Plan Your Federal Retirement Podcast

Tax Management: How to Withhold Taxes From Social Security

#100 Retirement Real Talk: Honest Conversations About Life After Work

Are you ready to retire? Have you considered the emotional part of this journey? Are you and your spouse on the same page about your golden years and have the same expectations? Let's discuss long-term plans, the difficult situations that life can bring, and the importance of ensuring you enjoy your golden years and create memories with your family! Join hosts Micah Shilanski and Tammy Flanagan as they explore honest conversations about life after work. From financial planning to emoti...

The Best Days to Retire in 2024 as a FERS Federal Employee

Federal Pension - A Guide for Former Federal Employees

I worked for the U.S. Department of Energy from 2/19/1995 to 9/1/2000. I turn 62 on 8/16/2024. I spent my entire federal career at the Nevada Operations Office in North Las Vegas, NV. I live there now. I approached that office to ask when I should begin my application for a federal pension and which office to send the required documentation to. Human resource staff at that office told me to contact OPM directly since I am no longer an active federal employee. I did not receive any informatio...

Smart Healthcare Planning: Do You Need Both FEHB and Medicare?

#99 Bonus Pod - Answering Question

Optimal Retirement Timing: Should You Wait For a Potential Pay Increase?

Hi! Love your podcasts and videos! I’m having a hard time figuring out my best dates and options for retiring soon. I’m trying to determine when the best time would be to leave federal service with the USPS. I’m retired military, but never “bought back” my time. I’ve just began receiving my retirement pension at age 60 (retired 26 years reserves). I currently have 28 years and 3 months with the USPS and 60 years old. Should I wait until the possible 4.7% pay increase takes effect signed by B...

How to Manage FERS Supplement and Social Security While Employed

#98 Do You Really Need Life Insurance in Retirement?

Federal retirees face unique challenges, from income replacement to tax considerations. But what about life insurance needs and survivor benefits? In this episode, our experts, Micah and Tammy, dive into the importance of tailored life insurance planning to address individual circumstances effectively. Is life insurance necessary, or how much coverage is sufficient? How do you determine the appropriate amount of life insurance? And what about planning for the future and establishing the ri...

Social Security & COLA

https://zurl.co/HDYh

FERS Pension and How It Affects Your Social Security

Unlocking the Rule of 55

#97 How to NOT Go Back to Work in Retirement, 3 Things You Need To Know

Potential Consequences of Exceeding The Earnings Limit in 2024 on FERS Supplement

"In mid 2025, I will turn 62, therefore my FERS supplement will stop. I currently work PT not to exceed 2013 earnings limit. However, in 2024 I’m thinking about going fulltime to be prepared financially for when I lose the FERS supplement. What happens if I exceed the earnings limit in 2024? Will there be a penalty? Will it reduce my SSA pension whenever I decide to receive it? Thank you." - L. Reinhart https://zurl.co/pfLi

#96 What is The MOST Important Part of Your Pension?

There are a lot of complexities in federal retirement benefits and retirement planning. Let's unravel the key aspects and pitfalls associated with them! In today's episode, Micah and Christian discuss the importance of understanding federal retirement benefits and avoiding common mistakes. They highlight the significance of understanding cash flow as the heartbeat of retirement planning and explain the FERS annuity benefit formula, breaking down how factors like creditable service, high-th...

Can you get a Personalized FERS Benefits Summary?

"Hello, Will OPM issue me a personal FERS Benefits Summary upon request (i.e., similar to the personalized benefit summary issued by Social Security) based on my VA creditable service and High-3 salary or do I have to wait until 60 days prior to my pension benefit start date to find out the amount of my FERS pension benefit??? By the numbers, I qualify for a VA FERS Deferred retirement, but I would like to confirm the amount of my pension benefit now. Thank you." - Cory

#95 Retire Happy: Essential Steps to a Successful Federal Retirement

Loan Options Toward FERS Contributions

"Can I take out a loan towards my FERS contributions? I’m a federal employee and no where close to retirement. Would it work like the TSP loan that I can just pay it back over a few years? I can’t find any information on this topic." - Martin  https://bit.ly/3NUfAMA

#94 Why is My Retirement losing money?

Ever wondered why your retirement is losing money despite investment diversification? Join Micah and Christian in our latest episode, where they dive deep into this question, discussing the pitfalls and challenges of investment diversification and how it may only sometimes yield the expected results. Find out why having a structured retirement income timeline is crucial and why you should have a written plan. Learn how to navigate the challenges of overspending and discover long-term inves...

Health Insurance and Taxes

My husband was retired in May of 2020 at age 65 after 20 years of service with the FBI. We kept our health, vision and dental insurances, which are deducted from his annuity. Are these premiums deductible on our yearly taxes? I did read the deductions are made post-tax. - Pamela https://bit.ly/3NW3tOM

#93 Your 2024 Retirement Planning Guide

As the holiday season ends, it is important to take action about our retirement plans and talk about the changes in the new year! In today's insightful conversation, Micah and Floyd explore the heartbeat of retirement—cash flow. It's not just about money; it's about creating a rhythm for a fulfilling life. Learn how to keep track of spending, make small money moves, and understand why having practical and sustainable financial habits is crucial for your financial well-being. Let's not ...

Annual Leave Payout and Earning Limitations

''If I receive 26k in annual leave payout does that count against the earnings limit of my supplement? Also what about the money I made for the year prior to retirement?'' - Mark   https://bit.ly/3NYhWdo

Follow Up Friday - The Crucial Must-Do's in Estate Planning

Listen to this week’s recap episode with Sierra Steele and learn about estate planning documents for federal employees and the importance of reviewing them regularly, especially in complex situations like blended families. https://bit.ly/3TvUJ5R

#92: The Crucial Must-Do's in Estate Planning

You already know how important estate planning is for your retirement, but do you know the crucial must-do's?  In this episode, Micah Shilanski, joined by our expert advisors, Christian and JT, are discussing the essential aspects of estate planning and the significance of three fundamental documents for every adult aged 18 and above: the Will, Durable Power of Attorney, and Advanced Health Care Directive.  Proper planning is the key to avoiding unintentional disinheritance, Regular up...

61 and Your FERS Supplementt

''Hi, I'm 61 years old and my FERS supplement is ending soon. What should I do when that income goes away? And how am I going to supplement that income that's normally there? Thanks.'' https://bit.ly/48Plg2o

Follow Up Friday - Cashflow and Retirement Income Timeline

Listen to this week’s recap episode with Sierra Steele and learn about the importance of retirement planning and the use of a retirement income timeline tool to help plan for retirement. https://bit.ly/3GsXDjP

#91: Cashflow and Retirement Income Timeline

It's time to get invaluable insights from cash flow considerations to navigating the intricate rules of the Federal Employees Retirement System (FERS). Discover the three pillars of federal employee income – pension, Social Security, and TSP/investment income. Our experts, Christian Sakamoto, CFP, and JT Ferrin, CFP, dive deep into the crucial elements of retirement planning using real-life examples, visual aids, and action items. Tune in and learn about understanding your monthly spending...

FEHB disability pension & MRA

I receive a FERS disability pension, with less than 10 years service. My minimum retirement age by year of birth is 57, but I only have 8.5 years of service, my urgent age is 59, and I also receive my prior military retirement. Since I have less than 10 years of service i was told my minimum retirement age for tax purposes is 62 years, is this correct? As such my disability has been fully taxed as income on line 1a of the tax form. Thanks for any help on this topic. - Paul https://bit.ly/...

Follow Up Friday - Medicare and FEHB

Listen to this week’s recap episode with Sierra Steele and learn everything you need to know about Medicare and Federal Employees Health Benefits. https://bit.ly/3FZPhQy

#90: Medicare and FEHB

What coverage do you have, and what coverage do you actually need? Join Micah and Tammy in this episode, where they explain everything you need to know about Medicare and Federal Employees Health Benefits, providing you with the answers you need to make informed decisions about your health coverage. Understand the importance of healthcare planning and find out the critical changes in healthcare plans, shedding light on the latest updates that directly impact you. Discover the inclusion of ...

FERS Federal Fact Check - Maximizing Roth Gains in Retirement

I absolutely loved the episode on what you cannot do in the TSP. Naturally, it brought up other questions in my mind. Before I got smart in 2019 and started funneling all of my TSP contributions to Roth, I had designated contributions into Traditional TSP. What is a good strategy when I start withdrawing? Ideally, I'd like to withdraw traditional contributions first, then Roth contributions at a later time (so the Roth balance can continue to grow tax-free). But I don't believe I will have t...

Follow Up Friday - What Clients Miss When Talking to Financial Planners

Listen to this week’s recap episode with Sierra Steele and learn about the most common things clients miss when talking with Financial Planners. https://bit.ly/3MAEL5T

#89: What Clients Miss When Talking With Financial Planners

https://bit.ly/46N9Xae

FERS Federal Fact Check - When is The Best Time to Take Social Security

should I delay my social security and let my wife draw it until my FRA?  I planned on drawing at 62 anyways.  I am retired navy and invest in TSP, also disabled.  I hope this make sense. https://bit.ly/3SfzUL8

Follow Up Friday - Year End Tax Planning

Listen to 'Follow Up Friday - Year End Tax Planning' and get proactive about your finances and tax planning. https://bit.ly/4730jjv

#88: Year End Tax Planning

As the year winds down, it's time to get proactive about your finances and tax planning!  Join us as we explore strategies to maximize your savings, minimize your tax burden, and tackle your taxes before the last minute of the year comes. Micah and Floyd will guide you through reviewing your withholdings and making paycheck adjustments to optimize your tax savings and explain the importance of identifying taxable income and tracking gross earnings. Learn how to make the most of your Th...

FERS Federal Fact Check - What Happens to a Surviving Spouse

What happens to a surviving spouse if an employee dies while working, but that employee was also in the process of buying back military time? My husband has 16 years of service as a Civil Service employee (under FERS), and is currently buying back his military time (12 yrs of military service.) He’s paid a little more than 50% of his military deposit so far.  https://bit.ly/46CSFw6

Follow Up Friday - Irreversable Mistakes After Death

Learn how to avoid making irreversable mistakes after death and empower yourself with the knowledge you need to plan for a secure future, covered by Sierra Steele. https://bit.ly/48PDSQH

#87: Irreversible Mistakes After Death

Don't let irreversible mistakes catch you off guard. Empower yourself with the knowledge you need to plan for a secure future. Let's break down timelines, discuss essential documents like advanced healthcare directives, durable powers of attorney, and wills, and uncover common pitfalls to avoid. Join Micah and Christian as they explore the critical topic of estate planning, unraveling the irreversible mistakes that can occur after someone passes away. Their expert insights shed light on the ...

FERS Federal Fact Check - How not to get permanently stuck with Minimum Required Distributions

"If I retire after age 62, and supplement my monthly FERS pension by making small withdrawals from my Traditional TSP (assume $2,000/ month), would IRS rules determine that I was now in “distribution status,” and permanently stuck with Minimum Required Distributions every year?" - Victor. https://bit.ly/3LG5YUp

Follow Up Friday - Thrift Savings Plan with Kim Weaver

Learn to make informed retirement decisions and secure your financial future with valuable information in regard to your TSP, covered by Sierra Steele. https://bit.ly/468utlw

Ep #86: Thrift Savings Plan with Kim Weaver

Whether you're just starting your career, planning for retirement, or already in retirement, or someone looking to understand TSP better, this enlightening episode with our special guest, Kim Weaver, will help you dive deep into the world of Thrift Savings Plan. Make informed retirement decisions and secure your financial future with valuable information and expert insights on making the TSP withdrawal process more manageable, and learn about the common challenges people face and how to av...

FERS Federal Fact Check - The Importance of Filling Out Beneficiary Designation Forms

I am a Federal retiree and fine with Thrift Savings Plan (TSP) and Federal Employees Group Life Insurance (FEGLI) standard order of precedence beneficiary assignments being spouse, then children in equal shares. I understand this order of precedence is followed when no beneficiary forms are on file. I have not submitted any beneficiary forms.  Are there any advantages/disadvantages of filling out beneficiary designation forms to restate this assignment? What are the advantages/disadvantages ...

Follow Up Friday - TSP Spillover and funding

Learn why the TSP is such a phenomenal tool for your retirement and find out what you should know about your TSP funding, covered by Sierra Steele. https://bit.ly/44IOg9y

#85: TSP Spillover and funding

In this episode, host Micah Shilanski and a special guest - JT Ferrin, delve into explaining the meaning of TSP Spillover and the advantageous role of Health Savings Accounts (HSAs) in retirement savings. The TSP Spillover is an important concept that might be unfamiliar to many federal employees. Micah and JT provide insights into this administrative change, explaining how it can affect retirement savings and clarifying common misconceptions. Take advantage of this opportunity to enhanc...

FERS Federal Fact Check - What if you become a survivor before your annuity kicks in?

My husband and I both had careers with the National Park Service. He carried the family insurance for us. He retired in 2021 and did not select me for survivor benefits since I also worked for the federal government. I now want to resign and defer or postpone my retirement until I meet the minimum age. I am 54 (3/10/69). If my husband dies before me, do I still keep federal health benefits with a deferred retirement? What would happen if he does before I reach the minimum age for my deferred...

Follow Up Friday - Retirement Rules living abroad

Learn about your options for living abroad in retirement and find out everything you need to keep your benefits, covered by Sierra Steele. https://bit.ly/45vmhLA  

#84: Retirement Rules living abroad

Do you wonder about your options for living abroad in retirement? Are you ready for change but need to know everything you need to keep your benefits?  In this podcast episode, Joe Curry, CFPⓇ, CHS, joins Micah to delve into the intricate details of retiring abroad. The episode serves as a comprehensive guide for individuals considering the move, covering various challenges and considerations that arise when relocating for retirement. Get valuable advice and insightful perspectives, from...

FERS Federal Fact Check - FERS Eligibility

All you need to know about your FERS eligibility. https://bit.ly/44d4zuU

Follow Up Friday - Dual Feds FEHB Rules

Learn why the Federal Employee Health Benefits (FEHB) is such an excellent benefit for federal employees, allowing them to keep health insurance into retirement, covered by Sierra Steele. https://bit.ly/3YAsqnc