If COVID is the new normal — what, if any, are your options?

Many experts who predicted COVID-19 would be long gone by now — killed by summer sunlight, stopped by a vaccine or tamed by ‘herd immunity’ — are starting to realize it may be around a lot longer than any of them predicted. Or that we hoped. States that once reopened for business are seeing big jumps in new cases, and fatalities, and are starting to lock down again.

While more feds are returning to the office, most who have been working from home are still doing that. Some people are predicting that the impact of the virus on the economy, peoples nerves and relations with friends and family members, may actually trigger a tidal wave of retirements in many agencies.

In June, when many jurisdictions were easing up on lockdown rules, we talked with benefits expert Tammy Flanagan about what people should be doing, especially if they are now contemplating retirement or a career change. She’s an expert on federal benefits and life after government. She’ll be my guest today on our Your Turn radio show at 10 a.m. EDT. You can listen live here or on 1500 AM in the Washington D.C. area. The prerecorded show will also be archived on our site so you can listen later and/or pass it on to a friend.

Here are some of the things we’ll be talking about relating to retirement planning during the pandemic:

  • Has retirement processing been affected?
  • How long might you have to wait for your first full annuity payment?
  • How does the CARES Act impact the TSP?
  • What should you not be doing with your TSP?
  • What should you be doing to prepare for retirement?
  • Virtual training events.
  • Social Security offices are now accessible by phone — no need to wait in line at the local office!
  • Do you have a retirement estimate? Do you know how to get one?
  • Do you know how to estimate your “net” retirement income?
  • Have you started to think about your expenses in retirement?
  • Do you have sufficient cash reserves for emergencies?
  • Have you started to contemplate life after retirement — quarantine has provided some insight, maybe?

Nearly Useless Factoid

By Alazar Moges

Despite the frigid climate, the U.S. state with the highest percentage of people that walk or bike to work is Alaska. On the other end of the spectrum is Alabama, with the lowest percentage at 1.4%.

Source: CDC

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Your Turn with Mike Causey

WEDNESDAYS at 10 A.M.

Learn about everything from pay, benefits and retirement, to buyouts, COLAs and pay freezes. Call the show live Wednesdays from 10-11 a.m. at 202-465-3080 with your questions. Dial 605-562-0264 to listen live from any phone. Follow Mike on Twitter and send him an email with your questions and comments. Subscribe on Apple Podcasts or Podcast One.

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THRIFT SAVINGS PLAN TICKER

Nov 30, 2020 Close Change YTD*
L Income 22.0426 -0.0377 4.04%
L 2025 10.9118 -0.0426 -
L 2030 37.7239 -0.183 8.24%
L 2035 11.2251 -0.0599 -
L 2040 42.0825 -0.2458 9.51%
L 2045 11.4379 -0.0718 -
L 2050 24.8569 -0.167 10.56%
L 2055 11.8630 -0.0976 -
L 2060 11.8631 -0.0975 -
L 2065 11.8632 -0.0976 -
G Fund 16.4964 0.0012 0.89%
F Fund 21.1668 0.015 7.35%
C Fund 53.8426 -0.2398 13.93%
S Fund 69.1907 -0.7648 22.95%
I Fund 33.8194 -0.4237 3.37%
Closing price updated at approx 6pm ET each business day. More at tsp.gov
* YTD data is updated on the last day of the month.