Most federal employees are familiar with the rules for putting money into their Thrift Savings Plan but aren’t sure about taking money out. When thinking about the withdrawal rules for the TSP, it’s essential to differentiate between the rules while you’re a federal employee versus when you have separated from service. Withdrawals made while you’reContinue reading “What Is The TSP Hardship Withdrawal?”
Category Archives: Federal Benefits
3 Things Federal Employees Must Know About Social Security
Your FERS retirement benefits consist of three main components: The Basic FERS Retirement Pension, Social Security, and the Thrift Savings Plan (TSP). And while your FERS pension is one of the more unique parts of your retirement package, Social Security is an equally important benefit providing guaranteed income. Since Social Security is such an essentialContinue reading “3 Things Federal Employees Must Know About Social Security”
3 Critical Mistakes Federal Employees Make
As federal employees approach retirement, thoughts shift from worry over the workday grind to concerns about preparing for retirement. And while you will likely never starve due to your pension and Social Security, many mistakes can devastate your retirement, turning your vision of a fulfilling second chapter into a period of scarcity and fear. So,Continue reading “3 Critical Mistakes Federal Employees Make”
3 Reasons Why Federal Employees Should Hire A Financial Advisor
Personal finances can be complicated, especially when you’re a federal employee with a robust benefits package that includes a FERS pension, survivor benefits, the Thrift Savings Plan, and life insurance. And while OPM and your HR specialists provide plenty of information, the responsibility of integrating your federal benefits into a customized financial plan is yoursContinue reading “3 Reasons Why Federal Employees Should Hire A Financial Advisor”
Will Your Children Keep FEHB If You Die?
As a federal employee, you know that you have robust benefits, and you’re likely aware that your Federal Employees Health Benefit (FEHB) coverage is one of your most valuable benefits. But what happens to your FEHB coverage if you die? In the past, I have discussed the requirements for a spouse to maintain your FEHBContinue reading “Will Your Children Keep FEHB If You Die?”
The FERS Child Survivor Annuity Benefit
Many federal employees are aware of the survivor annuity benefit elected at retirement and understand that it allows them to leave a portion of their FERS pension to a beneficiary upon their death. But few are aware of the child survivor annuity benefit. Although both may sound similar, the survivor annuity elected at retirement andContinue reading “The FERS Child Survivor Annuity Benefit”
Quickstart Guide To The Federal Long Term Care Insurance Program
Most federal employees know someone who has required long-term care at some point in their life. Whether a family member or a friend, we’ve seen how some individuals need support with daily tasks due to chronic illness, injury, disability, or simply the aging process. In fact, a 2019 U.S. Department of Health and Human ServicesContinue reading “Quickstart Guide To The Federal Long Term Care Insurance Program”
How Federal Employees Can Manage Their Investments In Retirement: The Bucket Strategy
As federal employees prepare to retire, they must shift from the accumulation mindset to the distribution mindset; said differently, they must shift from the saving mindset to the spending mindset. This change comes with many challenges, chief among them is deciding on a retirement income strategy. When developing a plan for turning your retirement assetsContinue reading “How Federal Employees Can Manage Their Investments In Retirement: The Bucket Strategy”
Roth Conversions: What They Are & The 3 Things Federal Employees Need To Know
With all the recent talk of Roth conversions in the media and on the hill, many federal employees are asking what the heck is a Roth conversion, and where do I get one? Simply stated, a Roth conversion refers to the process of moving some or all of your tax-deferred retirement savings from accounts likeContinue reading “Roth Conversions: What They Are & The 3 Things Federal Employees Need To Know”
FERS Annual And Sick Leave At Retirement
As federal employees approach the end of their careers and start the retirement planning process, many wonder what will happen to their leave. Will they receive a lump sum payment or credit toward their FERS annuity? There can be a lot of confusion around the treatment of sick leave, especially since prior to the 2010Continue reading “FERS Annual And Sick Leave At Retirement”