Your guide for retirement news, insights, and resources
Assessing Your Risk: Are You Vulnerable to Investment Scams?
Investment scams are nothing new but there are some tools that you can use to assess your vulnerability to falling for one. FINRA (Financial Industry Regulatory Authority) has created two simple quizzes you can take so let’s explore how you can use them to better understand your own risk—and ultimately safeguard your financial future. The…
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Is Retirement Planning Missing the Point? A New Approach to Living Well
We spend most of our working years planning for the distant horizon of retirement, fixating on one question: Will I have enough? Enough money to support myself when the paychecks stop, enough savings to handle life’s surprises, enough to enjoy the so-called ‘golden years’ after decades of hard work? Retirement planning, as it stands, often…
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Is Disability Insurance Really Necessary?
Insurance in general really annoys most of us, doesn’t it? We pay for something every month and get absolutely nothing in return—until we do. When money’s tight, it feels like an incredibly painful, albeit necessary, expense, and in better times, does it ever really spark joy? (That was rhetorical. We all agree it doesn’t.) HOWEVER—when…
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Life Lessons for Everyone: Boredom is a Gift
In retirement planning, we often focus heavily on finances. But there’s so much more to retirement than just money. True fulfillment in this phase of life involves addressing emotional, mental, and even existential challenges. One podcast that recently captured our attention, Feel Better, Live More with Dr Rangan Chatterjee, touched on some of these deeper…
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Protect Yourself Against Identity Theft: An Overview of Common Threats and Prevention
*subscriber exclusive* In this article, we explore the growing threat of identity theft, with over $10 billion lost to fraud in 2023 alone. Learn about different types of identity theft, warning signs to watch for, and practical tips to safeguard your personal information. Don’t wait until it’s too late—stay informed and take steps to protect…
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The Long-Term Care Dilemma: Understanding Your Funding Options
Long term care often sounds like some small possibility in the future that costs a ton of money to avoid – and it can be quite tempting to ignore it. Often though we or someone we love does end up needing some version of it – and as with anything without proper planning it can…
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Your Vulnerability to Scams Increases When You’re Desperate
In times of crisis or desperation, we often become more susceptible to scams and fraudulent schemes. This increased vulnerability can have severe consequences, leading to financial losses and emotional distress. Understanding why desperation makes us more vulnerable and how to protect ourselves is crucial in today’s world of sophisticated scams. Desperation creates a sense of…
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Retiring Overseas
Retiring overseas has become an increasingly popular option for those seeking adventure, affordability, and a fresh start. This can often result in much lower cost of living as well as access to affordable healthcare options. However, it’s crucial to approach this decision with a clear understanding of both the potential benefits and the very real…
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The Devil You Know: When Elder Abuse Hits Close to Home
We’ve all heard the horror stories of elderly individuals falling prey to elaborate phone scams or internet fraud. These tales serve as cautionary examples, prompting us to educate our older relatives about the dangers lurking in the digital world. However, this hyper-focus on stranger danger can inadvertently blind us to a more immediate threat: financial…
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High Deductible Health Plans and Health Savings Accounts for Federal Employees
As a Federal employee, understanding your health insurance options within the Federal Employees Health Benefits (FEHB) Program is crucial. This guide focuses on High Deductible Health Plans (HDHPs) paired with Health Savings Accounts (HSAs), options that have become increasingly popular among Federal workers. The Basics High Deductible Health Plans (HDHPs) – An HDHP is a…
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No 401(k)? No Problem: How Gig Workers Can Still Save for Retirement
Traditional employees often benefit from retirement education and easy access to savings options through their HR departments. Gig workers, however, face the challenge of navigating this information on their own, which can be overwhelming. Many gig workers—freelancers, rideshare drivers, and independent contractors—tend to overlook long-term financial planning. Instead, they focus on short-term financial stability, managing…
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Life Insurance – Yes or No?
Life insurance is one of those financial products we’re all told to get. From advertisements to financial gurus, it seems like the ultimate safety net for everyone. But here’s a radical thought: life insurance is not for everyone. That’s right. Despite its merits, there are scenarios where life insurance might not be the right fit,…
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The Stress of Money – Managing your Mental Wealth
Money-related stress has become a near-universal experience. Countless surveys and studies highlight a surprising truth: financial worry isn’t exclusive to any particular income bracket. Whether you’re living paycheck to paycheck or managing a substantial portfolio, the stress of money can affect us all. Financial stress is a great equalizer. It doesn’t discriminate based on income,…
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Election Guide 2024
*a subscriber exclusive* In this exclusive guide, we explore the potential impact of the upcoming election on your investments, taxes, and retirement. Learn from 90 years of market data, discover common investor mistakes during election years, and get actionable strategies for safeguarding your financial future. Whether it’s Social Security reform or sector volatility, this guide…
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Behavior & Budgeting: Mastering Your Finances for a Secure Future
*a subscriber exclusive* Curious about the link between your habits and your financial health? Our latest subscriber-exclusive article delves into the psychology behind budgeting, offering insights into why so many of us resist it—and how to change that. Discover the key behavioral patterns that influence your financial decisions, and learn practical strategies to align your…
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Hidden Costs of Retirement Relocation
Tired of seeing endless articles about the “10 Best Places to Retire” or “Cheapest Cities for Retirees”? You’re not alone. These articles paint a rosy picture of retirement relocation, making it seem as simple as picking a sunny spot and packing your bags. But the reality is far more complex—and potentially costly. While dreams of…
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Why You Need a Personal Advocate
Have you ever wondered what would happen if your life took a sudden turn for the worse – a car accident, emergency surgery….who would take care of your life while you were fighting for it? A personal advocate is an individual you trust to make decisions and take actions on your behalf when you’re incapable…
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Key Takeaways from This Year’s Midyear Financial Forecasts
Sometimes it is wise to take a look back ahead of a journey forward. We have been scrutinizing the midyear outlooks published by various financial institutions and respected strategists back in June. Our aim is to provide valuable context as we approach what could be a turbulent period. With a Presidential election right around the…
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The Green Gold Rush: A Comprehensive Guide to ESG Investing in 2024
Environmental, Social, and Governance (ESG) investing has gained significant attention in recent years, but many investors remain confused about its meaning, effectiveness, and potential impact on returns. ESG investing is a strategy that considers environmental, social, and governance factors alongside traditional financial metrics when making investment decisions. Here’s a breakdown of what each component means:…
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Investor Psychology: Navigating Market Volatility
Imagine the stock market takes a nosedive. Your retirement account value plummets, and anxiety sets in. Logic tells you to stay calm, but the urge to act becomes overwhelming. This scenario illustrates the power of investor psychology, which influences both individual consumers and professional money managers. The key is to recognize the behavior and take…
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TSP Loans: Understanding Your Options and Making the Right Decision
A Thrift Savings Plan (TSP) loan can be a useful tool for federal employees who need access to funds while still employed. However, there are several important details to consider before deciding if this option is right for you. Here’s a closer look at the types of TSP loans, the process, and key considerations to…
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FEGLI vs. WAEPA: Choosing the Right Life Insurance for Federal Employees
As a federal employee, life insurance options can sometimes feel overwhelming. Two primary choices are the Federal Employees’ Group Life Insurance (FEGLI) and the Worldwide Assurance for Employees of Public Agencies (WAEPA). While both offer life insurance coverage tailored to government workers, their differences in pricing, coverage, and flexibility can significantly impact your decision. Let’s…
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TSP Financial Wellness: Insights from the 2023 Survey and Beyond
As we approach the midpoint between the Federal Retirement Thrift Investment Board’s biennial Financial Wellness Surveys, it’s an opportune time to reflect on the findings from the 2023 survey and consider how they might inform our financial planning strategies moving forward. This biennial survey, combined with discussions from the January 2024 FRTIB meeting, paints a…
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Will FLTCIP come back?
In light of our article today on long-term care, you may be wondering about the ongoing suspension of the Federal Long Term Care Insurance Program (FLTCIP). This blurb focuses on whether new applications for FLTCIP will be reinstated in the future and is not referencing current enrollees and their decisions about premium increases. The suspension…
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Staying Prepared: A Federal Employee’s Guide to Weathering Government Shutdowns
As a federal employee, the threat of a government shutdown is a recurring challenge that requires concrete preparation. While these situations are often resolved before they reach a critical point, it’s crucial to be prepared for any eventuality. This article will guide you through steps to ensure you’re always ready, with a special focus on…
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Federal vs Private Sector: Compensation Trends and Job Realities
A recent Congressional Budget Office (CBO) report comparing federal and private sector employee compensation in 2022 has revealed significant shifts in the landscape of public vs. private employment. This analysis, combined with real-world observations, provides a nuanced view of the pros and cons of government jobs in today’s labor market. New CBO Findings: Shifting Compensation…
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FERS Options for Deferred or Postponed Retirement
While “deferred” and “postponed” are often used interchangeably to mean delaying an action, they have distinct meanings in FERS retirement. Understanding these differences is crucial for federal employees planning their retirement. Deferred Retirement is for FERS employees who leave service before reaching their Minimum Retirement Age (MRA). It requires at least 5 years of creditable…
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TSP Withdrawals After Service
Navigating the complexities of Thrift Savings Plan withdrawals after separating from federal service can be daunting. Here is an overview of the key points to help you understand your TSP options after retirement. Your three-legged stool of retirement income includes three primary components: Pension, Savings (TSP), and Social Security. As you well know, your contributions…
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Social Security False Reporting: An Indirect Hit
Back in June, rumors starting running rampant that there would be a $600 social security increase. While potentially very exciting, this turned out to also be very FALSE. The rumor spread quickly, resulting in the Social Security Administration’s phone lines being inundated with more than 463,000 calls in a single day. This incident highlights a…
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TSP Death Benefits – What Your Beneficiaries Need to Know
Last week, we discussed the importance of ensuring your beneficiary designations are in order. Let’s continue and talk about what beneficiaries need to know and what they need to do. Trigger warning – this information is detailed and may be difficult to process. Keep a few things in mind as you read: Let’s dive in……
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