split around $4,000 worth of coinage), and I do the occasional coin roll search (usually half-dollars, nickels, and dimes) just for fun. But what I do is more of just a hobby. It's nothing serious and I don't consider it a part of my portfolio because the amount is small enough as to not make much of a difference.

I'm posting because my dad - the one who I inherited from - bought things he thought were valuable. Some was, some wasn't, some is just cool but without any really value. I have a piece of Spanish silver from the 1800s, for example. But most of what he bought was either worth something only to a collector or he overpaid for it.

He bought into the ads on TV, the ones saying "Buy US gold and silver bullion, and you'll get a special gift!" and the like. He would pay for his coins - usually at a 10-15% over spot price (he kept the receipts, and I compared the prices he paid against the spot cost for that day) - and would get a coin that looked pretty, but was just covered in gold leaf and worth squat. Sometimes he bought bullion rolls and they threw in an extra coin, which sort of evened things out, but the price he paid was so much that extra silver bullion piece or Franklin half dollar didn't do much to even things out.

He bought a few choice pieces, like the Spanish silver I mentioned, that actually have some value for a collector, but the bulk of what he bought just held precious metal value and not collection value - all of which he overpaid for.

My advice: really do your research and learn the market before you decide to go in. Physical materail will hold it's value in a downturn more securely than a digital ledger entry, but then you have to deal with storing the stuff.

Some people I know who want to play in the metals game but who don't want physical stuff will instead invest with mining companies, where they can branch out into other precious metals. A company to focus on gold, another on silver, one for copper, another for aluminum, one for steel, another for rare earth metals, etc. But then you have to pay attention to market demands - is there a sudden need for copper this year because of a new tech, etc.
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bloobs
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Re: can you transfer some TSP to gold/silver IRA

Post by bloobs »

I have made small investments in delivered precious metal. My purpose was to have leverage on hand in an SHTF event where fiat currency becomes worthless globally. If such an event does not materialize, they're nice to look at and can be passed down to my heirs, so they may then have the insurance if a SHTF event befalls their generation. I completely dismiss its numismatic value (99% subjective) and instead evaluate its worth according to its bullion value.

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Aitrus
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Re: can you transfer some TSP to gold/silver IRA

Post by Aitrus »

bloobs wrote: Fri Dec 08, 2023 9:15 am I have made small investments in delivered precious metal. My purpose was to have leverage on hand in an SHTF event where fiat currency becomes worthless globally.
There's a book you might be interested in reading. A prepper I'm familiar with in Argentina wrote a book about how he and his family survived the economic collapse of his country that started in 2001 (side note: they still haven't recovered). Keep in mind that back in the 1940s and 50s, Argentina was considered to be on par with the US economically.

One of the things he wrote about in the book was how a grey market economy stood up almost immediately. People were going to this market to trade for food and other necessities they needed. Everybody kept tabs on the daily spot prices of gold and silver. A couple of links snipped from grandma's old gold chain would buy a week's worth of groceries for a 4-person family. Pawn shops could be found on every block as people sought ways to trade things they wanted for things they wanted.

The book doesn't focus on fantasies like zombie outbreaks, nuclear war, or other far-fetched scenarios. Rather, he focuses on what it takes to survive an economic collapse when the rule of law, while not entirely absent, is certainly available to the highest bidder. The advice he shares would be of great use in situations like the LA Riots, parts of Ukraine that aren't actively involved in fighting, the return of more severe COVID-style lockdowns, etc.

The book in question: The Modern Survival Manual: Surviving the Economic Collapse - https://www.amazon.com/Modern-Survival- ... 9870563457
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evilanne
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Re: can you transfer some TSP to gold/silver IRA

Post by evilanne »

I have bought some gold & silver from https://www.jmbullion.com/ & https://www.silver.com/ (which are basically the same company) about 5 years ago; they seem to be a little more expensive these days than the other sites. I like JMBullion's price history charts for the different metals but I don't like "as low as" pricing because I'm usually not buying any large quantities but make sure to order enough for free shipping
This year I bought some platinum and silver coins from https://www.apmex.com/ I like platinum because it is half the price of Gold but more scarce.
Haven't bought from https://sdbullion.com/ or https://www.coinguide.com/ but they appear to have competitive pricing and seem to have good reviews. Most the sites have specials or on sale items so it really depends on what you are looking for and it can change from day to day. Here are some other sites that I looked at in the past and I'm sure there are others
https://bullionexchanges.com/
https://www.moneymetals.com/
https://treasureislandcoins.com/

I plan on continuing as I can, part I keep and part to give away

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TSPTrader
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Re: can you transfer some TSP to gold/silver IRA

Post by TSPTrader »

Buying physical and keeping it in your possessions is the way to go after further research. Do not trust your coins in the hands of a custodian…. Scam. The fees and storage charges is outrageous. And when asking for delivery a whole lot of paperwork.

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