Micah and Tammy have been seeing lots of mistakes and missteps happening lately, with more people reaching out to see whether they were wrong or...
Read MoreMicah and Tammy have been seeing lots of mistakes and missteps happening lately, with more people reaching out to see whether they were wrong or...
Read MoreWhen we talk about your FERS Retirement, we’re really talking about several different benefits. FERS (Federal Employees Retirement System) has three main components: Basic FERS...
Read MoreSpecial Benefit for Some FERS Who Retire Before Age 62 Have you heard about the FERS Supplement? It’s an important benefit for FERS planning to...
Read MoreFERS retirement benefits are complex. It’s easy to get overwhelmed by all of the details. But it’s important to remember that federal benefits are just...
Read MoreAs a Federal Employee, how will the passing of the Tax Cuts and Job Act impact you?
This is a great time of year in which most FERS employees are thinking about Federal Income Taxes. However, what I find is that most people are busy thinking about LAST years taxes instead of taking a few moments, and addressing what they can do to prepare for their Federal Income Taxes, this year.
That is right, your 2018 federal income taxes.
With the passing of the Tax Cuts and Job Act in December of 2017, most individuals have an opportunity to save on their federal income taxes. You may have already experienced this with an increase in your paycheck recently.
One idea that you could consider is using the 50/50 strategy. One area that we work with clients on is applying the 50/50 strategy any time that they receive a pay raise.
50% of any increase in income, in most cases, should go to increase your lifestyle. Enjoy the extra income!
The remaining 50%, find ways to increase your savings and path towards financial freedom. As a FERS Employee if you are not maximizing your 401(k) Plan by contributing $18,500 each year (or, $24,500 if you are age 50+) this is a dynamic way to inch you closer to that goal.
This is a great time to review your W-4 withholdings to see if it makes sense to change them.
If you are anticipating tax savings in 2018, can you contribute more to your Thrift Savings Plans (TSP) or other investment accounts?
100% of the questions that we address in FERS Federal Fact Check come from Federal Employees.
If you have a question, let us know!
All questions remain anonymous.
“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. Because of your solid,
”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
“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
“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
Get the most out of your federal retirement benefits by taking advantage of the FERS resources created by Micah Shilanski, CFP®, and the team of independent financial advisors at Shilanski & Associates, Inc. Join the thousands of federal employees who trust us to guide them in their retirement planning journey because of our unique perspective of how your FERS benefits contribute to your comprehensive financial plan.
Year after year I see Federal Employees missing the same critical concepts in their federal retirement planning. That’s why I’ve created an online workshop to help educate Federal Employees on these critical concepts.
If you are a Financial Advisor looking to work with Federal Employees,
we are always looking for Advisors that want to deliver massive value to clients.
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