By Mike Miles
March 20th, 2012 | Uncategorized
Q. I currently have about $75,000 in a money market at a local credit union — this money market used to belong to my father, but my name was on the account also. When he passed away I moved that money into my own credit union account. May I take $50,000 out of the money market and put it into an IRA and then when I retire (in three years) move that IRA money into my TSP?
A. I’m not sure how you’ll get the money into an IRA, unless it’s already in once, since contributions are limited each year. You may transfer pretax traditional IRA money into your existing TSP account any time — before or after you retir