David Fei, CFP®, ChFEBC℠, AIF® - PlanWell Financial Planning

Retirement-Planning-Workshops-For-Federal-Employees

Want to Delay Required Minimum Distribution (RMD) Until Age 85? You Can with a QLAC

Unlock the Power of QLACs to Maximize Your Retirement with Deferred RMDs Planning for retirement involves navigating various financial strategies and market conditions. On top of that, you also need to evaluate your tax situation and how your overall income can affect Medicare premium costs. One of the biggest pain points for high-networth retirees is the Required Minimum Distribution (RMD). If you have saved well for retirement, then you know that the requirement to take a set distribution may push

January 2024 Inflation Update: Consumer Price Index (CPI) at 3.1%

January 2024 Inflation Update: Consumer Price Index (CPI) at 3.1% The Consumer Price Index rose 0.4% compared to a month ago. While it is still lower than the 3.4% in December 2023, it is still higher than most economists expected. The CPI is published by the Bureau of Labor Statistics and the Bureau of Economic Analysis. The Federal Reserve also uses this data to determine interest rate changes and policy. Consumer Price Index (CPI) & Core Inflation Rate The

Know the Difference: Tenants by the Entirety vs. Joint Tenants with Rights of Survivorship

Know the Difference: Tenants by the Entirety vs. Joint Tenants with Rights of Survivorship When acquiring property with someone else, the question of ownership structure arises. Co-ownership offers a way to share ownership rights and responsibilities, but different types have varying benefits and drawbacks. This article dives into two popular choices: Joint with Rights of Survivorship (JTRS) and Tenants by Entirety (TBE). While both ensure automatic inheritance by the remaining owner(s) upon death, they differ in who can utilize them, how

OPM Retirement Application Surge – Federal Retirement Backlog Update – January 2024

OPM Retirement Application Surge – Federal Retirement Backlog Update – January 2024 The processing backlog usually jumps at the end of the year, and December 31, 2023, was no different. The number of retirement claims went from 5,662 cases to 12,997 in January 2024. While the numbers are high, OPM has been working to reduce the inventory backlog of new retirement cases in 2023, and we had the lowest inventory in December. What is the Current Status of the

SIMPLE IRAs: A Powerful Savings Tool for the Small Business Owner

SIMPLE IRAs: A Powerful Savings Tool for the Small Business Owner In today’s competitive landscape, attracting and retaining top talent is crucial for small businesses. One increasingly important factor? Offering robust retirement savings options. Traditional 401(k) plans can be complex and costly to set up, leaving many small businesses lacking a way to help their employees build a secure future. Enter the SIMPLE IRA, a streamlined and cost-effective alternative that simplifies retirement savings for both employers and employees. Let us

Retirement-Planning-Webinars-For-Federal-Employees

December 2023 Inflation Update: Consumer Price Index (CPI) Jumped to 3.4%

December 2023 Inflation Update: Consumer Price Index (CPI) Jumped to 3.4% The Consumer Price Index unexpectantly tick up to 3.4% in December 2023. Published by the Bureau of Labor Statistics and the Bureau of Economic Analysis. The Federal Reserve also uses this data to determine interest rate changes and policy. Consumer Price Index (CPI) & Core Inflation Rate The CPI data is a widely followed measure of inflation that tracks the average change in prices paid by urban consumers

Maximizing Tax Benefits: Qualified Charitable Distributions (QCD) from IRA to Charity

Maximizing Tax Benefits: Qualified Charitable Distributions (QCD) from IRA to Charity Retiring often brings a shift in priorities. Financial security, once paramount, may give way to a desire to leave a lasting legacy through philanthropy. While traditional charitable donations remain valuable, a tax-savvy option known as qualified charitable distributions (QCDs) can significantly amplify your impact while benefiting your own financial well-being. What is a Qualified Charitable Distribution (QCD)? Simply put, a QCD is a direct transfer of up to

Retirement-Planning-For-Federal-Employees

Comparing Federal Employee Group Life Insurance (FEGLI Option B) with Term Life Insurance: Which is Right for You?

Comparing Federal Employee Group Life Insurance (FEGLI Option B) with Term Life Insurance: Which is Right for You? As a federal employee, you can access some pretty sweet benefits, including the Federal Employee Group Life Insurance (FEGLI) program. But within FEGLI, there are choices to make, and one of the biggest is Option B. So, is Option B your financial hero, or should you be looking elsewhere, like term life insurance? Let’s dive in and compare! What is Federal

A New Year and A New Benchmark Index for the TSP I Fund

A New Year and A New Benchmark Index for the TSP I Fund Ringing in the new year for your retirement savings? The Thrift Savings Plan (TSP) has some good news: the International Stock Index Investment Fund, also known as the I Fund, is getting a makeover! Starting in 2024, it will track a brand new benchmark index, expanding your investment horizons and potentially boosting your long-term returns. What’s the I Fund and this new index all about?

2023 Year-End Financial Planning Checklist

2023 Year-End Financial Planning Checklist: Gear Up for a Prosperous New Year A familiar feeling flickers as the year draws close: the urge to reflect and prepare for the journey ahead. This introspection extends to our finances, making the year-end a perfect time for a financial tune-up. With a trusty checklist in hand, you take stock of current financial situation and navigate toward a brighter financial future. Why a Year-End Financial Checklist Matters Think of a financial checklist as

Author: David Fei, CFP®, ChFEBC℠, AIF®