According to a recent survey by creditcards.com, nearly half of Americans carry a credit card balance. Since even a small balance will accrue interest and grow over time, everyone with a balance should have a plan for managing their debt to ensure it doesn’t get out of control. The key to establishing a debt managementContinue reading “4 Tips For Managing Your Credit Card Debt”
Author Archives: Jose Armenta, MsBA, CFP®, ChFC®, CLU®, EA
What is the FERS Enhanced Pension Multiplier?
Any Federal employees hired after January 1, 1987, are covered under the Federal Employees Retirement System (FERS). However, not all employees covered under FERS have the same retirement options; special category employees, namely law enforcement officers (LEOs), firefighters, and air traffic controllers (ATCs), have different requirements and options available to them. These designated employees areContinue reading “What is the FERS Enhanced Pension Multiplier?”
The VA's Survivors' and Dependents' Educational Assistance Program at a Glance
Considering the rapidly increasing cost of college, it’s more important now than ever that veterans and their dependents understand and utilize the benefits that they have earned. The VA’s Survivors’ and Dependents’ Educational Assistance (DEA) program or Chapter 35 is one such benefit that all eligible dependents should utilize. The program offers monthly payments forContinue reading “The VA's Survivors' and Dependents' Educational Assistance Program at a Glance”
The Federal Employee's Flexible Spending Account at a Glance
A flexible spending account (FSA), also called a “flexible spending arrangement,” is a savings account with specific tax advantages established by an employer for its employees. If you’re a Federal employee who works for an agency that has adopted the Federal Flexible Benefits Plan, you can access the Federal Flexible Spending Account Program (FSAFEDS). TheContinue reading “The Federal Employee's Flexible Spending Account at a Glance”
The TSP vs. the IRA: What’s the Difference?
The Thrift Savings Plan (TSP) and the Individual Retirement Arrangement (IRA) share many similarities, such as the option to fund with pre-tax (traditional) or after-tax dollars (Roths); having penalties for early withdrawals and failing to take required minimum distributions beginning at age 72. However, there are some important distinctions between the two accounts, such asContinue reading “The TSP vs. the IRA: What’s the Difference?”
8 Steps to Create Your Estate Plan: For Federal Employees
What is estate planning? Estate planning is the process of arranging how your assets will grow, be protected, and be transferred efficiently and effectively. Estate planning doesn’t just involve planning events post-death but also includes planning for how your wishes will be carried out if you become incapacitated. Estate planning is often a neglected partContinue reading “8 Steps to Create Your Estate Plan: For Federal Employees”
6 Steps To Define Your Money's Purpose
As important as money is in our lives, many still find it difficult to be intentional with their money and often find that money drives their lives instead of supporting the life they want to live. Moreover, when you are merely putting money in and pulling money out of your account with no defined goal,Continue reading “6 Steps To Define Your Money's Purpose”
6 Tips For Building Your Emergency Fund
We all know that an emergency fund is cash set aside to cover unexpected life events, such as medical expenses, home-appliance replacement, car repairs, or unemployment. We also know that the reassurance of knowing that large or small, we can maintain our normal life through the inevitable curveballs life throws at us helps us toContinue reading “6 Tips For Building Your Emergency Fund”
5 Steps to Ensure You Have Enough Homeowners Insurance
Considering homeowners insurance protects what may be the most significant investments of your life, it is critical that you have adequate coverage. But how much homeowners insurance do you need? The truth is that every home has vastly different insurance needs depending on where it’s located, how it’s constructed, what’s inside as well as multipleContinue reading “5 Steps to Ensure You Have Enough Homeowners Insurance”
College Tuition Waiver for Veteran Dependents at a Glance
The College Fee Waiver for Veteran Dependents waives the tuition and fees at any State of California Community College, California State University, or University of California campus. This program covers tuition and student service fees; it does not cover campus-based fees, books, parking, or room and board. Furthermore, the Waiver is only applied to state-supportedContinue reading “College Tuition Waiver for Veteran Dependents at a Glance”