Plan Your Federal Retirement Podcast

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.

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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 https://zurl.co/Tdka

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.

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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 https://zurl.co/cmTu

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.

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.

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"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 https://zurl.co/pfLi

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.

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"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

"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 

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Ever wondered why your retirement is losing money despite investment diversification? Join Micah and Christian in our latest episode, where they dive deep into this question, discussing the pitfalls and challenges of investment diversification and how it may only sometimes yield the expected results.

Find out why having a structured retirement income timeline is crucial and why you should have a written plan. Learn how to navigate the challenges of overspending and discover long-term investment strategies. Get clear tips on the five-year rule and how it impacts your investments. 

Tune in for valuable insights on managing your investments for the long run. https://bit.ly/3vxbpA0

As the holiday season ends, it is important to take action about our retirement plans and talk about the changes in the new year!

In today's insightful conversation, Micah and Floyd explore the heartbeat of retirement—cash flow. It's not just about money; it's about creating a rhythm for a fulfilling life.

Learn how to keep track of spending, make small money moves, and understand why having practical and sustainable financial habits is crucial for your financial well-being.

Let's not just make resolutions but take real steps to have a fantastic new year!

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Listen to this week’s recap episode with Sierra Steele and learn about estate planning documents for federal employees and the importance of reviewing them regularly, especially in complex situations like blended families. https://bit.ly/3TvUJ5R

You already know how important estate planning is for your retirement, but do you know the crucial must-do's?

 In this episode, Micah Shilanski, joined by our expert advisors, Christian and JT, are discussing the essential aspects of estate planning and the significance of three fundamental documents for every adult aged 18 and above: the Will, Durable Power of Attorney, and Advanced Health Care Directive. 

Proper planning is the key to avoiding unintentional disinheritance,

Regular updates and selecting the right individuals are essential, as things change over time, and you need to ensure they align with your values and can handle the responsibilities involved. 

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''Hi, I'm 61 years old and my FERS supplement is ending soon. What should I do when that income goes away? And how am I going to supplement that income that's normally there? Thanks.'' https://bit.ly/48Plg2o

Listen to this week’s recap episode with Sierra Steele and learn about the importance of retirement planning and the use of a retirement income timeline tool to help plan for retirement. https://bit.ly/3GsXDjP

It's time to get invaluable insights from cash flow considerations to navigating the intricate rules of the Federal Employees Retirement System (FERS). Discover the three pillars of federal employee income – pension, Social Security, and TSP/investment income.

Our experts, Christian Sakamoto, CFP, and JT Ferrin, CFP, dive deep into the crucial elements of retirement planning using real-life examples, visual aids, and action items.Tune in and learn about understanding your monthly spending, decoding FERS retirement rules, and crafting your personalized retirement income timeline.Happy Planning!

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Listen to this week’s recap episode with Sierra Steele and learn everything you need to know about Medicare and Federal Employees Health Benefits. https://bit.ly/3FZPhQy

What coverage do you have, and what coverage do you actually need? Join Micah and Tammy in this episode, where they explain everything you need to know about Medicare and Federal Employees Health Benefits, providing you with the answers you need to make informed decisions about your health coverage. Understand the importance of healthcare planning and find out the critical changes in healthcare plans, shedding light on the latest updates that directly impact you. Discover the inclusion of infertility benefits across all plans, enhanced maternal health coverage, and a focus on mental health and obesity. Explore the nuances of Medicare Parts A, B, C, and D, and determine whether you need both Medicare and FEHB. 

Knowledge is power, and we're here to empower you on your healthcare journey.

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I absolutely loved the episode on what you cannot do in the TSP. Naturally, it brought up other questions in my mind. Before I got smart in 2019 and started funneling all of my TSP contributions to Roth, I had designated contributions into Traditional TSP. What is a good strategy when I start withdrawing? Ideally, I'd like to withdraw traditional contributions first, then Roth contributions at a later time (so the Roth balance can continue to grow tax-free). But I don't believe I will have that option when I start withdrawing. What can I do?

Listen to this week’s recap episode with Sierra Steele and learn about the most common things clients miss when talking with Financial Planners. https://bit.ly/3MAEL5T

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should I delay my social security and let my wife draw it until my FRA?  I planned on drawing at 62 anyways.  I am retired navy and invest in TSP, also disabled.  I hope this make sense. https://bit.ly/3SfzUL8

Listen to 'Follow Up Friday - Year End Tax Planning' and get proactive about your finances and tax planning. https://bit.ly/4730jjv

As the year winds down, it's time to get proactive about your finances and tax planning! 

Join us as we explore strategies to maximize your savings, minimize your tax burden, and tackle your taxes before the last minute of the year comes.

Micah and Floyd will guide you through reviewing your withholdings and making paycheck adjustments to optimize your tax savings and explain the importance of identifying taxable income and tracking gross earnings.

Learn how to make the most of your Thrift Savings Plan (TSP) contributions to secure your retirement future and delve into essential year-end tax planning considerations to ensure you're compliant and financially prepared, whether that are strategies to manage your tax bracket both now and in the future, or unique tax implications for individuals turning 70 and starting Social Security benefits.

What happens to a surviving spouse if an employee dies while working, but that employee was also in the process of buying back military time? My husband has 16 years of service as a Civil Service employee (under FERS), and is currently buying back his military time (12 yrs of military service.) He’s paid a little more than 50% of his military deposit so far.  https://bit.ly/46CSFw6

Learn how to avoid making irreversable mistakes after death and empower yourself with the knowledge you need to plan for a secure future, covered by Sierra Steele. https://bit.ly/48PDSQH

Don't let irreversible mistakes catch you off guard. Empower yourself with the knowledge you need to plan for a secure future. Let's break down timelines, discuss essential documents like advanced healthcare directives, durable powers of attorney, and wills, and uncover common pitfalls to avoid. Join Micah and Christian as they explore the critical topic of estate planning, unraveling the irreversible mistakes that can occur after someone passes away. Their expert insights shed light on the importance of proper planning, share real-life stories, and provide valuable tips for safeguarding your assets and ensuring your loved ones are taken care of. Whether you're new to estate planning or looking to refine your strategy, this podcast offers actionable advice to help you protect your legacy. Your financial well-being and peace of mind await! https://bit.ly/3PBPldz

"If I retire after age 62, and supplement my monthly FERS pension by making small withdrawals from my Traditional TSP (assume $2,000/ month), would IRS rules determine that I was now in “distribution status,” and permanently stuck with Minimum Required Distributions every year?" - Victor.

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Learn to make informed retirement decisions and secure your financial future with valuable information in regard to your TSP, covered by Sierra Steele.

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Whether you're just starting your career, planning for retirement, or already in retirement, or someone looking to understand TSP better, this enlightening episode with our special guest, Kim Weaver, will help you dive deep into the world of Thrift Savings Plan.

Make informed retirement decisions and secure your financial future with valuable information and expert insights on making the TSP withdrawal process more manageable, and learn about the common challenges people face and how to avoid delays and frustration. Understand your options after retirement regarding TSP withdrawals, outstanding loan balances, and required minimum distributions. Find out the latest statistics on separated participants and their withdrawal preferences, including installment plans, life expectancy-based withdrawals, annuities, and more.

I am a Federal retiree and fine with Thrift Savings Plan (TSP) and Federal Employees Group Life Insurance (FEGLI) standard order of precedence beneficiary assignments being spouse, then children in equal shares. I understand this order of precedence is followed when no beneficiary forms are on file. I have not submitted any beneficiary forms.  Are there any advantages/disadvantages of filling out beneficiary designation forms to restate this assignment? What are the advantages/disadvantages to naming my Revocable Living Trust (husband and wife) as beneficiary?

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Learn why the TSP is such a phenomenal tool for your retirement and find out what you should know about your TSP funding, covered by Sierra Steele.

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In this episode, host Micah Shilanski and a special guest - JT Ferrin, delve into explaining the meaning of TSP Spillover and the advantageous role of Health Savings Accounts (HSAs) in retirement savings.

The TSP Spillover is an important concept that might be unfamiliar to many federal employees. Micah and JT provide insights into this administrative change, explaining how it can affect retirement savings and clarifying common misconceptions.

Take advantage of this opportunity to enhance your retirement planning expertise. Whether it's increasing TSP contributions, exploring HSA-eligible health plans during open enrollment, or delving into tax planning for retirement, this episode offers actionable insights to help federal employees make informed decisions about their financial futures.

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My husband and I both had careers with the National Park Service. He carried the family insurance for us. He retired in 2021 and did not select me for survivor benefits since I also worked for the federal government. I now want to resign and defer or postpone my retirement until I meet the minimum age. I am 54 (3/10/69). If my husband dies before me, do I still keep federal health benefits with a deferred retirement? What would happen if he does before I reach the minimum age for my deferred retirement?

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Learn about your options for living abroad in retirement and find out everything you need to keep your benefits, covered by Sierra Steele.

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Do you wonder about your options for living abroad in retirement? Are you ready for change but need to know everything you need to keep your benefits? 

In this podcast episode, Joe Curry, CFPⓇ, CHS, joins Micah to delve into the intricate details of retiring abroad. The episode serves as a comprehensive guide for individuals considering the move, covering various challenges and considerations that arise when relocating for retirement.

Get valuable advice and insightful perspectives, from the complexities of financial planning across international borders to the nuances of healthcare options. Whether you're contemplating a move abroad or simply curious about the subject, this episode offers a wealth of information and inspiration to guide you through the journey of international retirement.

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All you need to know about your FERS eligibility.

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Learn why the Federal Employee Health Benefits (FEHB) is such an excellent benefit for federal employees, allowing them to keep health insurance into retirement, covered by Sierra Steele.

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In this episode of Plan Your Federal Retirement Podcast, Micah and Jamie discuss the Federal Employee Health Benefits (FEHB) and how it is an excellent benefit for federal employees, allowing them to keep health insurance into retirement. But most importantly, they dive into the rules for dual Feds, which refers to a married couple where both are federal employees. Find out what actions you should take to keep FEHB in retirement and why reviewing your health insurance options during Open Season is so important.

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I'm about 10 years out from retirement. I'm wanting to stop putting money into the traditonal tsp and start a roth. Is that doable. Forms?

Here's what you need to know:

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Learn what the importance is of understanding the rules and regulations for federal employee retirement, covered by Sierra Steele.

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Are you a federal employee planning for retirement? Do you know that negative outcomes can be prevented if only you know how to find the correct information and understand all the pieces of the Federal Retirement puzzle? But… what if the information you get from HR or OPM is different than what you think is right? How to verify if it is correct or not?

Tune in to this podcast with Jamie and Micah as they discuss the importance of understanding the rules and regulations for federal employee retirement. Hear the real-life examples of clients who received incorrect information and emphasize the need to consult accurate sources and experienced professionals. Learn about strategies for transitioning into retirement and how to differentiate between emotional and financial readiness for retirement.

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Everything you need to know about your unused sick in retirement.

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How do you know what to have in savings? Learn all about great tips on how to organize your savings and what your goal should be, covered by Sierra Steele.

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How many months’ worth of living expenses do you need to have saved up and why? Do you have emergency (911 account) reserves? These questions bother a lot of people. But, the fundamental question for each of us is: What should we have in savings?

If you want to know what experts will advise you, tune in to today’s podcast, where Micah and Floyd discuss the importance of emergency funds for working and retired individuals.

Find out why you should be intentional about saving and separating different accounts for different purposes and why you should consider using different banks for operating and savings accounts.

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What you need to know about the earnings test for FERS Supplement and earned income.

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Does everybody have the right to a FERS Supplement? Learn all about who will receive it and what you need to do and watch out for, covered by Sierra Steele.

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The FERS supplement is a great benefit of your FERS retirement package. This supplement is available to federal employees who retire before age 62 and is a substitute for social security. The amount of the supplement is calculated using the same formula as Social Security, but it is unique to each employee. It's designed to create a social security piece of retirement that needs to be added for those who retire before the age of 62. But do you know what can reduce this supplement or even terminate it?

Join today's Micah and Tammy discussion and find your answers on how is the FERS Supplement Calculated and how the earned income affects it.

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What do you need to know about any advantages/disadvantages of filling out beneficiary designation forms to restate this assignment? And what are the advantages/disadvantages to naming my Revocable Living Trust (husband and wife) as beneficiary?

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Learn what's possible and what's not when it comes to your TSP in retirement. Here are the 7 things you can not do in TSP in Retirement, covered by Sierra Steele.

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Retirement can be challenging, especially when it comes to managing your finances. One of the biggest mistakes you can make is assuming you can do anything you want with your thrift savings plan (TSP) after retirement. As a federal employee, you have phenomenal benefits, but as with any other tool, they have strengths and weaknesses. Knowing them can save you lots of money!

Tune in to today’s episode, where Micah and Tammy are sharing the seven things you cannot do with your TSP in retirement and will help you understand the rules governing your TSP in retirement to avoid any costly mistakes.

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I am turning 62 and I am drawing disability FERS . Can I draw social security and FERS together? End will my FERS change when I turn 62?

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The importance of knowing what lies ahead, what to expect and what steps to take when transitioning to retirement, covered by Sierra Steele.

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You are getting closer to retirement, but specific tasks must be completed to enjoy it thoroughly. You'll need to take care of all paperwork, or at least have copies of everything, a few months before retirement and a few months after the process starts, and make sure that all questions concerning service history have been answered. You should contact the human resources department, get an update on any electronic personnel records, and make sure that any beneficiary designations and health and life insurance election forms are completed. Also, before you turn it on, double-check everything.

Micah and Tammy guide you through your retirement transition in this episode. So, make sure you listen to the entire episode and implement the action items they provide because the transitional phase may be frightening for many individuals. Don't allow that to happen to you.

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Important things you need to know about contributions to your ROTH TRSP:

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You've been working and saving and planning for your retirement. And when you retire, you go through a psychological shift from accumulation to distribution. Here lies the importance of understanding your federal benefits and the best way to use them! The TSP is a phenomenal tool; your federal benefits, your pensions are phenomenal. Your health insurance is an outstanding tool. But is it perfect? No. 

There are gaps in these things, and we want to bring your attention to understanding how your tool set works. So they can be built for your retirement and never outlive your income.

Listen in as Jamie and Micah Shilanski go through the essential steps and explain the withdrawals in retirement.

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Important things that you need to know about your Social Security and Medicare in retirement:

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The importance of knowing the different streams of income and how to use them, covered by Victoria Kellerman.

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Cashflow is the heartbeat of retirement, so you have to know the details of your income streams, the theory, and the reality behind some of your incomes. This way - you can work on your plan. The more we plan and apply, the easier and the more successful the retirement will be.  We all know the three stools major of retirement - estate planning, cash flow, and social security. But what about the other income types? Whether it's rental properties, investments, or pensions, it's all part of that financial puzzle.

Listen in as Floyd and Micah dive into how to plan an income for the long term, what to consider, and how to handle the unexpected things that may and will come up.

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Learn how to use your TSP in retirement.

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The importance of making a financial plan for a great retirement, covered by Victoria Kellerman.

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Setting goals and mapping a strategy - these are the ground rules for taking the action in your hands! No, you don't have to be precise or super accurate - we know things change, but navigating towards a point helps you reach the correct destination when sailing.

Join today's discussion between two industry legends - Micah and Floyd Shilanski, where they reveal the most common mistakes you can make while planning for retirement and why they happen. Then, find out about the five areas of cash planning so you can be aware of your cash flow and how that cash flow will change in retirement.

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Are you close to the 10% Pension Bonus?  Did you even know there was a 10% pension bonus?

Here's what you need to know:

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One of the most essential and fundamental questions is choosing the right federal retirement plan!

Do you know how much you should save for your retirement? Are you being realistic with your intentions and expectations? Do you have a retirement income? And what if there is a gap... is there a way to solve it?

Listen in as Micah and Tammy dive into the details of making the right decisions and the most important things you should pay attention to!

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Will your FERS Supplement be reduced if you have other earnings?

Here's what you need to know:

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What happens if you make the wrong selection?

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Net vs. Gross income. Which one hits the door of your bank account?  Changes regarding insurance? Life insurance, health insurance...

Any different kinds of SCD and any tips on taxes? 

Do you know all these rules and details you should consider while planning your retirement?

We hope you get the most out of your benefits, so today, we cover some of the costly mistakes we see Federal Employees make.

Listen in as Micah Shilanski and Christian Sakamoto point out these mistakes and learn how to avoid them!

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I have 31k in my TSP. Is it possible to withdraw the total amount at one time? Here's what you need to know.

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I am new to the whole HSA thing as I had Blue Cross and APWU insurance for the previous 30 years, and I’m not sure I quite understand the benefits of it. Can you discuss the benefits of maximizing the amount of contributions to the HSA to maximize my benefit in retirement?

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Accidents happen, but some come with severe consequences. For example, when covering someone with your HSA that you shouldn't cover, you can face severe penalties!

That is why in today's episode, Tammy and Micah cover some fraudulent issues that can come up with health insurance and survivor benefits.

Listen in as they explain how to make sure you are making the right decisions and determine who is eligible to go under your health insurance.

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Will you be able to keep FEHB into retirement?  Here's what you need to know.

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Changes the Secure 2.0 brings and what do they mean for the retirees and federal employees, covered by Victoria Kellerman.

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Changes are happening, and questions have been raised! That is why we have a special guest in today's episode - Steven Jarvis, CPA. Micah and Steven will answer the most common question out there these days and clear out all of your confusion.

Join us and find out what is the Secure Act 2.0, and why does it matter?

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If there's a big Fers retirement Cola increase coming, when is the best time to retire to make sure you get the increase?

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Learn the options for social security benefits if you or your spouse passes away.

You can find more information by clicking here: https://bit.ly/38ryYM7 

The benefits in retirement that Federal Employees have are based on three things:

Pension Social Security TSP

To avoid misconceptions about one of the most essential things in your retirement planning - Social Security - we have Floyd Shilanski and his years of experience. Find out the different strategies you can use and learn when you can vs. when you "should" apply for your social security. Listen to what Floyd and Micah say about Social Security and how to make the best of it!

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Do you know the difference between a Postponed retirement and a deferred retirement?  Here's what you should know BEFORE you retire.

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Learn how your sick leave is used to calculate your retirement benefit and what happens to your annual leave when you retire.

You can find more information by clicking here: https://bit.ly/3ir9nbP 

It is crucial to be hyper-intentional when it comes to your retirement!  How big of a change can make your sick leave? And how important is this subject in choosing the best day for your retirement?

In this episode, we detail some tweaks you can make to your retirement plan to get all the benefits you earned. Do you know how sick leave can affect your retirement calculations? Join Christian and Micah in clearing out the difference between the annual leave concept versus retiring with sick leave.

When you retire and have annual leave hours, you get paid out. So it would be best if you are also intentional about how the sick leave hours will add to that equation. Thinking of this is very important. Once you have chosen the best date for retirement, we can alter it based on sick leave or even yearly leave. Should we burn our annual leave? Should we burn our sick leave? What makes the most sense to do it? Which one is worth more? Get all your answers today and make the best of your retirement benefits!

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When you’re eligible to retire and how the benefit is calculated under the FERS retirement system.  https://bit.ly/39pUPac 

You can find more information by clicking here: https://bit.ly/2Zgjhmv 

Whether you are 30, 50, or 70, a subject that has a hold on you is how to improve your financial situation. How much are you saving, and how can you save more? How can you organize your income better?

It is crucial to ensure you are not just following the old rules - you need to know the significant changes in the tax code regarding IRAs and inheriting IRAs. But don't worry. We've got you covered!

We know that cash flow is the heartbeat of Retirement, so in our latest episode, Christian and Micah go through the basics of setting yourself up for success and focusing on retirement income from a 'net' point of view.

Click here for extra resources:

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Learn what you need to know about survivor benefits for your spouse.

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Find out if you should buy back 20 years of military time.

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