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Reverse Mortgages: A Viable Option or a Risky Bet?
A reverse mortgage can seem like a lifeline offering access to much-needed cash during retirement. However, understanding the benefits, drawbacks, and potential pitfalls is crucial before deciding if this option aligns with your financial goals. The Basics: How Reverse Mortgages Work Reverse mortgages offer a way to convert home equity into cash without monthly mortgage…
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Protecting Your Biggest Investment: The Realities of Homeowners Insurance
On Oct 28th of last year, we published an issue on insurance and it was all about protecting ourselves…but what about our homes? Ideally, homeowners insurance is your safety net, shielding you from life’s unexpected disasters. Yet, ask anyone who’s had to file a claim, and you’ll often hear a story of frustration, denial, or…
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The Money Talk: Guiding Your Children Through Career and Education Choices
In today’s rapidly evolving job market, having honest conversations with your children about career choices and financial independence has never been more crucial. As parents, we want to set our kids up for success, but the traditional path of “go to college, get a good job” may not be the best advice for everyone. Let’s…
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Understanding Cryptocurrency: A Primer for Conservative Investors
After spending January exploring the fundamentals of financial planning – from estate planning to choosing your professional team, and diving deep into ETFs and mutual funds – we now face a topic we’ve been hesitant to address: cryptocurrency. As your guide to financial literacy, we believe it’s time to tackle this subject, not because we’re…
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Investment Coaching Scams
Investing can feel overwhelming, which is why some turn to coaching programs for guidance. But not all offers are what they seem. Scammers often prey on your desire for financial success, promising secrets to wealth through investment strategies – only to leave you with empty pockets. Investment coaching scams have become increasingly prevalent in today’s…
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The Art of Letting Go: How Simplifying Can Boost Your Retirement Well-Being
When it comes to retirement planning, most of the focus is on saving money, maximizing investments, and preparing for the future. But what about simplifying your life now? Decluttering both physical and mental spaces can significantly reduce stress and improve your focus, giving you the clarity to align your decisions with what truly matters for…
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DIY or Delegate? How to Decide Which Financial Tasks to Take On Yourself
There’s a lot of buzz about taking control of your finances – and for good reason. Knowledge is power, and being hands-on with your money can save you time and fees. But not everything should be a do-it-yourself project. Here’s how to decide what’s worth tackling solo and when it’s smarter to call in the…
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The Emotional Side of Estate Planning: Passing Down Values Alongside Your Assets
By now, you’ve seen how estate planning can save your loved ones from unnecessary headaches and keep your hard-earned money where you want it. But let’s face it: while the financial side of things is critical estate planning is also about something bigger. It’s your chance to leave behind more than just money – it’s…
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The Hidden Costs of Poor Planning: Titling of Assets and Avoiding Probate Pitfalls
So, you’ve got a will, maybe even a trust, and you’re feeling good about your estate plan. But here’s the thing: how your assets are titled can completely derail even the best-laid plans. This part of estate planning doesn’t get much attention, but it’s one of the most critical steps if you want to avoid…
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Charity Scams – Giving Safely as the Year Ends
The holiday season is a time of generosity, with many of us eager to support causes close to our hearts. Unfortunately, it’s also a prime time for scammers to exploit this goodwill. Fake charities and fraudulent campaigns spike at year-end, preying on the uptick in donations. Here’s how to protect yourself while ensuring your contributions…
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Understanding Enhanced Catch-Up Contributions for 2025
Last week, we explored ways to maximize your retirement savings before year-end, including taking full advantage of IRA, 401(k), and TSP contributions. This week, let’s look ahead to an exciting development for retirement savers: the enhanced catch-up contributions introduced by the SECURE 2.0 Act, set to go into effect in 2025. These changes could make…
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Maximizing Your Retirement Savings Before Year-End
As the end of the year approaches, it’s the perfect time to take a closer look at your retirement contributions. If you’ve been contributing to your IRA, 401(k), or TSP (for federal employees), now’s the time to ensure you’re making the most of these accounts. Not only can you reduce your taxable income by maxing…
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How Politics Shapes Your Financial Future: A Balanced Perspective
In today’s 24-hour news cycle, headlines about potential policy changes and their financial implications seem endless. While it’s natural to wonder how political shifts might affect your financial future, successful planning requires distinguishing between speculation and strategy. Let’s explore how to maintain sound financial practices amid political transitions. How Politics Shapes Financial PlanningRegardless of which…
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Tax-Loss Harvesting – A Year-End Strategy to Reduce Your Tax Bill
As the year draws to a close, now is an ideal time to review your portfolio for opportunities to reduce your tax liability through tax-loss harvesting. This strategy allows you to offset gains with losses by selling investments that have declined in value, potentially reducing your taxable income. Here’s a closer look at how tax-loss…
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Black Friday, Cyber Monday…blah blah blah: Are You Spending Wisely?
Let’s be honest: there’s something magical about a Christmas tree surrounded by beautifully wrapped presents. The anticipation, the shared excitement of gift-opening, the festive chaos of wrapping paper strewn across the floor – these moments help create the holiday atmosphere we cherish. But as inflation pinches wallets and environmental concerns grow, many of us are…
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Financial Literacy Essentials: Building Blocks for Every Stage of Life
Financial literacy forms the foundation for a secure and confident future. Regardless of age or financial goals, understanding key money management skills can have a lasting impact. While some of these concepts have been covered in prior issues, this week revisits and ties them all together—because sometimes, a bit of repetition is beneficial for reinforcing…
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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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Navigating 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,…
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Scholarship 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…
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College 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…
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Will 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…
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Understanding 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…
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January: 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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What You Can DIY in Federal Benefits: A Guide for Employees
Federal employees enjoy access to some of the most comprehensive benefits programs available, from the Thrift Savings Plan (TSP) to healthcare options, life insurance, and retirement annuities. The challenge? These benefits can feel overwhelming to navigate. The good news is that with the right resources and know-how, you can take charge of many aspects on…
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Cybersecurity 101: Protecting Financial Data from Common Threats
Managing your financial life comes with a unique set of responsibilities – and risks. In today’s digital world, cyber threats are everywhere, and your financial data is a prime target. Whether you’re managing your money solo or working with professionals, understanding how to safeguard your information is critical. Here’s what you need to know. Why…
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What Happens to Your Benefits If You Die Before Retirement? A Federal Employee’s Guide
Federal employees enjoy a robust array of benefits, but what happens to those benefits if you pass away before reaching retirement? Understanding how your federal pension and unpaid compensation are handled is crucial—not only to protect your loved ones but also to ensure your estate plan accounts for every detail. This guide breaks down what…
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Your OPM Retirement Checklist: Be Prepared for the Big Day
Retirement marks one of life’s most significant transitions, and for federal employees, it comes with unique processes and requirements. Navigating the paperwork and timelines overseen by the Office of Personnel Management (OPM) can feel daunting. This comprehensive checklist will help you prepare for a smooth and stress-free retirement. Confirm Your Eligibility• Understand Your Plan: Determine…
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