As a federal employee, you have access to valuable retirement benefits like the Thrift Savings Plan (TSP) and potentially a federal pension. However, even with these advantages, successful retirement planning requires careful attention and strategic decision-making. Falling into common pitfalls can jeopardize your financial security in retirement. This article will highlight some of the most … Read more
Facing a medical condition that prevents you from performing your federal job can be incredibly challenging. During this difficult time, understanding your options is crucial, and one significant benefit available to federal employees is Federal Disability Retirement. This program, administered by the Office of Personnel Management (OPM), is designed to provide financial security to those … Read more
Retirement planning for Federal employees with spouses requires a comprehensive approach that considers both individual and joint financial goals. Here are some key considerations: 1. Coordinate Retirement Timing: A RIF also includes furloughs of more than 30 calendar days or 22 non-consecutive workdays. 2. Coordinate Retirement Benefits: 3. Joint Financial Goals and Priorities: 4. Healthcare … Read more
Following is an overview of standard Reduction in Force (RIF) procedures in the federal government, including how employees are affected and what options are available. (Note: While standard workforce rules and procedures are being challenged aggressively in the new Administration, it remains in your interest to know what’s on the books.) What is a RIF? … Read more
Understanding TSP Matching Funds The Thrift Savings Plan (TSP) is a retirement savings and investment plan designed for federal employees. One of its most attractive features is the matching contribution offered by the government. This means that for every dollar you contribute to your TSP, up to a certain percentage, the government will match it. … Read more
Federal employees enjoy a unique set of retirement benefits, including the Federal Employees Retirement System (FERS) and the Thrift Savings Plan (TSP). However, even with these advantages, many federal employees still make mistakes that can jeopardize their financial security in retirement. Here are some common retirement planning mistakes and how to avoid them: 1. Underestimating … Read more
Estate planning is a critical aspect of financial security, especially for federal employees who have unique retirement benefits and potential estate tax considerations. By carefully considering the following factors, you can ensure that your assets are protected and your beneficiaries receive the intended inheritance. Federal Benefits and Estate Taxes Federal employees often have retirement plans … Read more
Planning for retirement is crucial, and one of the most important aspects of this planning is projecting your retirement income. Fortunately, there are tools designed to help make this process easier and more accurate. One such tool is the Federal Ballpark Estimate (FBE). This tool, provided by the Office of Personnel Management (OPM), is specifically … Read more
Retirement planning can be complex, especially when it comes to accurately projecting future income and determining the best savings strategies. While there are many tools available for individual use, such as the Federal Ballpark Estimate, sometimes it is beneficial to seek professional assistance. Advanced Capital Management offers a valuable service by running a TRAK Report … Read more
Social Security is a crucial component of retirement planning for many Americans, including federal employees. However, the integration of Social Security with federal retirement systems can be complex and sometimes confusing. This article aims to demystify how Social Security works for federal employees and what they can expect. Understanding the Basics Federal employees are covered … Read more