Plan Your Federal Retirement Podcast

Ready to build a comprehensive federal retirement plan?

In this podcast episode, Micah and Christian discuss essential retirement planning strategies. Learn how to manage cash flow, adjust for inflation, and explore the best ways to navigate tax planning and Roth conversions. Understand the impact of TSP withdrawals and how to optimize your retirement spending with the bucket strategy.

Whether you're nearing retirement or just beginning to plan, this episode offers the insights you need to ensure your retirement plan aligns with your goals and prepares you for a stable financial future.

Explore key strategies to secure your retirement income and make the most of your benefits.

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Yes, my name is Bobby and I have a question on the life insurance coverage. I read here that it said that the basic life insurance and retirement can be continued. If all of the conditions are met, 1 of the conditions are you have not converted coverage to an individual policy. My husband has insurance through the company that he retired from + Medicare and he wants me to drop him off of my insurance. Would that affect my coverage for insurance if I retire within a year? Thank you

Navigating federal retirement benefits can feel overwhelming, but understanding key elements can empower you to make informed decisions. Knowing how to determine your FERS eligibility, the impact of your high-3 average salary, and the nuances of retirement dates are crucial for planning your financial future.

Join Micah and Tammy as they break down essential federal retirement topics. They discuss the importance of verifying your service history, how to calculate your pension and the advantages of understanding survivor benefits. Additionally, they cover health insurance options available during retirement and the impact of your decisions on your overall benefits.

Take control of your retirement planning. Equip yourself with the insights and strategies needed to enhance your federal benefits and ensure a secure financial future. Tune in to learn how to navigate the complexities of federal retirement effectively!

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"Yes, my name is Marty. I like to know about FERS, if there is a maximum amount of years that I can work and then it is no longer counted towards my retirement calculation. For instance, if I was on the Csrs, I believe the cut off is like 42 years. Is it the same for first? Thank you." - Martha

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Understanding how to navigate taxes in retirement is crucial for preserving your hard-earned income. From Roth conversions to Qualified Charitable Distributions (QCDs), implementing effective tax strategies can significantly impact your financial future. Recognizing the importance of Required Minimum Distributions (RMDs) and the Income-Related Monthly Adjustment Amount (IRMAA) will empower you to make informed decisions about your retirement income.

Join Micah and Christian as they explore vital tax planning strategies that can help you manage your retirement finances effectively. They cover key topics such as the benefits of timing your withdrawals, leveraging tax credits, and minimizing your taxable income. You’ll learn about common pitfalls to avoid and gain practical insights to enhance your tax strategy.

Protect your retirement savings from excessive taxes. Explore ways to build a tax-efficient strategy that enhances your income and supports your financial aspirations. Begin your tax planning today to pave the way for a secure and satisfying retirement!

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Planning for your retirement requires a solid understanding of your options. Discover the best strategies for managing your Thrift Savings Plan (TSP) and learn how to access your funds without facing penalties.

In this episode, Micah and Christian discuss vital topics, including various withdrawal options, the significance of your FERS benefits, and techniques for reducing tax implications. Understand the rules around TSP distributions and how to make informed decisions about your retirement savings.

Find out what to prioritize in your retirement planning to ensure a smooth transition into this new phase of life. Tune in for valuable insights and take control of your retirement strategy today.

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Are you ready to turn your retirement savings into a reliable income stream?

Navigating the complexities of your Federal Employee Retirement System benefits, Social Security, and Thrift Savings Plan is essential for a smooth transition into retirement. Learn how to manage your TSP investments, explore effective withdrawal strategies, and determine the best timing for your retirement.

Join Micah and Christian as they cover crucial topics including Health Insurance, Medicare (with a focus on Medicare Part B), and the impact of Cost-of-Living Adjustments on your retirement funds. They also provide guidance on estate planning, long-term care, and essential legal documents to ensure your family is well cared for.

Get the expert guidance you need for a successful retirement. Tune in today and take the first step toward a financially secure future.

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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 you could assist, I appreciate it. - Carrie.

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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 handle these various income sources can truly make all the difference in your retirement lifestyle.

Join Micah and Tammy as they explore the essentials of retirement income management. In this episode, they cover the essential things, from calculating your net income to navigating different sources of retirement income, including investment earnings and annuities. You'll learn how to avoid common pitfalls and, most importantly, you'll get practical advice that you can immediately apply to make the most of your retirement savings.

Ready to take control of your financial future? Tune in today for expert advice and take the first step toward a financially secure retirement.

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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 Micah explore:

The impact of sick leave on your federal pension calculation, including the high-three average salary and length of service.

Discover how to strategically use your sick leave balance to extend your service time and increase your retirement benefits, opening up new possibilities for your retirement. Important rules and guidelines from OPM regarding sick leave usage.

Common pitfalls federal employees should avoid when trying to maximize their sick leave.

Gain inspiration from real-life examples and scenarios, including how one federal employee used his sick leave during a terminal illness to stabilize his family financially. The differences between civilian and military sick leave policies and why terminal leave is not an option for federal employees.

Whether in the early stages of your career or just a few months away from retirement, this episode is packed with valuable information to help you make the most of your sick leave. Tune in to learn how to avoid costly mistakes and ensure a smooth transition into retirement. Remember, a small mistake can lead to a significant loss in your retirement benefits. https://zurl.co/Vc2b

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 

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 Tammy demystify the FERS retirement calculators, presenting essential insights. By understanding these calculators, you can take control of your retirement planning and ensure it's accurate and effective.

Join the discussion on the importance of precise documentation, proper completion of estate planning documents, and thorough record-keeping of your employment history and military service. Learn about the new GRB system, common mistakes in retirement applications, and the crucial differences between gross and net income, health insurance deductions, and tax withholdings.

Don't miss out on practical tips and expert advice to help you avoid errors. Understanding your benefits and achieving a secure retirement is within your reach. Tune in to "Demystifying FERS Retirement Calculators" and get ready to grasp federal retirement benefits' rules and regulations. By avoiding common mistakes, you can ensure you're not missing out on any benefits.

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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 all of it anytime, others say I have to use the SEPP plan, and others say I can access all of it but only 4 times per year. I understand the tax paid on it is variable to my overall income. - Tim 

Are you seeking clarity on TSP strategies?

Join us on our latest podcast episode, where Christian and JT decode the complexities of TSP investments. From cracking the complexities of TSP investment options, including the G, F, C, S, and I funds, to unraveling the benefits of dollar-cost averaging, this episode is packed with invaluable insights to help you confidently navigate your TSP.

But that's not all. Christian and JT will help you learn TSP distribution strategies, guiding you through the pros and cons of various approaches. Discover how to optimize your TSP for long-term wealth accumulation while staying informed about potential changes to tax laws and regulations.

Tune in now and unlock the secrets to making your TSP for a secure retirement!

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I am 8 years from retirement and currently invested 100% in the C fund. When should I start moving money to the G fund and should it be based on a percentage of my current balance, or should I base it on how many years of withdrawals I want to protect once fully retired i.e. 8-10 years. -  Paul  https://zurl.co/qyzS

Are you ready to take control of your retirement finances? Your current spending habits could shape your future retirement lifestyle more than you realize. Join Micah and Tammy in this episode as they discuss the critical aspects of retirement planning.

Learn why aligning pre-retirement income with post-retirement needs is crucial to avoid financial stress down the road. Micah and Tammy share invaluable insights into understanding retirement income and expenses, offering practical strategies to optimize your financial outlook.

Discover the significance of living within your means, managing expenses, and building reserves for unexpected costs. Gain clarity on federal retirement income and the importance of accurate estimation and tax planning.

Take advantage of these essential strategies to prepare for a comfortable retirement. Tune in now and take the first step towards securing your financial future.

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If I retire age 59 under Postponed Retirement can I collect the SRS - Kenneth  https://zurl.co/Kom2

It is time to discuss retirement planning, cash flow management, and potential retirement expenses!

In this special episode, Micah leads a discussion with Floyd Shilanski, RCF®, a team of seasoned advisors,Christian Sakamoto, CFP®, and JT Ferrin, CFP®, to uncover the crucial aspects of retirement planning that are often overlooked. 

Let's tackle the critical topic of cash flow planning and tax considerations so you can learn how to ensure long-term financial stability. With predictable pensions and TSPs, creating a retirement timeline becomes key to managing finances effectively!

With a focus on cash flow management, tax planning strategies, and charitable giving, our expert advisors offer practical advice to help federal employees make informed decisions and secure a prosperous retirement future. 

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Hello, I appreciate your videos very much. I am active duty and retiring next year, intending on becoming a GS employee. Can you do one on the military to civilian transition with regards to TSP and other issues, besides buying back time? I have both Roth and Traditional military accounts, and I assume they will be separate from the civilian ones. Will the Rule of 55 apply to my military TSP if I retire at 48 and immediately join the federal service? Finally, I plan on working about years and buying back 4 years of Academy time to earn a 11% pension. My plan is to stop working at 55 and then take the deferred pension at 62 for no penalty. Can I elect the deferred pension before my MRA? I know the big risk of deferred FERS pension is loss of FEHB, but since I have TRICARE and VA, I assume that's not a problem. Thank you! - Russ  https://zurl.co/zqOV

Are you ready to embark on a journey towards a secure retirement?

Join our experts, Micah and Tammy, as they analyze advanced retirement strategies to help you achieve financial security in your golden years. From understanding the critical importance of tax planning to maximizing your TSP benefits and optimizing retirement income, they provide you with the knowledge and insights you need to navigate the complexities of retirement planning confidently.

Whether it's an OPM update or a rule that you should be careful about, we've got it all covered. 

Don't let misinformation or misunderstanding derail your retirement plans. Tune in now to ensure you're fully equipped for success and take the first step toward securing your financial future.

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How do I calculate my high three? I was a FERS employee from 1991-2000 then returned to FERS in 2022. I am 58 with a total of 23 years of credible FERS retirement because I did a military buy back of my active duty time (I retired from the Army Reserve). I know I will be giving up my SRS, but I plan to quit working after 24 months in July 2024. Is my high three calculated based on the last 24 months and the highest 12 months from my previous FERS time back in the 1990s? Thank you so much. - Rich https://zurl.co/Tdka

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 emotional preparedness, they cover it all, helping you navigate retirement gracefully and practically.

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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 information as to when I should being my federal pension application to obtain pension benefits beginning in September of 2024. - David https://zurl.co/cmTu

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 Biden, wait til 62 (April 15, 2025), wait til my 30th year date (10 June 2025) and does the 1.1% only apply to me upon reaching age 62 or upon my MRA with qualifying years? - James.

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 right goals for survivors' benefits?

Discover the significance of proper beneficiary designations to avoid complications and ensure assets are distributed according to your wishes. Whether you're married or single, grasping the financial impact of life insurance is paramount for retirees.

Tune in and uncover practical strategies that will guide you through this critical aspect of financial planning. Your journey towards financial security begins here.

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"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

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-three salary, and pension multiplier converge to determine your gross unreduced benefit.

Tune in to find out the common mistakes and get actionable insights on how to navigate your federal retirement planning with confidence.

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"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

"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 

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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 investment strategies. Get clear tips on the five-year rule and how it impacts your investments. 

Tune in for valuable insights on managing your investments for the long run. https://bit.ly/3vxbpA0

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 just make resolutions but take real steps to have a fantastic new year!

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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

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 updates and selecting the right individuals are essential, as things change over time, and you need to ensure they align with your values and can handle the responsibilities involved. 

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''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

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

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, decoding FERS retirement rules, and crafting your personalized retirement income timeline.Happy Planning!

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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

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 infertility benefits across all plans, enhanced maternal health coverage, and a focus on mental health and obesity. Explore the nuances of Medicare Parts A, B, C, and D, and determine whether you need both Medicare and FEHB. 

Knowledge is power, and we're here to empower you on your healthcare journey.

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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 that option when I start withdrawing. What can I do?

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

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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

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

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 Thrift Savings Plan (TSP) contributions to secure your retirement future and delve into essential year-end tax planning considerations to ensure you're compliant and financially prepared, whether that are strategies to manage your tax bracket both now and in the future, or unique tax implications for individuals turning 70 and starting Social Security benefits.

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

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