As a federal employee, planning for retirement includes understanding how to manage taxes effectively. Whether you are currently working or retired, implementing smart tax strategies can help you keep more of your hard-earned money. This guide outlines some of the best tax-saving strategies for federal employees, with a particular focus Read more…
One of the most critical yet often overlooked decisions in retirement planning is the order in which you withdraw funds from your Thrift Savings Plan (TSP). The topic we will be covering will go over withdrawal strategies if you have both traditional and Roth TSP money. The strategy you choose Read more…
Social Security benefits provide an important source of income for many Americans in retirement, and most federal employees are no exception. However, while most federal employees’ Social Security benefits are calculated in the same way as those for private-sector workers, there are some unique nuances to consider. This article will Read more…
Do you enjoy saving 30%-40% on medical expenses you’re already planning to pay for? If so, it’s time to take a closer look at Flexible Spending Accounts (FSA) and Health Savings Accounts (HSA). These powerful tools can help federal employees reduce taxes while covering healthcare costs. However, understanding the Read more…
Required Minimum Distributions (RMDs) can be a significant consideration for federal employees nearing retirement. At first glance, the RMD rules may appear daunting. RMDs are mandatory withdrawals from retirement accounts starting at a certain age, with tax implications that could potentially alter a retirement plan. However, with proactive planning and Read more…
FEDVIP stands for Federal Employees Dental and Vision Insurance Program. The government’s FEDVIP program is not like the Federal Employees Health Benefits (FEHB) program. FEHB is a great deal for 99% of employees while dental/vision is not near as clean cut. Some Feds do not need dental/vision coverage while for Read more…
While working for the federal government, the TSP is an important part of preparing for your retirement from federal service. Between government matching contributions (up to 5% of salary) and low-cost investment options, the TSP is a no-brainer while still working for the federal government. Once you retire, you can Read more…
HR pension estimates are one of the most important documents that help you make sure you’re prepared for retirement. However, it is very common for these estimates to have mistakes. When federal employees rely on these estimates without checking them, they can run into big problems down the Read more…
Surprise! You know that lump sum payment you get at retirement for any unused annual leave? The government wants to take back 40%-ish of it. But there are some things you can do to keep a bigger slice. The Problem I recently got this question from Read more…
I get it. You don’t want a mortgage in retirement. But taking a large TSP withdrawal to pay off the mortgage is probably not the best solution. At least if you care about how much you pay in taxes Good Intentions I think the famous Read more…
