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Federal Pre-Retirement Consultation

In over ten years of working with federal employees I have learned that there are many questions around retirement and how federal benefits work in retirement. I believe a federal employee’s financial well-being is vital to a happy and satisfying retirement. Federal employees should know exactly how their retirement will work before submitting their retirement papers.

Federal Employees
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Credit Card Debt and a Good TSP Loan

I wrote a previous article that discussed reasons not to take a Thrift Savings Plan (or 401k) loan. Even though I am generally against taking a loan from your retirement plan, there are times when it can make sense. There are many reasons not to take a loan, but I will refer you back to my previous article for those reasons. Justification of a TSP loan calls for a dire situation, such as high credit card debt.

General Federal Employees
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Stop Cleaning Your Car

Fast forward many years later, and I still have a tendency to do things myself. The main reason I clean my own cars, wax my cars, clean the house, and do the yard work is because I’m tight (or frugal, to put it politely). I don’t like the idea of paying others to do something that I am able to do.

Federal Employees General Doctors
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Five Common Mistakes Retirees Make

Retirement is a goal that most of us aspire to. Even though retirement is often thought of as an ending, it is more of a beginning event. Yes, you may be done working, but a new phase of life is starting. Each phase of life has its own risks and retirement is no different.

Federal Employees
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Avoid Parent Plus Loans

Most families I work with want to help their kids pay for college, and with annual price tags that can reach over $70,000; most students have to take out loans. The latest numbers say 71% of college graduates will have some kind of student loan. For most families, the question is what kind of loan should you get. Here are a number of ways that families may choose to pay for a college shortfall.

College Planning
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Four Reasons Not to Take a TSP Loan

Taking out a loan against your TSP has become a pretty common practice with federal employees. Even federal employees with higher incomes have taken money out of their TSP because it is a “good deal.” As many of us have seen in life, just because it sounds like it is a good deal doesn’t mean it actually is. Despite sounding like a good deal,

Federal Employees
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Lifestyle Creep

One of the biggest obstacles to accumulating wealth is what I call Lifestyle Creep. Lifestyle Creep can delay retirement, financial stability, and financial independence. At its worst, lifestyle creep can drive families into large amounts of debt that they will spend decades climbing out of. Others have referred to it as lifestyle drift or lifestyle inflation.

Federal Employees Doctors General
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FERS Supplement and the Earnings Test

Many federal employees will be fortunate enough to retire before the age of 62. Those individuals will be eligible to collect additional income from the FERS supplement. This entitlement is specifically to help supplement federal employees’ retirement until they reach age 62.

Federal Employees
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Two Ways to Save on the Cost of College

The ideal circumstance would be for a family to have saved enough money to cover the entire cost of college, or have enough income to pay for college out of pocket. However, the reality is that very few families have the resources to fund four years of college. The average 529 plan savings is a little over $20,000, which normally won’t cover one year of school! Due to the cost and complexity, having a plan to pay for college is essential.

College Planning
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The Worst Investment For Your TSP

Before taking money out of your TSP to invest, you need to carefully consider and question what you are doing. A good rule of thumb for investments is: a long surrender charge and high commission equals a poor investment for me and a great investment for the salesman!

Federal Employees
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Save Money on Life Insurance by Layering

Layering your life insurance involves getting multiple term policies to cover different time periods. The thought behind is that you won’t need the same amount of death benefit for a 20 or 30 year time period, but will need less insurance as you get older. Layering your insurance could mean having 3-4 different policies with terms of 10, 15, 20, or 30 years.

General Doctors
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