Fed Pilot Podcast

Fed Pilot Podcast

by Kevin Jones

Open Season In Retirement

The general rule for Federal Benefits (FB) after retirement dictates that if an action can be done as an employee with FB, it can also be done as a retiree. This principle applies to making changes during Open Season, having a spouse on the plan, and selecting specific FB plans. While there are exceptions, this rule serves as a guiding principle for making decisions regarding FB in retirement.

Is My Social Security Statement Correct?

We encourage individuals to regularly check the accuracy of their Social Security statements by logging into their accounts and reviewing each year's earnings closely. By ensuring the numbers align with one's actual income and comparing them to tax forms, discrepancies can be easily identified. This practice is crucial as the data is pulled from the IRS and any significant discrepancies should be addressed promptly.

Health Care Peace of Mind

Having both Medicare Part B and FB provides peace of mind by knowing exactly what healthcare expenses will be covered. Paying two premiums may seem redundant, but it ensures budgeting for healthcare without unexpected costs. Attending workshops can provide detailed information and clarity on the best healthcare options for peace of mind in retirement. Join us at a Fed Pilot workshop (webinar or in-person) and not only learn about your benefits, but how to prepare for retirement. The earlier in your career, the better. Register: https://fedpilot.com Want to ask a question for me to answer in a video? Ask at https://fedpilot.com/contact-us

Why Do They Leave Us In The Dark?

The federal government may not provide extensive information about retirement benefits due to resource limitations and reduced HR teams. Additionally, there may be a convenient but unintentional benefit for the government in not disclosing all retirement details, as it saves them money if individuals are unaware of how to maximize their benefits. However, it is important for individuals to consider these perspectives and seek out information to make informed decisions about their retirement.

The OFFICIAL Retirement Report

It is crucial to obtain the certified summary of federal service from OPM to ensure accurate retirement benefits. Many individuals have experienced issues where OPM did not recognize their complete service history, leading to complications in retirement. It is advised to obtain this report periodically, even every five years, to ensure OPM's records are accurate and updated. Join us at a Fed Pilot workshop (webinar or in-person) and learn about your benefits and how to prepare for retirement. The earlier in your career, the better. Register: https://fedpilot.com Want to ask a question for me to answer in a video? Ask at https://fedpilot.com/contact-us

Can I Have 2 ROTHs?

It is possible to have two Roth accounts, one within the TSP and another outside of it. However, it is important to note that these accounts have different rules and should be managed accordingly. The rules governing funds within the TSP may be different from those outside, and it is crucial to understand these distinctions in order to make informed decisions about where to house your money throughout your career and into retirement.

Move Before Or After Retirement?

Federal employees who are planning to retire and move to another state need to consider the impact of state taxes on their pension. It is important to determine when to change their address to ensure that mail is sent to the correct location. The timing of changing the address may not be a significant concern. It is essential to prioritize important matters and not get overly concerned about less significant ones. https://fedpilot.com

It's What You Don't Know That Can Hurt You

It is crucial to seek help and guidance in the complicated federal retirement process to avoid making mistakes that could have long-lasting consequences. Statistics show that the majority of retirement applications contain mistakes, highlighting the need for assistance. By continuously learning, subscribing, attending workshops, and seeking help, you can ensure a smooth transition into retirement and a secure future. https://fedpilot.com

SS Benefits Reducing Pension

We Received a unique question about whether Social Security benefits will reduce government pensions by 2/3. Thankfully the answer is No! However, it is extremely important to understand individual rules for retirement rather than relying on rumors or misconceptions. We help you make sure the rules you're following for your retirement are right for YOU, not for someone else. https://fedpilot.com/

Survivor Benefit Plan, What Happens If Your Spouse Dies

The Survivor Benefit Plan provides financial support and healthcare to spouses in the event of the retiree's death. However, if the spouse passes away first, the retiree can inform the Office of Personnel Management (OPM) and stop making payments to the program. https://fedpilot.com

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