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Thread: Advice needed for wife's projected lump sum.

  1. #1

    Default Advice needed for wife's projected lump sum.

    I'm retired and currently have my TSP intact. My wife retires in May of 2019 and is choosing a lump sum from her employer in lieu of an "annuity" that would amount to a pittance in comparison to a lump sum.

    The question is this: She desires to obviously do a direct rollover into an IRA to continue to grow her funds.

    What fund managers would you recommend for her/us to use for her lump sum. I considered USAA but, it's her money and not mine so, she's not eligible for that.

    My appreciation in advance.

    Frank


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  3. #2

    Default Re: Advice needed for wife's projected lump sum.

    Maybe seek the advice of a Certified Financial Planner?
    The link below is just from a quick Google search and is NOT a recommendation.

    One thing I would mention, depending on what state you live in possibly, is to make sure a CFP you might choose has a LEGAL fiduciary responsibility to act in your best financial interests. (Similar to lawyers having a LEGAL duty to represent you 'zealously', to the best of their ability.)

    Best of luck!

    Why Choose a Certified Financial Planner Professional | Let's Make a Plan

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  5. #3

    Default Re: Advice needed for wife's projected lump sum.

    Does she need a fund manager or just an IRA with a diversified account or diversified fund (mutual or ETF)?
    Tom
    Market Commentary | My Blog | TSP Talk Plus | |

    I am not a Registered Investment Advisor and this is not investment advice. Please do your own due diligence.

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  7. #4

    Default Re: Advice needed for wife's projected lump sum.

    If you are an existing USAA member, you can establish a membership for your wife.

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  9. #5

    Default Re: Advice needed for wife's projected lump sum.

    Quote Originally Posted by tsptalk View Post
    Does she need a fund manager or just an IRA with a diversified account or diversified fund (mutual or ETF)?
    I would like to see her be able to manage her own fund. So, I'm thinking along the lines of an IRA with diversified funds.

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  11. #6

    Default Re: Advice needed for wife's projected lump sum.

    One option would be to open a Vanguard IRA and transfer the funds into the Total Retirement Income Fund (VTINX). A low risk fund, she could then choose from different funds to allocate her money.

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  13. #7

    Default Re: Advice needed for wife's projected lump sum.

    Quote Originally Posted by zzzgator View Post
    One option would be to open a Vanguard IRA and transfer the funds into the Total Retirement Income Fund (VTINX). A low risk fund, she could then choose from different funds to allocate her money.
    I just forwarded your advice to her, thanks!

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  15. #8

    Default Re: Advice needed for wife's projected lump sum.

    Quote Originally Posted by blueroadster View Post
    If you are an existing USAA member, you can establish a membership for your wife.
    Hmmm, I didn't know that. Something else to consider. Thank you!

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  17. #9

    Default Re: Advice needed for wife's projected lump sum.

    Quote Originally Posted by Lakebound View Post
    Hmmm, I didn't know that. Something else to consider. Thank you!
    Did that with the Wife's 403(b) account (school system)...rolled it into a USAA Self-Directed Brokerage IRA. It was painless, at least on USAA's end...

    Also, USAA made it pretty easy to set up a power of attorney on both accounts. Assuming you are happily married ( ), one is necessary for the spouse to be able to access your IRA account, IF you become incapacitated (stroke, Alzheimer's, whatever...). The beneficiary designation covers when you die, but we don't always go out that way !

    I think most financial institutions will let you do that, but be sure to ask...may save a hassle later !

    Best Wishes !!!

    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson


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  19. #10

    Default Re: Advice needed for wife's projected lump sum.

    Good advice Stop!

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  21. #11

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    Default Re: Advice needed for wife's projected lump sum.

    LB, don't forget to let us know what your wife eventually did.
    And how it worked out!
    Could be a lot of people with similar situations.
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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  23. #12

    Default Re: Advice needed for wife's projected lump sum.

    Quote Originally Posted by uscfanhawaii View Post
    LB, don't forget to let us know what your wife eventually did.
    And how it worked out!
    Could be a lot of people with similar situations.
    Actually my wife and I are considering changing from Prudential to another brokerage company for her IRA. Has anyone used Charles Schwab? Good/bad aspects?

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