Brennan Rhule, CFP®, ChFEBC℠, AIF® - PlanWell Financial Planning

How are Federal Pay Raises Determined? Understand the 2025 Federal Pay Raise

Federal Employee Pay Raise vs COLA Federal employees typically receive an annual pay raise on the first pay period in January. This is not to be confused with the annual cost of living adjustment (COLA) that is given to retired federal employees. The COLA increases a retiree’s CSRS or FERS pension each year to keep up with a rise in inflation. The federal employee pay raise is not a COLA. For more information on COLAs, please check out our recent article: Newly

FAIR Act Proposes 7.4% Pay Raise for Federal Employees

FAIR Act of 2025 Proposes 7.4% Pay Raise for Federal Employees In a significant move aimed at enhancing the livelihood of federal workers, the Fair Adjustment of Income Rates (FAIR) Act of 2025 has been introduced, promising a notable uptick in the compensation of federal employees. This proposal, heralding a 7.4% pay raise, marks a pivotal moment for federal workforce compensation strategies. Spearheaded by proponents like Gerry Connolly and supported by influential organizations including the National Federation of Federal Employees

Avoid These Common TSP Misconceptions & Mistakes

Avoid These Common TSP Misconceptions & Mistakes The Thrift Savings Plan (TSP) is a critical component of federal employees’ retirement strategies, yet it’s shrouded in misconceptions and misunderstandings that can derail even the most meticulously laid financial plans. Dispelling these myths is the first step toward optimizing your retirement income and ensuring you’re fully benefiting from your federal benefits under the Federal Employees Retirement System (FERS). We will delve into the top 11 common misconeptions we see and equip you

Income Tax Rates Increasing 4% for the Middle Class – Future Tax Changes Coming!

Navigating the 2025 Tax Landscape: Changes on the Horizon for Taxpayers As we edge closer to 2025, the anticipation among taxpayers regarding the looming changes in the tax landscape is causing concern. The expiration of several critical provisions of the Tax Cuts and Jobs Act (TCJA) at the end of 2025 is set to significantly alter the tax code, affecting individuals and businesses alike. This article delves into some of the key tax changes expected to come into force in

Rolling Over an Old Work Retirement Plan? Here’s What You Need to Know

(1) Qualified plans include, for example, profit-sharing, 401(k), money purchase, and defined benefit plans. (2) Only one rollover in any 12-month period. (3) Must include in income. (4) Must have separate accounts. (5) Must be an in-plan rollover. (6) Any nontaxable amounts distributed must be rolled over by direct trustee-to-trustee transfer. (7) Applies to rollover contributions after December 18, 2015. Maximizing Your Retirement Savings: The Benefits of Rollover IRAs and 401(k) Options Planning for retirement is a significant aspect of

How Much Should You Be Saving for Retirement?

Calculate How Much You Need to Save for Retirement Planning and saving for retirement is an essential part of personal finance. It’s never too early to start thinking about retirement and determining how much you need to save to maintain your desired lifestyle once you stop working. How to Save for Retirement When it comes to saving for retirement, there are several strategies you can use to secure a comfortable future. One approach is to start investing early and

Should You Contribute More Than TSP Match?

How much should you contribute to TSP? What’s the ideal amount for you to save, and what constitutes the most effective utilization of TSP? We will address savings rates and debunk common TSP misconceptions, ensuring you feel confident that your TSP is being optimized for your specific situation. What is the TSP match? Federal employees receive an automatic 1% government contribution regardless of your contribution amount. You can contribute nothing and still receive a 1% contribution. In addition, federal

Renting vs Owning in Retirement – Which is Better?

Renting vs. Owning in Retirement: Pros and Cons for Retirees As retirees transition into their next phase of life, the decision of whether to rent or own a home becomes increasingly significant. Both options have their own set of pros and cons, and understanding the factors at play can help retirees make an informed choice that aligns with their financial and lifestyle goals. Is Renting a Better Option for Retirees? When considering renting in retirement, there are several critical factors

States With Inheritance Tax & Estate Tax

State Inheritance Taxes and Estate Taxes When it comes to estate planning and managing your assets, understanding the inheritance tax and estate tax is crucial. These taxes can have a significant impact on the value of the estate that you leave behind for your heirs. In this guide, we will delve into the differences between inheritance tax and estate tax, the applicable rates for 2024, and how you can effectively plan to minimize these taxes. What is Inheritance Tax? Before

Author: Brennan Rhule, CFP®, ChFEBC℠, AIF®

How are Federal Pay Raises Determined? Understand the 2025 Federal Pay Raise

FAIR Act Proposes 7.4% Pay Raise for Federal Employees

Avoid These Common TSP Misconceptions & Mistakes

Income Tax Rates Increasing 4% for the Middle Class – Future Tax Changes Coming!

Rolling Over an Old Work Retirement Plan? Here’s What You Need to Know

How Much Should You Be Saving for Retirement?

Should You Contribute More Than TSP Match?

Renting vs Owning in Retirement – Which is Better?

States With Inheritance Tax & Estate Tax

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