Does it make sense to consolidate for your retirement?
“I have been working in the federal system for 3 years and will retire within the next 5 years. I am 62. I have a good amount of money in the 403b from my previous employer, 25 years’ worth. Are there any disadvantages/advantages in rolling over my 403b into the TSP? Thank you for your […]
Buying Back Military Time Working as a Civilian
https://www.youtube.com/watch?v=2R_2ky5nZaM Does it make sense to buy back my military time now that I am a Federal Employee? If you have military time but do not receive a military pension, you can buy back your military time to count towards your creditable service for federal retirement. What is a Military BuyBack for Federal Employees? Before […]
Using Years Of Service To Calculate Your Pension
“If I started in the NAF system in 1996 and then converted to GS in 2008 we were told it would count towards retirement. From doing my research only my GS time will count. Thank you was trying to figure out my pension” – Jeanne. https://www.youtube.com/watch?v=Q5J0qu4y_To If your FERS Pension is 30% LESS than you […]
Checking Beneficiary Designations
“My wife and I updated our wills two years ago, it states that all of our estate is to go to the survivor and if something were to happen to either one of us. When the survivor dies it then goes to our two children. We’ve made the estate the beneficiary of our life insurance, […]
Divorce and Your Pension
“I am in the process of divorcing (prior to my federal retirement). I am considering agreeing to providing my soon to be ex-spouse partial survivor annuity and he is agreeable to paying the 5% penalty. If he pays me the penalty fee each month, am I made whole or am I at a disadvantage some […]
Roth Conversions and Taxes
“I’m just about 65 and make about 125K a year working for the federal government. I plan to retire in five years when I’m 70. I want to convert a large part, maybe all, of my TSP, which is over $500,000, to a Roth IRA and I want to do that over the next five […]
Using FERS as a Down Payment
“Can I withdraw my FERS to use as a down payment for purchase of Real Estate?” – Tracey. https://www.youtube.com/watch?v=CPm4DDHl0-c&feature=youtu.be When Federal Employees use their retirement benefits to buy a home or pay off a mortgage when they retire, they often end up making a catastrophic financial decision that can devastate their retirement plan. Purchasing a […]
Is FERS Supplement subject to SS Earnings Test?
“Planning on retiring at my MRA, is the FERS supplement subject to the social security earnings test? Thank you for your time!” – Craig. https://www.youtube.com/watch?v=87LW2zw_7Lg Underestimating retirement income can be detrimental to your wealth. Imagine if you retired, carefully planning for your go-go years and beyond, only to realize six or seven months in that […]
Changing the Distribution of your TSP
“I retired as a FERS employee at age 56 with over 32 years of service. Upon retirement, I chose to withdraw $2000 per month from my TSP account. Here’s my question: I don’t need $2000 per month to pay my expenses given that I have a retirement annuity and other income. Can I change the […]
Will FERS Supplement Be Taken Away Due to Annual Leave Payout?
“I retired from Federal service on Dec 31, 2020. My annual leave balance was paid out to me in a lump sum at the end of the first pay period in January 2021. Is the annual leave payout I received in 2021 considered earnings, and will it affect the FERS supplement that I’m receiving in […]
How Many Additional Years Do I Need to Work
“Hi Tammy and Micah, Thanks for the information. I separated from the government at age 54 1/2 years and 20.5 years of service. I like to come back to work for the government in the near future (eg at age 58/59). How many additional years do I need to work so that my health benefits […]
Add Husband to FEHB at Retirement?
“Hi! I LOVE your podcasts! I am a Federal employee, have met my MRA and will meet my 30-years of service on Nov 2, 2021. I’d like to retire as soon as I can, but want to make sure my husband and dependent daughter can be covered under my FEHB into my retirement, and beyond. […]
How to plan what source to withdraw from
“How to plan which source to withdraw from and when (TSP, Roth, other investments) over the retirement years to supplement pensions and SS. Are tax consequences the primary decision driver?” – Steve. https://www.youtube.com/watch?v=rCyf9dVh3jA As a Federal employee your retirement is a three legged stool. You have your pension, social security and your TSP to help provide […]
Keeping FEHB in Retirement
“I have a question related to something in one of your articles about FEHB and Medicare. The article stated: “As a full-time Federal employee, you are eligible to enroll in FEHB. If you meet the requirements to do so, as a retiree, you are eligible to maintain FEHB throughout your lifetime. The requirements to maintain […]
You Ask, We Answer – FERS Retirement Application
“Thank you very much for the great information. Question: Do I need to list my ex-spouse on my FERS retirement application if we were married for less than 10 years (25 years ago)? Thank you!” – Salah. https://youtu.be/_SdYsee7N8U
Ep #53: To Buy or Not To Buy Your Military Time Back
The question of whether to buy back military time is something that affects a lot of people. This episode features Christian Sakamoto, a great advisor from our office who has valuable insight to share on this topic. Today, he and Micah discuss the key areas that you need to be aware of to decide whether […]
ROTH IRA Contribution or Conversion?
“I watched the very helpful video on ROTH IRA conversions. I will be retiring by the end of 2022 and I do not have any funds in the Roth TSP, but all funds have been in the traditional TSP. In hindsight, that was probably not a good idea. I am now wondering if there is […]
Find Out How Much I Will Receive?
“Is there a way, I can find out how much I will receive at retirement and when I can collect? I worked 24 years, but I don’t know my high three. I’m currently 53, and am not sure if I can stop collecting at 60, or 62. Or if I should wait until I fully […]
You Ask, We Answer – Survivor Benefits
“The question is the following: My wife and I are both federal employees. I will retire before her. Upon my death, she will receive a survivor annuity (50% of my unreduced pension). Will she continue receiving that survivor annuity when she retires?” – Bernie.
You Ask, We Answer – Military eligible FERS supplement
“From my understanding, those military retirees who are getting a military retirement aren’t eligible for the FERS Supplement. If I’m incorrect someone please let me know.” – Golfnut.
You Ask, We Answer – 5 Years Gap
“I worked from 2010 to 2013 at VA Hospital. I quit/and then I work back in 2018 until now. My question is are those 3 years that I work before maybe counted from the work I’m doing now? Thank you so much” – Luis.
You Ask, We Answer – Deductions for the Federal Long Term Care
“I can’t find any info on deductions for the Federal Long Term Care insurance and it is not on my retirement estimate from my HR (even though I asked them to include it or tell me how it is handled). How are min and my wife’s Long term care insurance handled?” – A Sandrik.
TSP Beneficiary is a Trust
“If my TSP beneficiary is currently my Trust, then upon my death, will that transfer be made by a one time full payment -20% for taxes?If so would it be better to have my spouse named beneficiary? It is going to the trust now, mainly for the reason that if we both pass, then some […]
What Happens If You Make a Mistake On Your TSP Withdrawal Form
“If I erroneously select an annuity from the TSP instead of a withdrawal from it, can I reverse that option? Thanks.” – Orlando. https://www.youtube.com/watch?v=8T69Yxmht-k Listen, we LOVE the Thrift Savings Plan (TSP) at Plan Your Federal Retirement. We think that the TSP is one of the best defined contribution plans we have seen. There are […]
TSP Roth IRA $10,000 Question about Like-Kind Direct Transfer
“I am a retired FERS federal employee (age 65). I just watched your episode about a “like kind direct transfer” of tsp funds to an IRA, and then the subsequent transfer from the newly opened IRA to a newly opened ROTH IRA. My question: Using your example amount, if I transferred $10,000 from the newly […]
Should I buy back 20 years of military time?
“Greetings, I am retired from the Army after 20 years as a Staff Sergeant. I am currently a GS 14 with 11 years under FERS. When I retire do I keep my military retirement monthly check and a fed GS retirement separate from the military time? Or should I buy back the time and retire […]
Which is Better: December or January Retirement?
“Hello Micah, I am so glad that I happened onto your website. I have read a lot of material and have watched a lot of podcasts. I’m sure that you all have covered this at some point…I have just not seen it yet. From https://www.opm.gov/retirement-services/publications-forms/csrsfers-handbook/c051.pdf on Page 10 (PDF Page 12) at “”E. Earnings in […]
Conflicting Information About My Lump Sum Annual Leave
”I have gotten conflicting information about my lump sum annual leave. I plan on retiring on 12/31/21. I know that I will get my lump sum A/L payment a few weeks into 2022. Will the IRS count this as income for the tax year 2021 or 2022? Also, will taxes on the lump sum A/L […]
Should I withdraw my FERS Contributions?
“How do I know when it’s worth it to withdraw (refund) my FERS contribution when I leave the Fed workforce? if I have less than 10 years but meet the minimum 5 years, I have to wait till age 62 so how do I know inflation will eat away at it since the growth speed […]
FERS Supplement and VERA
“First off, great content on your site! A plethora of information for Federal employees that is extremely invaluable for retirement planning. Regarding the FERS Supplement and VERA, does the supplement start at MRA or does it start immediately after retirement (under VERA) even if the age is way under 57? The scenario as follows: If […]
What to do with 1,500 hours of FERS Sick Leave at Retirement?
“I have about 1,300 hours of sick leave. What is the best advice on what to do with those hours as retirement nears for me? Thanks“ – Steve https://www.youtube.com/watch?v=R95Te41bHoI First a little background: On October 28, 2009, President Obama signed legislation that allows federal workers who retire under the Federal Employees Retirement System (FERS) to […]