A previous blog introduced you to a new retirement system for military members. Now, there is more information on that system and how it will affect service members. The Federal Retirement Thrift Investment Board, the agency that administers the Thrift Savings Plan,...
The 2018 Cost of Living Adjustment is set using the Bureau of Labor Statistics (BLS) CPI-W index, however, there are other possibilities for making the adjustment in 2019 and beyond. The BLS may have several ways of measuring COLAs using different measures of...
The Thrift Savings Plan is one part of the Federal Employees Retirement System, so it’s an important part of your retirement income. The following are Thrift Savings Plan mistakes you should avoid. Not Updating Beneficiary Forms This Thrift Savings Plan mistake can...
When you begin work in the federal government under the Federal Employees Retirement System, your agency automatically sets up a Thrift Savings Plan. Each pay period, they deposit an amount that is equal to one percent of your basic pay into that account. Of course,...
Once you retire from federal service, you face new tax issues. This could affect whether you change tax brackets or not. Retirement generally means lower income, so that means lower taxes, right? Maybe. But retirement can also mean multiple sources of income, which...
Legislation has been introduced in the House of Representatives to allow federal employees to make multiple age based and post-separation withdrawal from their TSP accounts. The TSP Modernization Act of 2017 was introduced by Congressman Mark Meadows (R-NC) and Elijah...
The Merit Systems Protection Board (MSPB) is an independent and semi-judicial agency and is known as the “guardian of Federal merit systems”. It is part of the Executive Branch of the U.S. government and was established in 1979. Appeals If you are a civil servant and...
We all love the idea of retiring early, or at least as soon as possible. Maybe at age 55 or 60. But what about the idea of retiring as early as 45? Is that even possible, or a good idea? Before going all-in on this idea of retiring at 45, carefully consider some of...
Over 2.2 million civilian employees work in the federal government. A 2016 survey conducted by the Government Business Council found that 14 percent of federal workers said they would leave the government and 11 percent said they “may” leave if Donald Trump became...
The Federal Employees Retirement System has three parts; pension, Thrift Savings Plan, and Social Security. We all want to retire as early as possible, but do you know how possibly retiring early can affect the Social Security part of your pension or all of it? You...
Yesterday, we looked at what happens to your benefits when you leave federal service before becoming eligible for retirement. This post will look at what happens to your benefits if you leave federal service, and then return to federal service. The following apply...
People leave jobs all the time, for various reasons. Those who work in the federal government are no different. As with any job move, you must think about health insurance, 401k, annual leave, etc. While leaving federal service requires you to think about these as...
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