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 ForYourBenefit@nitpinc.com

July 4, 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 ForYourBenefit@nitpinc.com

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:

1. What are the claiming strategies for Social Security that will maximize your retirement security?
2. When does it make sense to claim Social Security at 62?
3. When does it make sense to delay claiming Social Security?
4. Can you still do-over your Social Security election or can you suspend your benefit payments?
5. What is the difference between payroll taxes and the income taxes you may have to pay on your benefits?
6. What are the “Social Security Trust Funds?”
7. How is Social Security financed?
8. Is Social Security going broke?
9. 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?
10. What are the likely changes that lawmakers will make to reduce or eliminate the long-term financing shortfalls in Social Security and Medicare?
11. What is the purpose of the Social Security cost-of-living adjustment?
12. Inflation is at near record highs; will the COLA keep up with inflation?
13. If I delay Social Security past age 62, will I miss out on the COLAs?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

June 20, 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 ForYourBenefit@nitpinc.com

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 ForYourBenefit@nitpinc.com

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 ForYourBenefit@nitpinc.com

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 ForYourBenefit@nitpinc.com

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 ForYourBenefit@nitpinc.com

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 ForYourBenefit@nitpinc.com

April 11, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes John Jilek, CFP®.

If you are planning to retire in the near future, it is time to take a serious inventory of your ability to handle risk associated with your investments, health, inflation, family, longevity, and liabilities.  It is also time to meet with your ‘team’ of professionals well ahead of your retirement date.

If you think you are ready to retire, but want to know for certain that you will be okay, tune in to hear planning tips from a Certified Financial Planner® Professional.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

April 4, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Karen Schaeffer, CFP® and Jon Dauphine, CEO of the Foundation for Financial Planning.

Karen Schaeffer, CFP®, often says so much about financial planning is common sense.  Then why do so many people struggle to make good financial decisions?  In honor of Financial Literacy Month, please join Karen and Jon to learn more about the need for financial literacy and the work of the Foundation to bring financial planning to people on a pro bono basis.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

March 28, 2022 on ForYourBenefit, host Bob Leins, CPA® and co-host Tammy Flanagan, Senior Benefits Director at NITP, Inc., welcome Kim Weaver, Director, External Affairs, and Jim Courtney, Director of the Office of Communications and Education, Federal Retirement Thrift Investment Board.

Today’s discussion will focus on answering the following questions:

• The TSP is adding new features this summer – what are they and how will they help participants?
• The TSP simplified the way catch-up contributions are made.  Did it help?
• The country has been dealing with the pandemic for two years now – did that impact the TSP or its participants?
• Stats!  How many participants receive the 5% match?  How many millionaires?  Average account balances?
• What were the administrative expenses for 2021?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

March 21, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes Tammy Flanagan, Senior Benefits Director, NITP.

“I believe legends and myths are largely made of truth.” – J.R.R. Tolkien

Today’s show will tackle some of the current urban myths that frequently circulate in pre-retirement seminars and among Federal employees who have heard these stories from a friend of a friend or they may have even read about them somewhere.  Here are some that you may have heard:

• Retirees need 70% to 80% of their current income in retirement.
• Maxing out your Thrift Savings Plan is all you need to do to save for retirement.
• At retirement, your investments should become very conservative.
• If you have coverage under the Federal Employees Health Benefits Program, there’s no need to enroll in Medicare when you turn 65.
• Only those people in good health should consider a high deductible health plan.
• You can’t count on Social Security for your retirement years.
• Those who retire in 2022 will receive the 2022 COLA in their January 2023 retirement benefit payment.
• For those who retire after the January 2022 annual General Schedule pay adjustment takes effect, their high-three average salary used to compute their CSRS or FERS retirement benefit will reflect this new rate as one of the three years.
• If an employee dies before retirement, the benefits available to his or her survivors come only in the form of lump-sum payments.
• Federal retirees cannot receive Social Security spousal or widow’s benefits.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

March 14, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes David Santana, Health Insurance Specialist from the Centers for Medicare and Medicaid Services.

• Understand your Medicare coverage choices to maximize your benefits
• Evaluate the cost of enrolling in Medicare and premium payments
• Summarize the choices to make an informed Medicare enrollment decision
• Social Security offices remain closed for in-person appointments—Find out the different ways to enroll in Medicare

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

March 7, 2022 on ForYourBenefit, host Bob Leins, CPA® welcomes WAEPA CEO M. Shane Canfield and Stacy Outlaw, WAEPA’s Senior Vice President of Marketing.

March is Women’s History Month.  During this program we will be discussing the coverage gap between men and women, the changing make-up of the Federal workforce, and the impact COVID continues to have on the life insurance industry.

• Eliminating the coverage gap between men and women
• COVID-19 and its impact on life insurance benefits
• Listening to and aligning with the needs of the Federal workforce

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com