Federal Employee Financial Planning Podcast

Federal employees had the option to convert from CSRS to FERS when FERS was first created in 1987. Now all federal employees are automatically enrolled in FERS—there is no option to choose CSRS instead. Many federal employees who were hired after 1987 feel as though they were cheated out of a better retirement system, but Tommy, Michael and John would have to disagree. In this episode, they explain why FERS is actually just as good as CSRS, if not better, and several key components of FERS that you may not be aware of. Access the full show notes at Mason & Associates, LLC

Not all financial advice and financial planning is created equally. If you are a federal employee and you are taking advice from an advisor who doesn't specialize in helping people with your unique set of benefits and pensions, then that advice is not going to be useful to you. In fact, these advisors will probably give advice that will do more damage than good. So, in this episode, Michael, Tommy and John will be sharing the importance of knowing where you're getting your information from and how to ensure you're getting the unique advice you deserve. Access the full show notes at Mason & Associates, LLC

A Mega Backdoor Roth IRA is a tax strategy available to employees whose retirement plans allow them to make significant after-tax contributions and to transfer their contributions to a Roth IRA. In other words, if you want to maximize your Roth contributions, you need to understand the power of the Mega Backdoor Roth. So, in this episode, Michael, Tommy and John will be sharing the steps you can take today to ensure you're not going to miss out on what could potentially be the biggest tax loophole of your lifetime, particularly if you are CSRS or CSRS Offset and have acess to the Voluntary Contribution Plan (VCP). Access the full show notes at Mason & Associates, LLC

You've made it! You have finished up with the career you worked in for decades and you are now stepping into your first year of retirement. What does this look like exactly? And what should you expect financially? In this episode, Michael, Tommy and John will be discussing everything that you should have in place as you enter your golden years, as well as what you can anticipate throughout this first year. Access the full show notes at Mason & Associates, LLC

As a federal employee, open season is your annual opportunity to assess your health care needs and make any necessary changes to your health insurance for the following 12 months. You have much more control over the cost and/or coverage of your benefits, so it's essential to take advantage of that. In this episode, Michael, Tommy, and John will explain how to ensure you're making the most of your available benefits, including special, once-in-a-blue-moon open seasons, as not every open season is the same—and some deserve special attention. Access the full show notes at Mason & Associates, LLC

The year before retirement can be nerve-racking for many people. The career they've worked so hard for is coming to an end, they have to start making big plans for their work-free future, and there may be some financial anxiety coming up, as well. So, in this episode, Michael, Tommy, and John are going to be discussing what you can expect for the year before retirement and what you should have in place as you approach this next season. Access the full show notes at Mason & Associates, LLC

The Federal Long-Term Care Insurance Program (FLTCIP) provides long-term care insurance to help cover the costs of care if you can no longer perform everyday tasks by yourself due to chronic illness, injury, or disability. This is something that you may need for the rest of your life, and it is important to ensure you're well looked after. To help Michael, Tommy, and John discuss this topic more in depth is Jill MacNeil, LLIS's long-term care insurance specialist. In this episode, she will be describing the emotional and financial needs of long-term care. Access the full show notes at Mason & Associates, LLC

For many people, a "need" is something you can't survive without. So, can federal employees survive without a financial planner? The answer is, of course, yes. However, their lives will be significantly easier with a financial planner guiding them. In this episode, Michael, Tommy and John will be sharing the value you can receive by having a financial planner and the common mistakes federal employees make when they don't have financial guidance. Access the full show notes at Mason & Associates, LLC

The windfall elimination provision (WEP) is an altered benefit procedure that reduces the Social Security benefits of certain retired or disabled workers who are also entitled to pension benefits. Its purpose is to remove a "windfall" that these workers would otherwise receive. WEP's supporters argue that the formula is a means to prevent larger payments and benefits to folks, whereas opponents argue that the provision radically reduces a benefit that workers may have included in their retirement plans. In this episode, Michael, Tommy, and John will be sharing how the recent legislation will impact this provision and how this may affect you. Access the full show notes at Mason & Associates, LLC

The Social Security Fairness Act would remove the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) from the Social Security Act. The WEP and the GPO have substantially decreased millions of retired public sector employees' Social Security benefits, impacting a significant amount of Social Security beneficiaries. So, in this episode, Michael, Tommy and John will be discussing what exactly this means for those that are paying into the social security system and how this might affect those who are not. Access the full show notes at Mason & Associates, LLC

We know that TSP can be a great way to save money for retirement whilst also receiving significant tax benefits. However, these benefits come with a number of rules that limit when and/or how you can access these funds. One very well-known rule is that for many retirement accounts you will have to pay a 10% penalty if you access them before age 59.5. In this episode, Michael, Tommy and John will be explaining several exceptions surrounding this penalty and how to ensure you use them correctly to avoid costly mistakes. Access the full show notes at Mason & Associates, LLC

It might surprise many of you how significantly your retirement funds can grow, simply by saving a small percentage of your salary each month into your TSP. However, there is much to be considered as you start to put money towards this. TSP contribution limits for 2022 are $20,500 and catch-up contributions for those over the age of 50 are $6,500. In other words, anyone over the age of 50 can contribute $27,000. In this episode, Michael, Tommy, and John will be sharing more on this and what you need to know about TSP accumulation. Access the full show notes at Mason & Associates, LLC

The Federal Employee Group Life Insurance (FEGLI) program is one of the largest group plans in the world, with over 4 million federal workers and retirees. It is made up of four components: basic coverage, and then options "A," "B," and "C." In order to receive "A," "B," and "C," you need basic coverage. However, each of these options covers you in different ways. So, in this episode, Michael, Tommy, and John will be explaining what each of these components entails. Access the full show notes at Mason & Associates, LLC

Federal employees who execute particular duties are categorized as law enforcement officers (LEOs) and are entitled to enhanced retirement benefits under the CSRS or Federal Employees Retirement System (FERS). So, for the third installment of the FERS episodes, Michael, Tommy, and John will be discussing the special provisions of law enforcement, specifically the differing factors between LEOs and normal FERS. Access the full show notes at Mason & Associates, LLC

The Federal Employees Retirement System (FERS) is not just a retirement system. It's a disability policy, a life insurance policy, and it's a cash accumulation vehicle. FERS is one of the most important benefits you receive as a federal employee, and its flexibility allows you to choose what is best for your individual situation. In this episode, Michael, Tommy, and John will be discussing how to utilize both FERS and Social Security benefits in your retirement. Access the full show notes at Mason & Associates, LLC

Congress created the Federal Employees Retirement System (FERS) in 1986, and since that time, new federal civilian employees who have retirement coverage are covered by this system. FERS provides benefits from three different sources: a Basic Benefit Plan, Social Security, and the Thrift Savings Plan (TSP). However, many federal employees who have worked in the industry for years are still uncertain about what their benefits are going to be. So, in this episode, Michael, Tommy, and John will be discussing everything you need to know about FERS, including several surprising benefits you may not be aware of. Access the full show notes at Mason & Associates, LLC

After our last episode, you should be familiar with the benefit calculation, the survivor benefit decision, and the greatest tax loophole ever created surrounding the Civil Service Retirement System. However, that is not all you need to know on this subject. The CSRS is not just a pension program—it is so much more than that. So, in this episode, Michael, Tommy, and John will be discussing the additional benefits to be aware of in regards to the Civil Service Retirement System. Access the full show notes at Mason & Associates, LLC

The Civil Service Retirement System is a public pension fund that was created in January of 1920—and has remained virtually unchanged for over a century. During the coming years, we will see the retirement of the remaining active CSRS employees, so what can they expect? In this episode, Michael, Tommy, and John discuss the benefit calculation, the survivor benefit decision, and the greatest tax loophole ever created. Access the full show notes at Mason & Associates, LLC

Whether you're military or a federal employee, there are many good reasons that you should simply say "yes" when it's time to elect survivor benefits. This may be one of the most important financial decisions you will make, and it is not one to make lightly. So, in this episode, Michael, Tommy, and John will be sharing the reasons to consider opting into the survivor benefit program. Access the full show notes at Mason & Associates, LLC

Welcome to the Federal Employee Financial Planning Podcast, where you'll find unique planning techniques and strategies that will help federal employees maximize their benefits. Each episode, you'll hear from financial advisors with Mason & Associates, where we have over three decades of experience serving as financial planners for federal employees. In this inaugural episode, Michael Mason will be joined by Tommy Blackburn and John Mason to discuss everything you should (and should not) do to ensure your golden years are exactly the way they should be: exciting, relaxing, and financially stable. Access the full show notes at Mason & Associates, LLC