Calculating your FERS (Federal Employees Retirement System) pension is a critical step in planning for your retirement, but it can be confusing. Although federal agencies provide estimates, they don’t always capture your unique situation. Understanding how your pension is calculated and taking responsibility for the process ensures accuracy and helps avoid surprises when you retire.…

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…

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…

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…

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…

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…

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…

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…

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…