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How To Pick Your FERS Retirement Date + 4 Mistakes To Avoid
 
09:25
Learn how you can Pick Your FERS Retirement Date Like A Pro! There are 4 big mistakes that pre-retirees make when they decide to retire. Watch this video to learn how you can avoid these retirement blunders. ***Here’s the link for the Pick Your Retirement Date Like A Pro Checklist. You can download the checklist for free. Go to: https://www.fersblueprint.com/p/checklist This video is brought to you by the FERS Blueprint Online Retirement Training. We believe that it shouldn’t be so hard to get into retirement training, and that you should be able to learn when you want to and at your own pace. Now you can at the FERS Blueprint. Take a class today! https://www.fersblueprint.com ______________ Before you pick your retirement date, you need to know the answer to this question: When does your FERS pension actually start? This is an often-overlooked question because there’s lots of misinformation swirling around—not to mention some confusion from the CSRS rules. The FERS pension begins the first day of the following month after you retire. But there’s more to picking your FERS retirement date! Here are four mistakes that you’ll probably want to avoid. Mistake No 1: Giving Up Annual Leave When you retire, any Annual Leave that you “have on the books,” or haven’t used as vacation, is paid out to you in a one-time lump sum payment. But if you’re in a “use or lose” scenario with Annual Leave and want leave paid out at retirement, then you’ll NEED to retire on or before that year’s leave ending date. Otherwise, you’ll miss out on getting paid for that “use or lose” leave. OPM publishes a Leave Ending Date calendar here https://www.opm.gov/policy-data-oversight/pay-leave/leave-administration/fact-sheets/leave-year-beginning-and-ending-dates/ Mistake No 2: Paying More Income Taxes Unexpectedly If you’ve saved a lot of Annual Leave, you’re likely to get a pretty big check. That income is taxable, and it’s added to all your other earnings that year. This might cause you an unexpected and expensive tax bill. Consult with your tax professional. Mistake No 3: Losing TSP Monies to Penalties A lot people plan to use money from their TSP when they retire. But they aren’t too clear about age restrictions before they pick their retirement date. Normally, you must be at least 59 ½ year old to take monies out of your retirement savings account (like TSP or IRA). If you’re younger than that, you could have to pay an early age withdrawal penalty. There’s an exception for your TSP. If you separate from service in the year in which you turn 55 years or older, you can take withdrawals from TSP without any early age penalty. Here’s the TSP link to learn more: https://www.tsp.gov/PDF/formspubs/tsp-536.pdf Mistake No 4: Thinking that FERS starts Right Away Be prepared to wait because OPM’s retirement application processing time can vary quite a bit. The backlog can cause you to wait for an extended period. It can be a big mistake to retire without enough savings to take care of expenses. Keep in mind that TSP can take 4-6 weeks after you retire before you can request payments. It makes good financial sense to start retirement with at least four to six months of expenses in a saving account. Remember these tips when you’re picking your retirement date! If you’ll have “use or lose” leave, check the leave date calendar so that you don’t risk losing that extra leave! Talk with your tax professional about your tax planning. Decide how and when you’ll access your TSP funds. And, finally have enough saved up to wait while OPM processes your retirement application! To get a Pick Your Retirement Date Like A Pro Checklist, visit: https://www.fersblueprint.com/p/checklist This tutorial was brought to you by the FERS Blueprint—Online FERS Retirement Training. Learn more https://fersblueprint.com for more information. FERS Blueprint is an educational division of The Monroe Team, Inc. DUNS Number: 032 057260. CAGE Code: 735L3. NAICS Code: 611710 Educational Support Services. Woman-owned, small business. FERS Blueprint is not affiliated with, endorsed or sponsored by the Federal Government or any US Government agency. FERS Blueprint is educational only. No specific financial, retirement nor tax advice is being offered. The material presented is as current as possible, but is necessarily generalized. Facts and opinions are based on research and experience, but are not endorsed by the Federal Government. It is recommended to consult with your personnel office and/or the Office of Personnel Management (OPM) Retirement Office, Thrift Savings Plan, Social Security, Medicare, Internal Revenue Service, your legal, tax and/or other advisor(s). © 2017. The Monroe Team, Inc.
Просмотров: 36925 FERS Blueprint Retirement Planning System
FERS Retirement Benefits Explained (A quick guide for busy employees)
 
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“You work for the government. You must have a great retirement!” As a FERS employee, you have 7 distinct retirement benefits to help you retire comfortably! Here's a quick guide to help you understand more about each benefit. ****To help you keep track of these benefits, I have this super simple and handy FERS benefit guide—I call it the The 7 Superheroes of FERS Retirement Benefits. You can get it free. Just go to https://www.fersblueprint.com/p/seven. This video is brought to you by the FERS Blueprint Online Retirement Training. We believe that it shouldn’t be so hard to get into retirement training, and that you should be able to learn when you want to and at your own pace. Now you can at the FERS Blueprint. Take a class today! https://www.fersblueprint.com ______________ It’s helpful to think of the benefits in terms of what they do for you in retirement. The first three benefits are income-based, which means money in your pocket. The next four benefits are insurance-based, which means “rainy day” protection for you and your family. Each benefit is subject to eligibility requirements. 1 FERS PENSION. You can get a monthly check from the FERS pension for as long as you live in retirement. Plus, there’s a benefit for your spouse if you pass away first. The amount you get in retirement is based upon how long you worked for the Federal government, what age you retire and how much you earned. There is an additional benefit that you may receive called FERS Supplement (sometimes it’s referred to as the “Social Security” Supplement). It’s only for eligible, long-term employees who retire under age 62. This is a separate benefit from FERS pension. 2 SOCIAL SECURITY. You can get a monthly check for as long as you live, with a potential benefit for your spouse if you pass away first. The amount you receive from Social Security is based upon how much money you earned over your entire work history (not just Federal employment) and at what age you are when you start receiving your benefit. You can start receiving your benefit as young as 62, but your benefit will be permanently reduced. The older you are, the more you’ll receive each month (maximum at age 70). 3 THRIFT SAVINGS PLAN. TSP is a different from FERS and Social Security. That’s because it’s a retirement savings plan—the amount you get from TSP is based upon how much you saved, your FERS Match and how the investments performed. You can choose to receive a monthly check from TSP, but there are also many other ways to set up income from TSP in retirement. Keep in mind that there are IRS age requirements. TSP offers a Traditional TSP and a Roth TSP. The investment options remain the same in retirement. 4 FEDERAL EMPLOYEES HEALTH BENEFITS (FEHB). This benefit provides health insurance for you, your spouse and eligible dependents that you can take into retirement. The share of cost and choices stay the same in retirement. You, as the employee, must meet eligibility requirements. 5 FEDERAL EMPLOYEES DENTAL AND VISION INSURANCE PROGRAM (FEDVIP). This benefit provides dental and/or vision insurance for you, your spouse and eligible dependents that you can take into retirement. The share of cost and choices stay the same in retirement. 6 FEDERAL EMPLOYEES GROUP LIFE INSURANCE (FEGLI). This benefit provides life insurance for you, your spouse and eligible dependents that you can take into retirement. The share of cost may change; however, there are flexible choices to suit your needs. Some options may even be free of charge in retirement. You, your spouse, and eligible dependents must meet eligibility requirements. 7 FEDERAL LONG TERM CARE INSURANCE PROGRAM (FLTCiP). This benefit provides long term care insurance coverage for you, your spouse and eligible family members. You can take existing coverage with you into retirement; or apply for coverage after you retire. Coverage subject to underwriting approval at time of application ______________________________ PROJECT Prepare2Retire is an educational division of The Monroe Team, Inc. DUNS Number: 032 057260. CAGE Code: 735L3. NAICS Code: 611710 Educational Support Services. Woman-owned, small business. PROJECT Prepare2Retire and FERS Blueprint are not affiliated with, endorsed or sponsored by the Federal Government or any US Government agency. PROJECT Prepare2Retire and FERS Blueprint are educational only. No specific financial, retirement nor tax advice is being offered. The material presented is as current as possible, but is necessarily generalized. Facts and opinions are based on research and experience, but are not endorsed by the Federal Government. It is recommended to consult with your personnel office and/or the Office of Personnel Management (OPM) Retirement Office, Thrift Savings Plan, Social Security, Medicare, Internal Revenue Service, your legal, tax and/or other advisor(s). © 2017. The Monroe Team, Inc.
Просмотров: 29900 FERS Blueprint Retirement Planning System
How Will The NEW RULES For Social Security Affect Your Retirement Plans?
 
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Social Security has special age rules for retirement—by starting your benefits at Full Retirement Age or older gives you more money each month for life. If you’re younger, you’ll receive less each month. Making this decision is huge. But now there’s new rules: The Bipartisan Budget Act of 2015 changes certain benefits. Click here for The FERS Blueprint Online Retirement School: https://www.fersblueprint.com This poses a problem for some /CSRS employees or retirees who were counting on the old rules. This causes a financial obstacle because now you may end up withdrawing extra money from your TSP unexpectedly. Sam and Jane were relieved to figure out a way to maximize their Social Security benefits. They planned to use a combination approach. At his Full Retirement Age, 66 and 2 month, Sam planned to file and suspend his benefit. Then at 70, he planned to start collecting his maximum Social Security—or if he chooses at an earlier date, he could request to reinstate his benefit back to suspension date and get a lump sum payment. At her full retirement age, Jane plans to collect Sam’s spousal benefit. Then, at 70, she would switch to her maximum benefit. They were pleased with this strategy. But when Sam and Jane heard the news that Social Security was changing—they worried how this new law would affect their retirement plan. They kept watch by visiting Socialsecurity.gov and finally, Social security released guidelines. They realized that this law does change their retirement plan. First, file and suspend rules have changed. As of April 30, 2016, if you file and suspend your retirement benefit, your spouse and/or dependent adult child CAN NO LONGER collect any benefits on your record during suspension. And there is NO reinstatement lump sum privileges. If you’ll be 62 on or after January 2, 2016, the spousal rules have changed, too You will receive will receive either 100% of your own social security benefit OR a spousal benefit—WHICHEVER is greater! This is a permanent election—you cannot change to your own benefit at a later date. But there is a grandfathered period—meaning the old rules will still be in effect if you meet certain criteria. If you’ve reached FRA or older and you file and suspend your social security benefit on or before April 29, 2016, you’ll be able to follow the old rules for File and Suspend. You’ll be able to file and suspend your social security benefit and your spouse or dependent adult child can collect benefits on your record. And if you were born on or before January 1, 1954, you’ll be able to follow the old rules for Spousal benefits. If you elect social security at full retirement age or older, you can select your own benefit or spousal benefit and you can change to your own benefit at age 70. Visit www.ssa.gov for complete details. ` This tutorial was brought to you by FERS Blueprint™ Online Retirement School. The FERS Blueprint is an educational division of The Monroe Team, Inc. DUNS Number: 032 057260. CAGE Code: 735L3. NAICS Code: 611710 Educational Support Services. Woman-owned, small business. The FERS Blueprint is not affiliated with, endorsed or sponsored by the Federal Government or any US Government agency. The FERS Blueprint is educational only. No specific financial, retirement nor tax advice is being offered. The material presented is as current as possible, but is necessarily generalized. Facts and opinions are based on research and experience, but are not endorsed by the Federal Government. It is recommended to consult with your personnel office and/or the Office of Personnel Management (OPM) Retirement Office, Thrift Savings Plan, Social Security, Medicare, Internal Revenue Service, your legal, tax and/or other advisor(s). © 2017. The Monroe Team, Inc. All rights reserved. No part of this process may be reproduced in any form or by any means whatsoever without written consent from the publisher. Made in the USA. Project Prepare2Retire and other trademarks and service marks in these materials are owned by The Monroe Team, Inc.
Просмотров: 8133 FERS Blueprint Retirement Planning System
How To Make The Most of Your TSP in 2018 + A Retirement Success Habit
 
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Many people are concerned about TSP. If you don’t have enough saved in TSP, your retirement could be very uncomfortable. The problem is that there’s mountains of information out there about TSP. It’s complex and you’re left on your own to sift through it all to come up with action steps. ***Here’s where you can get the extra lesson, The TSP Check Up, https://www.fersblueprint.com/p/tsp-checkup. Now is a great time to do The TSP Check Up—it’s a free lesson that's directly from the FERS Retirement training that I’ve been teaching for years at agencies! This video is brought to you by the FERS Blueprint Online Retirement Training. We believe that it shouldn’t be so hard to get into retirement training, and that you should be able to learn when you want to and at your own pace. Now you can at the FERS Blueprint. Take a class today! https://www.fersblueprint.com ____________ “I’ve got too much saved up in TSP”—said no one ever The way the Thrift Savings Plan (TSP) works is you save money each pay period—and that’s done by payroll deduction. It’s referred to as a contribution. The amount you contribute is determined by you. You can use either a percentage of your pay or a specific dollar amount. Every year the IRS sets a limit on the maximum contribution you can make into TSP. There’s two types of contributions: Regular Contributions and Catch Up Contributions. REGULAR CONTRIBUTIONS are available to all eligible employees (regardless of their age). In 2018, the maximum annual Regular Contribution is $18,500. That means you can make contributions into Traditional TSP and/or Roth TSP in any combination you wish, but the total cannot exceed $18,500. CATCH UP CONTRIBUTIONS are an extra amount above and beyond the Regular Contributions, if you meet the requirements. You can start making Catch Up Contributions at any time beginning in the year you turn 50. You must also be on track to reach the maximum Regular Contribution for the year. In 2018, the maximum Catch Up Contribution is $6,000. That means if you’re eligible, you can make contributions into Traditional TSP and/or Roth TSP in any combination you wish, but it cannot exceed $6,000. Your Regular Contribution automatically carries over year to year until you change it. However, you must re-elect Catch Up Contributions each year. Remember that the TSP regular contribution limit doesn’t include any FERS Match. The FERS Match is a separate amount over and above the contribution limit. ____________ FERS Blueprint is an educational division of The Monroe Team, Inc. DUNS Number: 032 057260. CAGE Code: 735L3. NAICS Code: 611710 Educational Support Services. Woman-owned, small business. PROJECT Prepare2Retire and FERS Blueprint are not affiliated with, endorsed or sponsored by the Federal Government or any US Government agency. PROJECT Prepare2Retire and FERS Blueprint are educational only. No specific financial, retirement nor tax advice is being offered. The material presented is as current as possible, but is necessarily generalized. Facts and opinions are based on research and experience, but are not endorsed by the Federal Government. It is recommended to consult with your personnel office and/or the Office of Personnel Management (OPM) Retirement Office, Thrift Savings Plan, Social Security, Medicare, Internal Revenue Service, your legal, tax and/or other advisor(s). © 2017. The Monroe Team, Inc.
Просмотров: 14329 FERS Blueprint Retirement Planning System
How can you KEEP your FEHB when you retire?
 
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Get notified the next time we open enrollment for The FERS Blueprint course! Click here to request your invitation: https://p2rproject.com FEHB, Federal Employees Health Benefits, provides health insurance while you’re working, and you can continue your coverage in retirement, if follow specific requirements. First, you have to retire on an immediate pension under FERS or CSRS (you can’t just quit) Second, you, as the employee, must have been continuous enrolled in ANY FEHB plan for the 5 years of service immediately before your retirement date or for the full period(s) of service since your first chance to sign up (if less than 5 years). What type of coverage counts towards the 5 year rule? • Your own FEHB coverage • Covered as a family member (example you’re covered under your spouse’s FEHB plan) • You’re covered under TRICARE as long as you were covered under an FEHB plan at the time of your retirement. This tutorial was brought to you by the FERS Blueprint Online Retirement School Don’t get your retirement info at the watercolor! Sign up to get an invitation for our next open enrollment for the FERS Blueprint Online Retirement School. Click here to get your personal invite. https://p2rproject.com/request-fb-invitation/ PROJECT Prepare2Retire is an educational division of The Monroe Team, Inc. DUNS Number: 032 057260. CAGE Code: 735L3. NAICS Code: 611710 Educational Support Services. Woman-owned, small business. PROJECT Prepare2Retire is not affiliated with, endorsed or sponsored by the Federal Government or any US Government agency. PROJECT Prepare2Retire is educational only. No specific financial, retirement nor tax advice is being offered. The material presented is as current as possible, but is necessarily generalized. Facts and opinions are based on research and experience, but are not endorsed by the Federal Government. It is recommended to consult with your personnel office and/or the Office of Personnel Management (OPM) Retirement Office, Thrift Savings Plan, Social Security, Medicare, Internal Revenue Service, your legal, tax and/or other advisor(s). © 2017. The Monroe Team, Inc. All rights reserved. No part of this process may be reproduced in any form or by any means whatsoever without written consent from the publisher. Made in the USA. Project Prepare2Retire and other trademarks and service marks in these materials are owned by The Monroe Team, Inc.
Просмотров: 1767 FERS Blueprint Retirement Planning System
NEW LAW TSP for Public Safety Officers
 
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You can get our Retirement Quiz right here: http://p2rproject.com/quiz-request TSP has special age rules when taking a withdrawal—you must be at least age 59 ½. If you’re younger, you could have to pay a 10% early age withdrawal penalty plus a possible state penalty. That’s huge. But there’s an exception: if you retire or separate from service in or after the year that you turn 55, the TSP early age penalty is waived. There’s poses a problem for FERS/CSRS Public Safety Officers because they are eligible to retire at an age younger than 55. This causes a financial obstacle because they are saddled with that early age withdrawal penalty until they reach age 59 ½. Thankfully, there’s a new TSP law in 2016 that grants an exception to the early age withdrawal penalty for certain Public Safety Officers. It's called the Defending Public Safety Employees' Retirement Act. This new law changes the typical age requirement, Public Safety Officers, like specific law enforcement officers, customs and border protection officers, federal fire fighters and air traffic controllers, could take TSP withdrawals WITHOUT early age penalties—but it has specific regulations. You must: 1. Only TSP withdrawals made on or after January 1, 2016 qualify, and 2. Retirement or separation from service must have occurred in or after the year he turned age 50, and 3. Employing agency must specify him as a public safety officer. Beginning January 1, 2016, a public safety officer who retires or retired at age 50 or older can include TSP income without the consequences of an early age withdrawal penalty. This allows for more flexibility. They can include TSP income in their plans from day one. This is what makes it easier to build a sound retirement plan and have clarity on TSP. This new rule only covers withdrawals from TSP—it does not apply to withdrawals from any other retirement savings account! Visit www.tsp.gov for complete information. This tutorial was brought to you by the FERS Blueprint. Clarify your benefits so you can retire! You can get our Retirement Quiz right here: http://p2rproject.com/quiz-request You’ll Find out how you score in 9 key areas retirement readiness areas. It’s free. PROJECT Prepare2Retire is an educational division of The Monroe Team, Inc. DUNS Number: 032 057260. CAGE Code: 735L3. NAICS Code: 611710 Educational Support Services. Woman-owned, small business. PROJECT Prepare2Retire is not affiliated with, endorsed or sponsored by the Federal Government or any US Government agency. PROJECT Prepare2Retire is educational only. No specific financial, retirement nor tax advice is being offered. The material presented is as current as possible, but is necessarily generalized. Facts and opinions are based on research and experience, but are not endorsed by the Federal Government. It is recommended to consult with your personnel office and/or the Office of Personnel Management (OPM) Retirement Office, Thrift Savings Plan, Social Security, Medicare, Internal Revenue Service, your legal, tax and/or other advisor(s). © 2017. The Monroe Team, Inc. All rights reserved. No part of this process may be reproduced in any form or by any means whatsoever without written consent from the publisher. Made in the USA. Project Prepare2Retire and other trademarks and service marks in these materials are owned by The Monroe Team, Inc.
Просмотров: 726 FERS Blueprint Retirement Planning System