For Your Benefit

July 18, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Bob Braunstein, Federal Benefits Specialist. Service Computations Dates (SCDs) are used to determine the amount of government service creditable toward eligibility for a specific benefit or entitlement. They do not necessarily reflect a specific date (but they could). SCDs often establish a “virtual” starting date for continuous creditable service for a benefit. While all your SCDs could be the same chronological date, they frequently are not.

July 11, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Herb Casey, Federal Retirement Specialist.

In retirement, some will decide to relocate to a different location or residence.  Maybe you want to live in a warmer climate or move closer to family.  Herb will discuss the main considerations and resources available in making this decision.

And if you plan to relocate, it’s important to manage the possessions you have collected over the years.  How do you determine what to keep?   Understanding the reasons why it may be necessary to downsize possessions and the steps necessary in the process will be discussed.

For questions or comments, email us in advance at [email protected]

June 27, 2022 on ForYourBenefit, host Tammy Flanagan, Senior Benefits Director NITP, welcomes Mary Beth Franklin, Certified Financial Planner®, Contributing Editor for InvestmentNews, President of RetirePro, and foremost Social Security expert. Tammy and Mary Beth will explore the following important topics:

What are the claiming strategies for Social Security that will maximize your retirement security?

When does it make sense to claim Social Security at 62?

When does it make sense to delay claiming Social Security?

Can you still do-over your Social Security election or can you suspend your benefit payments?

What is the difference between payroll taxes and the income taxes you may have to pay on your benefits?

What are the “Social Security Trust Funds?”

How is Social Security financed?

Is Social Security going broke?

What does the 2022 Social Security Trustees report mean when it states: The fund’s reserves will become depleted and continuing tax income will be sufficient to pay 77 percent of scheduled benefits?

What are the likely changes that lawmakers will make to reduce or eliminate the long-term financing shortfalls in Social Security and Medicare?

What is the purpose of the Social Security cost-of-living adjustment?

Inflation is at near record highs; will the COLA keep up with inflation?

If I delay Social Security past age 62, will I miss out on the COLAs?

For questions or comments, email us in advance at [email protected]

June 13, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes WAEPA CEO M. Shane Canfield and Tony Zerante, Senior Vice President, Operations. The Worldwide Assurance for Employees of Public Agencies has served the needs of Civilian Federal Employees and their families for over 75 years.

How does inflation impact the Civilian Federal Workforce?

What is WAEPA doing to help its Membership during these uncertain economic times?

How has WAEPA adapted to serving its Members’ needs as we emerge from the pandemic?

How does WAEPA help its Membership and their long-term financial planning needs?

The Future of WAEPA:

WAEPA’s constant evolution of providing new products since it was founded during World War II

What WAEPA is doing to address the coverage gap

The importance of service to our country

WAEPA offers resources online at WAEPA.org

For questions or comments, email us in advance at [email protected]

June 6, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Kathy Lavinder, the founder of executive search firm SI Placement.

Whether it’s the Great Resignation or the Great Reshuffle, many people are re-examining their careers. Kathy will offer advice for thinking about your career options and provide specific advice on how to execute any new priorities. With especially low unemployment now, the power dynamic has shifted in most organizations. Workers have more power than ever before so it’s a good time to learn when and how to speak up, develop your value proposition, find new opportunities, and possibly change things up.

For questions or comments, email us in advance at [email protected]

May 30, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Bob Braunstein, Federal Benefits Specialist, to talk about CSRS Offset coverage.

What is it?

How did it happen?

When did it begin?

Who does it cover?

What is the difference between CSRS and CSRS Offset coverage?

Which Federal employees are required to pay Social Security who are not in FERS coverage?

Why is CSRS Offset considered to be the best of all worlds for CSRS?

For questions or comments, email us in advance at [email protected]

May 23, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Marc Levine, Esquire. During today’s broadcast, Marc will answer commonly asked questions about Estate Planning such as:

What Estate Planning does your young adult need? Planning for the 18 to 24-year-olds.

When does a Power of Attorney end? “Mom died and the bank won’t listen to me anymore.”

What really happens if you die without a will?

For questions or comments, email us in advance at [email protected]

May 2, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Tammy Flanagan, Senior Benefits Director, NITP.

This topic has become more complicated for employees retiring under the three-tiered FERS retirement system that includes Social Security, the FERS Basic Benefit (government pension) and the Thrift Savings Plan.

Today’s program will focus on the “best dates” to separate from Federal service under CSRS and FERS, and will also address the questions that are on many employee’s minds:

Teleworking over the past two years has caused many to consider retirement, especially if being ordered to return to the office.

Learn how to prepare for delays in retirement processing that have occurred throughout the retirement planning process.

There are clues to know when it’s “time” for retirement.

The best retirement date may not be the same as your coworkers.

There are important retirement planning steps everyone should take during the months leading up to your retirement date.

The discussion may also include the following related topics:

There are mental, financial, and tax preparations that need to be done before selecting your date.

It is important to have an idea of how you will spend your time in your life after retirement.

Retirement can last a long time. Some Federal retirees receive benefits for more years than they worked for the government. How to prepare for longevity risk.

Retirement is a taxable event! Learn how your benefits will be taxed in retirement.

Gross vs. Net: Understand the withholdings and reductions that will impact your net income during retirement.

Selecting the best date to retire under FERS and CSRS:

The last day of the month for FERS, CSRS and CSRS Offset optional retirements

The first three days of the month for CSRS and CSRS Offset

Any day might be a great day for your retirement

The rules are a little different for disability, early retirements and deferred retirements

The end of the leave year remains a popular date for many Feds

Be sure to include your leave balance in the retirement planning process

Thrift Savings Plan drawdown:

You can use your TSP to supplement your monthly FERS and Social Security benefits.

Be sure that you have a plan for managing your TSP post-retirement.

Applying for withdrawals from the TSP will get easier this summer!

Know when to “turn on” your Social Security retirement:

How would you answer the following questions?

What if you are working past your full retirement age?

Do you plan to work after you retire?

Are you retiring under age 62?

Are you married, widowed or divorced?

Did you start a family later in life?

Do you have a history of longevity in your family?

Will you receive a CSRS retirement benefit? Consider the Windfall Elimination Provision and the Government Pension Offset.

For questions or comments, email us in advance at [email protected]

April 25, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Joe Sullender, CFP®, to talk about strategies for late savers.

The basic tenets are:

It is never too late to develop a plan

You likely still have a long-term timeframe

Do not worry about what you have and have not done in the past

Strategies to consider:

Often later in life we have more clarity in our goals

The opportunity to retire from Federal service and work elsewhere, banking the annuity (hyper-saving)

Time is of the essence – Act swiftly and avoid further delays

For questions or comments, email us in advance at [email protected]

April 18, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Brian Kurrus, CFP® to answer questions about your investments, including the Thrift Savings Plan.

How are my investments allocated?

How much risk am I taking?

What are the fees?

Should I make changes?

Which investments should I access first?

For questions or comments, email us in advance at [email protected]