Thrift Savings Plan (TSP) Loans – How Does It Work? The Thrift Savings Plan (TSP) is a retirement savings plan available to Federal employees and members of the uniformed services. It allows participants to save for retirement by investing in a variety of funds. One of the unique features of the TSP is the option to take out a loan against your TSP account. In this article, we will explore how TSP loans work and provide a comprehensive guide on
Investing for Retirement with Your HSA: Maximizing the Potential of Your Health Savings Account as an Investment Vehicle Planning for retirement is a critical aspect of securing your financial future. While there are many investment options available, one often overlooked tool for retirement savings is the Health Savings Account (HSA). In this article, we will explore what an HSA is and how you can use it to maximize your retirement savings potential. Stick around until the end to see how
The TSP mutual fund window is a new option that started in the summer of 2022. It allows TSP participants to choose from over 4,000 mutual funds with the goal of providing increased investment flexibility to investor’s portfolios. If you have more than one TSP account, such as a civilian account and uniformed services account, and you want to invest money from each account in the mutual fund window, you need to establish two separate mutual fund window
When a holiday falls on a non-workday, Saturday or Sunday, the holiday is observed on Monday (if the holiday falls on Sunday) or Friday (if the holiday falls on Saturday). Reach Out to Us! If you have additional federal benefit questions, contact our team of CERTIFIED FINANCIAL PLANNER™ (CFP®) and Chartered Federal Employee Benefits Consultants (ChFEBC℠). At PlanWell, we focus on retirement planning for federal employees. Learn more about our process designed for the career federal employee. Preparing for federal retirement? Check
Starting 2024, SECURE 2.0 set new rules that will require TSP participants who make more than $145,000 a year to place catch-up contributions into the Roth TSP. The changes have been met with strong opposition from employers who would have to enact new systems to their retirement plans in such a short time period. The IRS recently announced that it would be delaying the new catch-up rule to allow for a 2-year transition period. After hearing the IRS and TSP
Planning for retirement? Need to know your specific FERS pension numbers? Meet with one of our Chartered Federal Employee Benefits Consultants. At PlanWell, we take the time to offer a no cost and no obligation Federal Benefits Report unique to your numbers. What the Federal Benefits Report covers: The Federal Employee Retirement System (FERS) Civil Service Retirement System (CSRS) Thrift Savings Plan (TSP) Survivor Benefits Federal Employees Group Life Insurance (FEGLI) Federal Employees Health Benefits (FEHB) Medicare Social Security Sick
Should Federal Retirees Elect Medicare Part B in Retirement? Medicare Part B is not required and can add to the monthly healthcare costs. Does it make sense to take Part B? Do the benefits outweigh the extra cost? We will break down the costs and provide an analysis of the pros and cons. Let’s briefly cover how Medicare works. What does Part B cover: Doctors’ services and tests Outpatient hospital services, including observation care Limited home health care (must
Have you retired or recently left Federal service? If so, you are probably wondering what you should do about the TSP. Should you leave your retirement funds with the Thrift Savings Plan (TSP) or transfer into a Individual Retirement Account (IRA)? It is an important question to ask. What does TSP do well? Some of the advantages of TSP are also disadvantages so continue reading until the end to find out why. Simple and easy to use The investment options
The 2024 Federal Benefits Open Season for FEHB and FEDVIP will take place from November 13th through December 11th. This open season allows Federal employees and eligible individuals to review their plans, make changes, and enroll in one of 158 FEHB plan choices for 2024. However, there is a reduction in plan choices primarily due to the exit of one carrier, Humana, from the FEHB Program. FEHB Premiums are Increasing Every year, the Office of Personnel Management (OPM) reviews and
The Federal Long Term Care Insurance Program (FLTCIP) is sponsored and regulated by the Office of Personnel Management (OPM) and administered by John Hancock. The program was established in 2002 as a result of an act of Congress, the Long-Term Care Security Act of 2000. FLTCIP is on a renewable 7-year contract that must be approved by Congress. Who is Eligible to Apply? Federal and U.S. Postal Service employees and annuitants, active and retired members of the uniformed services, and
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