Federal Employee Information Partnership
Terry, from Atlanta writes: Can I Receive Passive Income While Collecting Social Security? A good question, one that has portions to it, let me clarify. Once you achieve Full Retirement Age (FRA) your Social Security is taxed as ordinary income, however, if you are drawing social security prior to FRA, then you may have some […]
Can I Receive Passive Income While Collecting Social Security? Read More »
If you are counting on converting from your Traditional TSP into a TSP Roth, I have some news for you… You cannot. TSP has no provision and indeed prevents anyone from converting the Traditional TSP to a ROTH. If this is important to you, you will have to transfer out of TSP into an IRA
TSP to ROTH Conversion Read More »
TSP Contributions The IRS has raised the standard investment limit for the TSP and other 401(k) type retirement savings plan to $20,500 for 2022, up from the current $19,500. The Catch-Up maximum has not been announced. ROTH contributions The maximum amount you can contribute to a Roth IRA for 2022 is $6,000 if you’re younger than
IRS Announces 2022 TSP Contributions Increase Read More »
When a federal employee or military personnel retire, the first question asked is “What health care provider will I need? These people have choices, which may not be totally clear to everyone, so let’s explore the options: Medicare Supplement insurance plans generally cover some or all of your out-of-pocket costs with Part A and Part
Medicare vs Tri-Care & FEHB Read More »
For the third time in the past three years, The Federal Retirement Fairness Act (H.R. 4268) is being introduced by Congressman Derek Kilmer (D-WA). It would ensure that federal employees who began their careers as temporary workers are granted the opportunity to make catch-up retirement contributions so that they can retire on time, otherwise they would have
The Federal Retirement Fairness Act (H.R. 4268) Read More »
The question of loss of retirement benefits due to involuntary termination has been asked of me about once or twice a year, however, recently, I have been asked at least 6 times this past month. This is occurring in many agencies. It seems the supervisors are restless. “I may be fired. Will I lose my
YOU’RE FIRED! Involuntary Termination And Your Retirement Benefits Read More »
On November 6, 2021, federal appeals court temporarily blocked the Biden administration’s vaccine rule for private businesses, which applies to the U.S. Postal Service, reports The Wall Street Journal. The Fifth Circuit issued the ruling. Thousands of federal employees have requested religious exemptions for the vaccine mandate, reported The Washington Post on Sunday. “The process could take
Vaccination Mandate Halted for U.S. Postal Service Read More »
There’s always one big question that pops up in a person’s mind when they begin planning for retirement: “How much time do I have left?” However, for Civil Service Retirement System (CSRS) or the Federal Employee Retirement System (FERS) employees, this timeline is relatively set in stone. So how long does OPM take to process
The OPM Retirement Process Timeline – What You Should Know Read More »
It’s no secret how much the USPS has been struggling in recent years. With the rise of Amazon and other 2-day delivery services, coupled with poor governmental policies that have nearly crushed the USPS, the nearly 50-year old program is long overdue for a revamp. Postmaster General Louis DeJoy saw these issues and created a
The New USPS 10-Year Plan and How It Will Affect You Read More »
For federal employees, the Thrift Savings Plan (TSP) is an invaluable piece of the retirement puzzle. After all, the “agency matching” that your employer provides essentially means you’re getting free money on top of what you are already contributing on your own. On the surface, managing your TSP so that you’re maximizing your benefits seems
The Top 5 Considerations For Proactive TSP Management Read More »