
Hubbard Radio Washington DC, LLC. All rights reserved. This website is not intended for users located within the European Economic Area.
Hubbard Radio Washington DC, LLC. All rights reserved. This website is not intended for users located within the European Economic Area.
If you are even THINKING about retiring next year, you’ve got some homework to do. If you are one of the few remaining Civil Service Retirement System (CSRS) workers, most of it involves what to do with your Thrift Savings Plan. But for the majority of feds who are under the Federal Employees Retirement System (FERS), there are lots of moving parts. Lots to consider. And 2021 could be a tough year. Many experts are...
If you are even THINKING about retiring next year, you’ve got some homework to do. If you are one of the few remaining Civil Service Retirement System (CSRS) workers, most of it involves what to do with your Thrift Savings Plan. But for the majority of feds who are under the Federal Employees Retirement System (FERS), there are lots of moving parts. Lots to consider. And 2021 could be a tough year. Many experts are predicting that the long overdue retirement tsunami, the massive government brain drain, will actually happen next year. So do you want to be ahead of the action or caught up in it?
Between now and early January 2021, thousands of federal and postal workers will put in their retirement papers and end their careers. Some have been planning for a long time and have, hopefully, all their ducks in a row. For others it may be a spur-of-the-moment decision, maybe a political or personal one. Also, for the first time, many of the potential retirees, and the people assisting them, will be working from home. For many retirees, this next phase of their lives could last at least as long as they worked. Retirements of 20 or 30 years are not uncommon. So planning for the very long haul is critical.
People under the CSRS program will get larger annuities and full cost of living adjustments (COLAs) to keep pace with inflation. But the majority who will this year and in the future are under the FERS. They will have to live with smaller monthly annuities, diet COLAs, and depend on their Social Security and TSP investments for their retirement income. Long range planning isn’t just important, it is absolutely essential. Federal benefits expert Tammy Flanagan thinks this next December-January season may produce the tidal wave of retirements experts have incorrectly predicted for decades. But maybe this time it will happen. But whether you are going out this year, next summer or departure day is years away, plan ahead. Starting yesterday. But beginning now is better than nothing. A lot better.
For starters, Tammy will be my guest today on Your Turn (10am EDT). You can listen live here or on the radio at 1500 AM in the D.C. area. She is going to cover the waterfront and focus on the 7 things you should NOT do when mapping out your retirement. Below is her list. It’s a long one, but trust me, your retirement will seem a lot longer and leaner if you skip it. Here goes:
By Alazar Moges
On December 5, 1933, the 21st Amendment was ratified, as announced in this proclamation from President Franklin D. Roosevelt. The 21st Amendment repealed the 18th Amendment of January 16, 1919, ending the increasingly unpopular nationwide prohibition of alcohol. The 18th is the only Amendment to ever be repealed.
Source: National Archives
Mike Causey is senior correspondent for Federal News Network and writes his daily Federal Report column on federal employees’ pay, benefits and retirement.
Follow @mcauseyWFED
Learn about everything from pay, benefits and retirement, to buyouts, COLAs and pay freezes. Dial 667-930-9385
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May 20, 2022 | Close | Change | YTD* | |
---|---|---|---|---|
L Income | 22.5130 | 0.0187 | -3.32% | |
L 2025 | 11.3194 | 0.0143 | -6.04% | |
L 2030 | 38.8666 | 0.066 | -8.58% | |
L 2035 | 11.5596 | 0.0215 | -9.48% | |
L 2040 | 43.3398 | 0.0865 | -10.33% | |
L 2045 | 11.7701 | 0.025 | -11.10% | |
L 2050 | 25.5858 | 0.0571 | -11.80% | |
L 2055 | 12.3294 | 0.0294 | -13.56% | |
L 2060 | 12.3286 | 0.0295 | -13.56% | |
L 2065 | 12.3276 | 0.0295 | -13.57% | |
G Fund | 16.8715 | 0.0013 | 0.65% | |
F Fund | 19.0127 | 0.0641 | -9.33% | |
C Fund | 59.2382 | 0.0093 | -12.91% | |
S Fund | 63.2517 | -0.0762 | -18.83% | |
I Fund | 33.9360 | 0.2393 | -12.73% | |
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. |