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

Federal Employees: CSRS & FERS Survivor Benefits for Retirement

Federal Employees: Understanding CSRS & FERS Survivor Benefits for Retirement The complexities of planning for retirement can be daunting for federal employees, particularly when it comes to understanding survivor benefits under the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS). Whether you are a current federal employee under CSRS or FERS, a retired federal worker, or a surviving spouse or family member, knowing how survivor benefits work is crucial for retirement planning and ensuring financial security.

The Impact of Government Pension Offset on Your Retirement Benefits

Understanding the Impact of Government Pension Offset on Your Retirement Benefits When planning for retirement, it’s crucial to consider various factors that could impact the amount of money you receive during your golden years. One critical element that can significantly affect your retirement income is the Government Pension Offset (GPO). GPO is a policy enacted by the Social Security Administration designed to ensure that individuals do not receive a “windfall” of benefits due to not being covered by Social Security

Understanding Your FEHB Coverage as a Survivor Annuitant: Continuing Federal Benefits

Understanding Your FEHB Coverage as a Survivor Annuitant: Continuing Federal Benefits As a federal employee, it is crucial to have a good understanding of your Federal Employee Health Benefits (FEHB) coverage. This becomes even more important if you are a survivor annuitant, which means you are the surviving spouse or eligible family member of a deceased federal employee or retiree. Did you know that a surviving spouse can be removed from FEHB if the federal annuitant predeceases him/her? Proper planning

What are the Biggest Financial Considerations When Retiring from a Federal Career?

What are the Biggest Financial Considerations When Retiring from a Federal Career? When do you know you have enough to retire? And are you ready? Determining your readiness for retirement is a pivotal stage in your financial journey, necessitating careful planning and assessment. It encompasses not only the financial aspect of ensuring sufficient retirement savings and income for your preferred lifestyle but also extends to non-financial factors such as health and mental preparedness. This article will delve into the primary

Rules to Move Money Into Thrift Savings Plan (TSP)

Rolling Over Money Into TSP Let’s dive into the process of transferring funds into the Thrift Savings Plan and identify the accounts eligible for consolidation. Below, you’ll find a chart detailing what can and cannot be transferred into the TSP. It’s important to note that not all retirement accounts qualify for consolidation into the TSP. We’ll also examine the advantages and disadvantages of transferring into the TSP, ensuring you have all the information needed to make an informed decision that

FERS Retirement Quick Guide – What to Expect Post-Application

FERS Retirement Quick Guide – What to Expect Post-Application Retiring from federal service can be a complex process, but with the right knowledge and preparation, you can smoothly navigate through it. Let’s break down what to expect after you file your application for retirement. There are two forms that are required for FERS annuitants depending on whether you are filing for an immediate retirement or a deferred/postponed retirement. We’ve include the resources below. Application for Immediate Retirement (SF-3107) Application

Public Service Loan Forgiveness: Understanding Federal Student Aid and Temporary Expanded PSLF

Public Service Loan Forgiveness: Understanding Federal Student Aid and Temporary Expanded PSLF The quest for educational advancement often culminates in the acquisition of a student loan, a financial decision that impacts individuals long after crossing the graduation stage. Within this context, the Public Service Loan Forgiveness (PSLF) program and its counterpart, the Temporary Expanded Public Service Loan Forgiveness (TEPSLF), emerge as beacons of hope for those burdened by student loan debt. Designed to alleviate the financial strain on those who

Reverse Mortgages: How They Work and How to Avoid Pitfalls

Reverse Mortgages: How They Work and How to Avoid Pitfalls Reverse mortgages offer a unique financial solution for seniors, allowing them to tap into the equity of their homes while still retaining ownership. This financial product can provide a lifeline for those in retirement, offering a steady stream of income, a lump sum, or a line of credit based on the home’s value. However, understanding the intricacies of a reverse mortgage, including how it works, the types available, and the

The Alternative Minimum Tax (AMT) Explained and How to Avoid It

Understanding the Alternative Minimum Tax: What You Need to Know The Alternative Minimum Tax (AMT) stands as a crucial component of the United States tax system, designed to ensure that all taxpayers, especially those with higher incomes, pay their fair share of taxes. Initially implemented to prevent wealthy individuals from using excessive deductions and credits to drastically lower their tax liabilities, the AMT has evolved into a parallel tax system that affects a broad spectrum of taxpayers. This comprehensive guide

Biden Proposes 2% Federal Employee Pay Raise in 2025 Budget Request

2% Federal Employee Pay Raise in 2025 Budget Request from White House In the fiscal 2025 budget, President Joe Biden has unveiled a proposal that sets the stage for a significant change in federal employee compensation. This proposal, earmarking a 2% pay raise for civilian federal employees, is poised to influence the financial wellbeing of a large segment of the government workforce. With the backdrop of evolving economic conditions and the ongoing conversation about federal compensation, this move by the

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