Show cover of Plan Your Federal Retirement Podcast

Plan Your Federal Retirement Podcast

Financial Planner and benefits experts discuss the intricacies of the Federal Employee Retirement System. This real world experience allows these benefits experts to address questions they are most frequently asked by Feds as well as Human Resource departments on how benefits work.


Understanding Medicare Premium Surcharges (aka IRMAA)
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08:23 5/21/24
#103 Don’t Replace Your Expenses in Retirement
Are you ready to take control of your retirement finances? Your current spending habits could shape your future retirement lifestyle more than you realize. Join Micah and Tammy in this episode as they discuss the critical aspects of retirement planning. Learn why aligning pre-retirement income with post-retirement needs is crucial to avoid financial stress down the road. Micah and Tammy share invaluable insights into understanding retirement income and expenses, offering practical strategies to optimize your financial outlook. Discover the significance of living within your means, managing expenses, and building reserves for unexpected costs. Gain clarity on federal retirement income and the importance of accurate estimation and tax planning. Take advantage of these essential strategies to prepare for a comfortable retirement. Tune in now and take the first step towards securing your financial future.
24:16 5/20/24
When Can You Collect Your SRS (Special Retirement Supplement)?
If I retire age 59 under Postponed Retirement can I collect the SRS - Kenneth
05:52 5/15/24
Your TSP Journey: Decisions to Make at Retirement
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15:13 5/14/24
What Documents Do You Need Before Retirement?
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08:10 5/7/24
#102 Key things Advisors Wish Their Clients Knew
It is time to discuss retirement planning, cash flow management, and potential retirement expenses! In this special episode, Micah leads a discussion with Floyd Shilanski, RCF®, a team of seasoned advisors,Christian Sakamoto, CFP®, and JT Ferrin, CFP®, to uncover the crucial aspects of retirement planning that are often overlooked.  Let's tackle the critical topic of cash flow planning and tax considerations so you can learn how to ensure long-term financial stability. With predictable pensions and TSPs, creating a retirement timeline becomes key to managing finances effectively! With a focus on cash flow management, tax planning strategies, and charitable giving, our expert advisors offer practical advice to help federal employees make informed decisions and secure a prosperous retirement future.
29:46 5/6/24
Military to Civilian Transition
Hello, I appreciate your videos very much. I am active duty and retiring next year, intending on becoming a GS employee. Can you do one on the military to civilian transition with regards to TSP and other issues, besides buying back time? I have both Roth and Traditional military accounts, and I assume they will be separate from the civilian ones. Will the Rule of 55 apply to my military TSP if I retire at 48 and immediately join the federal service? Finally, I plan on working about years and buying back 4 years of Academy time to earn a 11% pension. My plan is to stop working at 55 and then take the deferred pension at 62 for no penalty. Can I elect the deferred pension before my MRA? I know the big risk of deferred FERS pension is loss of FEHB, but since I have TRICARE and VA, I assume that's not a problem. Thank you! - Russ
07:45 5/1/24
The Hidden Tax You Need to Be Aware of in Retirement
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05:49 4/30/24
Does Sick Leave Count as 5.8 Hours Day or 8 Toward Service Credit
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07:27 4/23/24
#101 Secure Your Retirement with the Thrift Savings Plan
Are you ready to embark on a journey towards a secure retirement? Join our experts, Micah and Tammy, as they analyze advanced retirement strategies to help you achieve financial security in your golden years. From understanding the critical importance of tax planning to maximizing your TSP benefits and optimizing retirement income, they provide you with the knowledge and insights you need to navigate the complexities of retirement planning confidently. Whether it's an OPM update or a rule that you should be careful about, we've got it all covered.  Don't let misinformation or misunderstanding derail your retirement plans. Tune in now to ensure you're fully equipped for success and take the first step toward securing your financial future.
36:13 4/22/24
How do I Calculate My High-3?
How do I calculate my high three? I was a FERS employee from 1991-2000 then returned to FERS in 2022. I am 58 with a total of 23 years of credible FERS retirement because I did a military buy back of my active duty time (I retired from the Army Reserve). I know I will be giving up my SRS, but I plan to quit working after 24 months in July 2024. Is my high three calculated based on the last 24 months and the highest 12 months from my previous FERS time back in the 1990s? Thank you so much. - Rich
02:55 4/17/24
Is Social Security Going to Run Out?
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09:41 4/16/24
Tax Management: How to Withhold Taxes From Social Security
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04:23 4/9/24
#100 Retirement Real Talk: Honest Conversations About Life After Work
Are you ready to retire? Have you considered the emotional part of this journey? Are you and your spouse on the same page about your golden years and have the same expectations? Let's discuss long-term plans, the difficult situations that life can bring, and the importance of ensuring you enjoy your golden years and create memories with your family! Join hosts Micah Shilanski and Tammy Flanagan as they explore honest conversations about life after work. From financial planning to emotional preparedness, they cover it all, helping you navigate retirement gracefully and practically.
21:47 4/8/24
The Best Days to Retire in 2024 as a FERS Federal Employee
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10:30 4/4/24
Federal Pension - A Guide for Former Federal Employees
I worked for the U.S. Department of Energy from 2/19/1995 to 9/1/2000. I turn 62 on 8/16/2024. I spent my entire federal career at the Nevada Operations Office in North Las Vegas, NV. I live there now. I approached that office to ask when I should begin my application for a federal pension and which office to send the required documentation to. Human resource staff at that office told me to contact OPM directly since I am no longer an active federal employee. I did not receive any information as to when I should being my federal pension application to obtain pension benefits beginning in September of 2024. - David
07:54 4/3/24
Smart Healthcare Planning: Do You Need Both FEHB and Medicare?
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07:10 3/26/24
#99 Bonus Pod - Answering Question
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23:05 3/25/24
Optimal Retirement Timing: Should You Wait For a Potential Pay Increase?
Hi! Love your podcasts and videos! I’m having a hard time figuring out my best dates and options for retiring soon. I’m trying to determine when the best time would be to leave federal service with the USPS. I’m retired military, but never “bought back” my time. I’ve just began receiving my retirement pension at age 60 (retired 26 years reserves). I currently have 28 years and 3 months with the USPS and 60 years old. Should I wait until the possible 4.7% pay increase takes effect signed by Biden, wait til 62 (April 15, 2025), wait til my 30th year date (10 June 2025) and does the 1.1% only apply to me upon reaching age 62 or upon my MRA with qualifying years? - James.
04:24 3/20/24
How to Manage FERS Supplement and Social Security While Employed
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14:29 3/19/24
#98 Do You Really Need Life Insurance in Retirement?
Federal retirees face unique challenges, from income replacement to tax considerations. But what about life insurance needs and survivor benefits? In this episode, our experts, Micah and Tammy, dive into the importance of tailored life insurance planning to address individual circumstances effectively. Is life insurance necessary, or how much coverage is sufficient? How do you determine the appropriate amount of life insurance? And what about planning for the future and establishing the right goals for survivors' benefits? Discover the significance of proper beneficiary designations to avoid complications and ensure assets are distributed according to your wishes. Whether you're married or single, grasping the financial impact of life insurance is paramount for retirees. Tune in and uncover practical strategies that will guide you through this critical aspect of financial planning. Your journey towards financial security begins here.
34:15 3/11/24
Social Security & COLA
03:14 3/6/24
FERS Pension and How It Affects Your Social Security
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05:48 3/5/24
Unlocking the Rule of 55
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05:18 2/27/24
#97 How to NOT Go Back to Work in Retirement, 3 Things You Need To Know
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37:41 2/26/24
Potential Consequences of Exceeding The Earnings Limit in 2024 on FERS Supplement
"In mid 2025, I will turn 62, therefore my FERS supplement will stop. I currently work PT not to exceed 2013 earnings limit. However, in 2024 I’m thinking about going fulltime to be prepared financially for when I lose the FERS supplement. What happens if I exceed the earnings limit in 2024? Will there be a penalty? Will it reduce my SSA pension whenever I decide to receive it? Thank you." - L. Reinhart
07:45 2/21/24
#96 What is The MOST Important Part of Your Pension?
There are a lot of complexities in federal retirement benefits and retirement planning. Let's unravel the key aspects and pitfalls associated with them! In today's episode, Micah and Christian discuss the importance of understanding federal retirement benefits and avoiding common mistakes. They highlight the significance of understanding cash flow as the heartbeat of retirement planning and explain the FERS annuity benefit formula, breaking down how factors like creditable service, high-three salary, and pension multiplier converge to determine your gross unreduced benefit. Tune in to find out the common mistakes and get actionable insights on how to navigate your federal retirement planning with confidence. Episode Website
26:01 2/12/24
Can you get a Personalized FERS Benefits Summary?
"Hello, Will OPM issue me a personal FERS Benefits Summary upon request (i.e., similar to the personalized benefit summary issued by Social Security) based on my VA creditable service and High-3 salary or do I have to wait until 60 days prior to my pension benefit start date to find out the amount of my FERS pension benefit??? By the numbers, I qualify for a VA FERS Deferred retirement, but I would like to confirm the amount of my pension benefit now. Thank you." - Cory
06:46 2/7/24
#95 Retire Happy: Essential Steps to a Successful Federal Retirement
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41:53 1/29/24
Loan Options Toward FERS Contributions
"Can I take out a loan towards my FERS contributions? I’m a federal employee and no where close to retirement. Would it work like the TSP loan that I can just pay it back over a few years? I can’t find any information on this topic." - Martin
06:40 1/24/24