Phishing For (Your) Dollars

By now you’ve probably received the official notice from the IRS advising you that you may (probably are) eligible for some of that economic stimulus money. Depending on your income and marital status you are likely to get anywhere from $600 to $1,200. There is also an additional payment of $300, for each dependent child in some cases. For the official word, click here.

The checks are supposed to start going in the mail in May. The hope is that we will shop till we drop and therefore prevent a recession, end it if it’s already started, or at least soften its impact. Whatever.

Anyhow, that’s the good news.

The not so good news is that you may already have received several official-looking e-mails designed to make you believe they are from the IRS. These people are “phishing” for information you don’t want them to have.

The government warns that if it’s not from the IRS (which generally doesn’t send e-mails to ordinary citizens), it is from crooks, evil-doers, con artists who are trying to get your personal data. If they get it they can clean out your bank account, open charge accounts in your name, and guarantee that you go into a personal recession that could last for years.

Most feds are probably too smart, savvy, whatever, to be taken in by the bogus e-mails. But some probably aren’t. Retirees, many of whom tend to be outside the normal information loop, are more susceptible. So are older folks in general. Like maybe your parents or grandparents. Or a neighbor.

It might be your good deed for the fiscal year if you warn folks about the illegal “phishing” operations that are taking place right now. For additional background, click here.

Retirees and the TSP

Hundreds of thousands of retired federal, postal and military people have accounts with the federal Thrift Savings Plan. Many like the safety of the G-fund (treasury securities) and the lowest-in-the-business administrative fees charged by the federal 401(k) plan.

A growing number of outside firms are anxious to lure feds and especially retirees out of the TSP and into their welcoming arms. They warn that the TSP may not last (huh!) or that they could do a better job managing your account (for a fee). Or that retirees lack flexibility in the amounts of money they can withdraw from the TSP.

Here’s a question from a retiree, followed by the answer from an expert:

Question: “I am a retired CSRS annuitant. I also have a TSP acount. Am I correct in thinking that when I want to access the TSP money, that I cannot withdraw varying amounts over time as I need them? Thank You.” John F.

The answer from benefits expert Ed Zurndorfer: “A federal annuitant can receive TSP monthly payments that can vary from year to year (an annuitant cannot different amounts from month to month).”

Nearly Useless Factoid

President James Garfield could write Greek with one hand while simultaneously writing Latin with the other. Before you get overly impressed, so could President Thomas Jefferson. “The Aristocrats!”

To reach me: mcausey@federalnewsradio.com

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