Using Your TSP to Cope with Economic Uncertainty

Using Your TSP to Cope with Economic Uncertainty

With so much uncertainty regarding both the economy and personal finances at this time, you might wonder if you should take advantage of the opportunity to access funds in your Thrift Savings Account. You can take a hardship withdrawal or loan from your TSP. Many of us are facing challenges at this time, either due to interrupted income, sudden child care expenses due to school closures, or both. The CARES Act provides increased flexibility regarding early...
The IRS Extended This Year’s Tax Filing Deadline

The IRS Extended This Year’s Tax Filing Deadline

Like most of us, you might be worried about the impact of the coronavirus outbreak. The good news is that lawmakers are busy working on solutions to lessen the financial impact of the situation, and have already begun instituting changes to help us all cope. One such change involves the deadline for filing your 2019 federal income tax return. Normally we all rush to file our taxes by the April due date; this year, that deadline has been extended until July 15....
What You Need to Know About Stimulus Payments

What You Need to Know About Stimulus Payments

In response to the coronavirus outbreak, the federal government passed a relief bill to help both businesses and citizens cope with economic uncertainty. Many of you will be eligible for a stimulus payment, so we wanted to clear up a few of the most common questions. Payments will be sent in the next few weeks. According to the IRS, payments will start going out within about three weeks of the bill’s passage. Based on that information, you will likely see your...
Should Both Spouses Retire at the Same Time?

Should Both Spouses Retire at the Same Time?

When scheduling your retirement date, your spouse (and their career) become an important consideration. Maybe you can’t wait to travel together and spend more time with family, so you might wish to both retire at the same time. On the other hand, there can be important reasons for retiring at different times. What about healthcare? If you (or your spouse) will be relying upon Medicare, then you both might want to wait until age 65 to retire. Of course, as a...
Would You Take Advantage of a TSP Hardship Withdrawal Option?

Would You Take Advantage of a TSP Hardship Withdrawal Option?

Sometimes life throws us curveballs, and we need access to emergency cash. To this end, the Federal Retirement Thrift Investment Board has proposed a change that would allow greater access to hardship withdrawals from Thrift Savings Plans. Currently, hardship withdrawals fall under four categories based on the type of hardship faced by a federal employee: Negative monthly cash flow Certain types of medical expenses (for either the employee or his/her dependents)...
Carrying Your Health Benefits Into Retirement

Carrying Your Health Benefits Into Retirement

If you’re a federal employee who appreciates your healthcare program, you might be happy to learn that you can indeed continue your Federal Employee Health Benefits (FEHB) into retirement. This provision, available to federal employees, is unlike most healthcare systems offered to private sector workers. Carrying your FEHB into retirement means you don’t necessarily have to wait until the age of Medicare eligibility (65) to retire. Nor will you have to shop around...

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