Reply to ISO recs for a financial advisor who can help an elderly parent decide whether to convert TSP balance to an annuity

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Reply to "ISO recs for a financial advisor who can help an elderly parent decide whether to convert TSP balance to an annuity"

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[quote=Anonymous][quote=Anonymous]Thanks for the replies, PPs.

As a PP noted, the annuity would come through the TSP system, not through an outside advisor. It's one of the distribution options. See here: https://www.tsp.gov/publications/tspfs24.pdf

This came up because my parent's latest TSP statement showed this potential option and an estimate of what the monthly payout would be.

We would consult the financial advisor to help do the math on whether my parent would be better off financially. And to help think through the many things that we haven't thought through about this decision.

Parent has a small pension plus Social Security that, combined, amounts to about $26,000 a year. Parent also has about $200,000 in retirement accounts and other savings, and draws upon that each year to help make ends meet.

Within that $200,000 is a balance of $118,000 in the TSP account. Parent would convert all or part of that into an annuity through the TSP system.

I will check out the advisor that a PP linked to.

[b]I have posted on Bogleheads about this situation, asking if it would make sense to convert to an annuity, and am monitoring repllies there. I thought DCUM might be a better place to get recs for a local fee-only financial counselor/advisor.[/b][/quote]

In that case, 17:52's post was particularly helpful!

(PP who suggested Bogleheads)[/quote]

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