Your guide for retirement news, insights, and resources
The Grandparent Scam
The grandparent scam is a cruel tactic used by fraudsters to exploit the love and concern of older adults for their grandchildren. In this scheme, scammers pose as grandchildren in distress, seeking immediate financial help. Despite seeming obvious from the outside, these scams continue to succeed due to their emotional manipulation. Here’s how it typically…
Continue ReadingNavigating the Medicare Sign-Up Process: A Guide for Newbies
Signing up for Medicare can seem daunting, but understanding the process is crucial for ensuring you receive the health coverage you need. This guide will walk you through the essentials of Medicare enrollment, from eligibility to avoiding common pitfalls. Eligibility Medicare is generally available to individuals 65 years or older, younger people with certain disabilities,…
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How Do My Skills Transfer? Making a Career Shift After a Layoff
Losing a job can feel like the rug has been pulled out from under you. Even more frustrating is hearing that companies are desperate for workers while you’re struggling to get interviews. If the job market is so strong, why is it so hard to find a new role? The answer isn’t always about your…
Continue ReadingBuilding an Emergency Fund: Your Financial Safety Net
Life is unpredictable. A sudden job loss, medical emergency, or unexpected home repair can throw even the best financial plans off track. That’s why having an emergency fund isn’t just a good idea – it’s essential. An emergency fund provides a financial cushion that helps you cover unexpected expenses without relying on debt or disrupting…
Continue ReadingThe Power of Expense Tracking: Navigating Financial Uncertainty
Financial uncertainty is a fact of life. Whether it’s rising costs, job instability, or unexpected expenses, economic shifts can happen anytime. The good news? You have more control than you think. One of the simplest yet most powerful ways to gain financial clarity is by tracking your expenses. At first, tracking expenses might seem tedious…
Continue ReadingMaking Sense of Your Tax World: A Guide for Every Stage
Get Our Complete Tax Season Playbook: Ready to master your tax planning? Subscribe now to access our comprehensive 12-chapter Tax Season Playbook, your complete guide to making tax-smart financial decisions: https://myretirementnetwork.com/subscribe Once you receive your welcome email from [email protected] simply reply with ‘Send Tax Guide” and we’ll make sure to reply with your private link…
Continue ReadingThe Ownership Illusion: Is Homeownership Still the American Dream?
Owning a home has long been a cornerstone of the American Dream, and recent surveys show that sentiment hasn’t changed. According to Realtor.com and Bankrate, homeownership remains a top priority for many Americans. Even those who anticipate challenges in achieving it still view owning a home as a key marker of success and an essential…
Continue ReadingSmart Strategies for Education Funding: Unlocking the Benefits of 529 Plans and Tackling the True Costs of College
Planning your child’s education is a pivotal financial milestone, and with college costs continually rising, having a solid strategy is more important than ever. While grants, scholarships, and student loans can help bridge the gap, these options are often uncertain and difficult to plan for in advance. This guide focuses on the key savings tools…
Continue Reading2025 Market Outlook: Putting Your Financial Knowledge to Work
Now that we’re a month into 2025, we can begin to see how the year is taking shape and evaluate the major forecasts with fresh eyes. Over the past few weeks, we’ve explored the fundamentals of financial literacy – from understanding different types of investment accounts to breaking down various asset classes and investment strategies.…
Continue ReadingUnderstanding Investment Fees: What You’re Paying For and Why It Matters
When it comes to investing, fees might not be the most exciting topic, but they’re one of the most important. We keep talking about keeping fees low and leaning toward ETFs – but in the end that is a personal decision as mutual funds do come with some added benefits. So in order to arm…
Continue ReadingYour Investment Starter Pack: Essentials and First Steps
Starting your investment journey might feel overwhelming, but it doesn’t have to be. With a clear plan and the right approach, you can set yourself up for long-term success. Over the last two weeks, we’ve covered the importance of building the right financial team and understanding your investment account options. Now, it’s time to take…
Continue ReadingWhere to Start: Choosing the Right Account for Your Investments
For many people, the hardest part of investing is simply figuring out where to begin. After all, understanding ETFs and mutual funds is one thing, but knowing where to hold those investments is another challenge altogether. Let’s break down the basics of different types of investment accounts to help you understand how they work and…
Continue ReadingManaging Stress Amid Job Insecurity
Job insecurity can be one of the most stressful experiences in life. The uncertainty of when or if a paycheck will come, the fear of falling behind financially, and the emotional toll of feeling undervalued or overlooked can create overwhelming anxiety. While the stress of job loss or career uncertainty is real, managing it effectively…
Continue ReadingFederal Workers: Exploring the Shift to Contractor Roles
The recent federal workforce reductions have left many dedicated public servants facing uncertainty about their future career paths. While these layoffs are primarily aimed at reducing government size and spending, there is ongoing speculation about whether more government services will be outsourced to private contractors. If this happens, private firms may seek individuals with federal…
Continue ReadingTranslating Federal Experience to the Private Sector
For federal employees considering a move to the private sector, the transition can feel overwhelming. Federal roles often come with unique responsibilities, specialized language, and structured career paths that don’t always have a direct counterpart in corporate America. However, federal employees bring valuable skills, experience, and expertise that can be highly desirable in private industry…
Continue ReadingUnderstanding Tax Implications of TSP Withdrawals
The Thrift Savings Plan (TSP) is a cornerstone of retirement planning for federal employees. While it’s an excellent way to save, understanding the tax implications of TSP withdrawals is essential for making the most of your hard-earned money. Recent legislative changes, such as SECURE Act 2.0 and updates to TSP rules, make it more important…
Continue ReadingNavigating Uncertainty: What Federal Employees Can and Can’t Count On
In any unstable environment, planning for the future feels nearly impossible. Agencies are reshuffling, buyouts are being offered, and legal rulings are constantly shifting employment statuses. We at My Retirement Network always take a financially conservative approach in uncertain times – assume the worst in every scenario and budget accordingly. If things turn out better,…
Continue ReadingScholarship and Student Loan Scams
With rising education costs, many students and families eagerly seek financial aid opportunities. Unfortunately, scammers often exploit this desperation through deceptive scholarship and loan schemes. Learning to identify these scams is crucial for protecting your financial future. Common Red Flags Application or Processing Fees Legitimate scholarships and federal student loans never require upfront fees. Be…
Continue ReadingCollege Planning for Federal Families: Maximizing Your Education Funding Options
As a federal employee, tackling your children’s college education costs might seem overwhelming at first. The good news? Your federal service opens doors to some unique benefits and strategies that can make this financial challenge much more manageable. While we covered 529 Plans and Coverdell Education Savings Accounts (ESAs) in our last article, today let’s…
Continue ReadingWill Cryptocurrency Enter Your TSP? Here’s What You Need to Know
After diving into cryptocurrency’s role in investment portfolios, federal employees might be wondering about their TSP accounts. While the direct answer is no – the TSP will not include cryptocurrency funds or crypto ETFs in its offerings – there’s an interesting twist to this story. Your TSP funds may already have more connection to the…
Continue ReadingUnderstanding Thrift Savings Plan (TSP) Investment Funds
The Thrift Savings Plan (TSP) is a powerful retirement savings tool for federal employees and members of the uniformed services. Managed by the Federal Retirement Thrift Investment Board (FRTIB), the TSP offers participants a range of investment options designed to help them grow their retirement savings. Here, we’ll walk you through the fundamentals of TSP…
Continue ReadingJanuary: The Perfect Time to Get Acquainted with Your TSP
A new year often brings new beginnings, including career milestones like joining federal service. For new employees or anyone looking to optimize their retirement savings, January 2025 is the perfect time to take a closer look at the Thrift Savings Plan (TSP). Understanding how this employer-sponsored retirement plan works can set you on the path…
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