High-3 Calculation Confusion: Different Work Periods And FERS Multipliers
Hi. I have congressional experience and a break in service and I have just retired to the executive branch and I was wondering how the high 3 is calculated when I have 2 different 2 different work periods and different multipliers because congressional service when I was there was a 1.7 % multiplier anyway, if […]
#109 How Does Retirement Income Work – A Roadmap To Financial Freedom
Listen to the Full Episode: Are you ready to turn your retirement savings into a reliable income stream? Understanding your spending goals and determining your net income is not just crucial, it’s the key to managing your cash flow during retirement. Whether it’s Social Security benefits, pensions, or your Thrift Savings Plan, knowing how to […]
Can You Access Your FERS Supplement Right After Retirement?
I can retire in october 2019 with 30 years under first, I will be 56 and I mean 10 months old and I do not think that I will be eligible for SRS until may 27th, but then I filed for my retirement the first part of April and when my retirement Counselor called, she […]
#108 Federal Finances: Navigating Retirement Prep
Listen to the Full Episode: Join Tammy and Micah, seasoned federal retirement experts, as they share their insights on navigating retirement preparation, avoiding common mistakes with OPM, and ensuring a smooth transition from federal service. Learn about the importance of accurate record-keeping, the need for correct dates and service credibility, and how to involve […]
Reserve Military Retirement And FERS Military Retirement – Can You Keep Both?
I just saw you guide to military service credit buybacks. I purchased 11 years back and it was the best decision I ever made! I didn’t see something in your guide that I think is very important: There is a huge difference between a Reserve retirement and an Active Duty ( AKA Regular) retirement. As […]
#107 Burning Sick Leave: Managing Sick Leave Usage Near Retirement
Listen to the Full Episode: Are you nearing retirement and wondering how to manage your sick leave best? Join Tammy and Micah in this insightful episode of the Plan Your Federal Retirement podcast as they dive deep into the intricacies of using sick leave to optimize your federal retirement benefits. In this episode, Tammy and […]
Understanding Taxes on Annual Leave Payout for Federal Retirees: Myth vs. Reality
Hello PYFR team! I love the podcast and appreciate it and all the resources you offer. My question is about taxes on the pay-out of annual leave for retirees. I assumed it would be considered income just like salary and would be taxed at whatever rate my income met for that year. But, a colleague […]
#106 How Much Should You Leave To Your Beneficiary
Listen to the Full Episode: Have you considered what happens to your assets and who will take care of your financial matters when you’re gone? Ensuring your beneficiary is provided for after your passing is a crucial part of estate planning. A clear plan, including a will, durable power of attorney, and healthcare directives, can […]
Survivor Benefit Plan: Does Spousal Age Difference Affect Your Benefits?
I read the $1,000.00 example that you write and 50% of 1K is 500.00 a month for my wife. That makes sense and I understand. My Q is my spouse is 12 yrs YOUNGER than I am. Does the Age difference make a difference in the SBP cost? – Albert Understanding how survivor benefits work, […]
When To Start The Process To Retirement?
I’m planning to retire December 31, 2025; I will have 10 years and 8 months. When should I start the process? – Angelia https://youtu.be/oZS4cyl1JtM Planning for retirement involves multiple steps, and timing is crucial. Angela, one of our readers with over ten years of federal service, plans to retire in December 2025 and asked when […]
#105 Demystifying FERS Retirement Calculators
Listen to the Full Episode: Federal employees can use various calculators to estimate their FERS benefits, but accurate documentation and proper completion of estate planning documents are crucial for retirement planning! Missing or incomplete information can lead to unexpected consequences, so seeking help from HR or knowledgeable individuals is essential. In this episode, Micah and […]
Withdrawing From TSP Without Paying The Penalty, is it Possible?
I am eligible to retire from fed service at 57 1/2. I will have 36 years of service. I plan on using my TSP to supplement my retirement. I cant seem to find a straight answer on withdrawing my money prior to 59 1/2 without paying the 10% penalty. Some sites say I can access […]