Federal employees covered under the FERS retirement system are offered a unique retirement option, the MRA+10. The MRA+10 option allows you to retire at your minimum retirement age (MRA) with as few as 10 years of service. Hence, if you want to retire but aren’t eligible for an immediate unreduced retirement under the standard ageContinue reading “What is the FERS MRA + 10 Retirement?”
Tag Archives: Federal Employee
The FERS Immediate Retirement In Under 3 Minutes (VIDEO)
Federal employees covered under FERS who wish to retire under the immediate retirement option must meet specific age and years of service requirements. This video will review the FERS immediate retirement eligibility requirements in under 3 minutes. To learn more about the FERS retirement options and eligibility, read this article.
The 4 Things You Need To Know About The FERS Supplement (VIDEO)
If you are covered by FERS and retire before age 62, you may be eligible for a pension supplement called the Special Retirement Supplement (SRS), also known as the FERS Supplement. In this video, I’ll cover four key things you need to know about the SRS. If you want to learn more about the SRS,Continue reading “The 4 Things You Need To Know About The FERS Supplement (VIDEO)”
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?”
Which Thrift Savings Plan Is Right For You? Roth Vs. Traditional
Having the choice of contributing to a Traditional TSP or a Roth TSP provides you with a significant tax planning option—but it does force you to make another financial planning decision. Many people find making this decision a challenge because there’s no one right answer for everyone, and it depends upon several factors. What’s NotContinue reading “Which Thrift Savings Plan Is Right For You? Roth Vs. Traditional”
Snapshot of the FERS Pension
The Federal Employees Retirement System (FERS) became effective January 1, 1987, replacing the Civil Service Retirement System (CSRS); all Federal civilian employees hired after this date are covered under FERS. FERS has three main components: The Basic FERS Retirement Pension, Social Security, and the Thrift Savings Plan (TSP). Our discussion will focus on your FERSContinue reading “Snapshot of the FERS Pension”
Three Advantages of the TSP
The Thrift Savings Plan (TSP) is designed to closely resemble the private sector’s 401(k). Although the TSP is similar to the 401(k), its additional features, including low fees, broad diversification, and a generous government match, make it superior to most 401(k)s and a perfect wealth-building vehicle for Federal Employees. Here’s a closer look the threeContinue reading “Three Advantages of the TSP”