Does your TSP account resemble the plot in the 1957 Sci-Fi thriller movie, The Incredible Shrinking Man?

Wish you had picked another health plan to cover you and your family this year?

Have you suddenly figured out that the Flexible Spending Account you don’t have is, for most people, a bonus. A no-brainer decision.

Then good news and bad news:

The good news is that there is still time to sign up for a new 2009 federal health plan, or to set up or beef-up your FSA account for this year.

The bad news is that while there is still time, there isn’t much. In fact you have until COB Friday, January 30th to make health plan changes. For links to the “best buys” for singles, families and postal workers, click here.

Friday is also the deadline to sign up for an FSA. Or to increase the amount of money you want to contribute to your FSA account in 2009. FSAs can be used to pay for medical/dental charges, or items, not covered by your regular federal health plan. You can contribute as little as $250 or as much as $5,000 into an FSA. You can also sign up for a dependent care FSA. For FSA Information go to: www.fsafeds.com

What do do with your TSP, up to and including nothing, is a little more tricky. Your course of action depends on how much risk you can tolerate without your hair falling out, and also when you will start tapping your TSP account. For some people that is right away. For others it could be 10, 20 or 30 years.

Today on our Your Turn with Mike Causey radio show we’ve got two experts to help you navigate the benefits and TSP world. Tammy Flanagan will explain what an FSA is and why you probably need one. And how to figure out how much to set aside via biweekly contributions. She will also talk about the health insurance situation, and tell us the best days to retire in 2009.

On the financial side, Bill Losey, columnist commentator for MSNBC, will talk about long-term and short-term financial strategies, with the emphasis on your 401(k) plan. He’s one of the best in the business and makes his points with humor.

Bottom line: The Your Turn show is on from 10 a.m. to 11 a.m. EST. You can get it anywhere in the world (we’ve got listeners in Kuwait even!!!) at www.federalnewsradio.com (hit the Listen Now button) or in the Washington area at WFED AM 1500.

Listen if you can, call in if you like. If you would rather e-mail a question (for Tammy or Bill) you can send it to me at: mcausey@federalnewsradio.com

Our toll-free number is 1.877.936.9333

Our local number is: 202.465.3080

Nearly Useless Factoid

ScientificAmerican asked Dale E. Berg, a member of the technical staff in the wind energy technology department at Sandia National Laboratories “Why do wind turbines have three narrow blades, but ceiling fans have five wide blades?” The answer? It depends on whether you want to catch the wind or make a breeze.

To reach me: mcausey@federalnewsradio.com

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