Somewhere out there, the person or persons who, in the late 1990s, predicted Uncle Sam was facing a massive wave of retirements may be happy at last. Or not!
Congress had once anticipated as many as 1,000 federal employees would use phased retirement at any given time. But eight years after lawmakers signed off on the program, participation still falls well short of original expectations.
Although the Federal Employees Retirement System (FERS) was launched in the 1980s, it is still considered the “new” plan by workers who remained in the old Civil Service Retirement System (CSRS).
Nobody likes to think about dying. But it happens and if you don’t do some advance planning it can cause even more longer lasting pain and grief.
The Federal Retirement Thrift Investment Board has launched a social science program over the past year, with the goal of sending messages and reminders to targeted groups of participants to prompt them to contribute and save more with the TSP.
According to a Federal News Network analysis of Office of Personnel Management data, 6,000 fewer employees retired in 2019 compared to the previous year. Federal employees say a combination of personal, financial, health and family reasons — in addition to their agency’s leadership, budget and political climate — all influence their retirement decisions.
Despite high returns for the TSP’s stock index funds last year, a majority of federal workers have most of their nest egg money in the G fund.
The decision to pull the plug depends on the job, your family situation, health, financial goals and, maybe, whether you’re a glass-half-full versus glass-half-empty type.
Some experts in retirement planning believe that many feds with memories of the Great Recession of 2008-2009 are working longer than they have to.
The TSP option is a nice but not absolutely essential thing to have for those under the more generous CSRS retirement program with its higher benefit and full protection from inflation.
Starting in the mid-1990s various experts looked at the aging federal workforce and concluded that the end, for many of them, was near.
Have you delayed your retirement to keep working longer? Or are you ready to leave the day you’re eligible? Tell Federal News Network about your retirement plans with this anonymous survey.
While there is a lot of interest in those who are self-made Thrift Savings Plan millionaires, the fact is most investors will never hit seven-figure status.
In today’s Federal Newscast, the Congressional Budget Office found federal employees are contributing and saving more for retirement, due to two Thrift Savings Plan policy changes.