Your guide for retirement news, insights, and resources
Economic Deep Dive: Do the Jobs Numbers Even Mean Anything?
If you’ve ever read a news report saying “Unemployment is at a record low!” while also hearing about waves of layoffs, you might wonder: Which is true? The reality is that official job numbers don’t always reflect what’s happening in the real economy. A low unemployment rate doesn’t mean everyone is thriving, just like rising…
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Managing Debt: Strategies for Turbulent Times
Debt can be a powerful financial tool when managed well, but in times of economic uncertainty, it can also become a major source of stress. Whether it’s rising interest rates, job instability, or unexpected expenses, having a solid plan for managing debt is crucial to staying financially stable. By taking control of your debt now,…
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Don’t Get Duped: How to Recognize and Avoid Tax Scams
Tax season is here, and while most of us are busy gathering W-2s and crunching numbers, scammers are hard at work too. Every year, thousands of people fall victim to tax scams that drain bank accounts, steal identities, and create a whirlwind of stress. Let’s break down the most common tax scams, how they work,…
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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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Is 60/40 Still a Thing?
The 60/40 portfolio (60% equities, 40% bonds) has been a staple of investment strategy for decades. But did we adopt this approach simply because it was the best we could do with the limited investment options available at the time? While this strategy has generally performed well, it’s worth questioning whether it’s truly foolproof, especially…
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Social Security, Please Hold
Thank you for calling Social Security, Your Estimated Wait Time is… No matter what the situation is, sometimes when we have a problem, we just want to speak to someone. We don’t want to listen to a lengthy message only to click on some options and then be told we can’t be helped and ‘good…
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Why does Retirement Feel Expensive?
Over the years, we’ve been exposed to countless presentations on how financial advisors model retirement plans for their clients. Despite the common disclaimers that each plan is unique and tailored to individual circumstances, we’ve noticed a striking consistency: most advisors still rely on the 4% Rule as their primary strategy. This observation persists across the…
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The Ways and Means of What Will Become of Social Security
As headlines increasingly spotlight a potentially shaky future for Social Security, the irony becomes evident: is the safety net meant to safeguard our retirement facing an uncertain fate? Let’s take a look at how Social Security’s summer is going so far… Back in June, the House Ways and Means Subcommittee on Social Security held a…
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Managing 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…
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Federal 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…
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Translating 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…
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Understanding 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…
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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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