Federal Pension Advice and Insights

July 23, 2024

First responders, like firefighters, police officers, paramedics, and other emergency workers, risk their lives every day to keep us safe. Their jobs are tough and can affect their physical and mental health. Because of this, many first responders, including firefighters, retire earlier than most people. Firefighter retirement is a crucial time for them to rest and recover after years of hard work.

July 19, 2024

Over the past ten years, about 100,000 federal employees retire every year. Before many civil servants retire in 2024, they need to handle some financial issues, like deciding the best time to stop working. Look out for "10 signs it time to retire" to help make this decision easier.

July 18, 2024

Wealth planning is a comprehensive approach to managing your financial resources to achieve specific goals. It involves a detailed analysis of your current financial situation, future aspirations, and potential challenges. A well-crafted wealth plan addresses various aspects such as investment strategies, tax planning, estate planning, and risk management.

July 12, 2024

Inflationary pressures indeed take a toll on our basic staples· The economic uncertainties in the US market often bring the cost of living adjustments into the headlines· While not based on job performance or promotion, COLAs (Cost of Living Adjustments) may help employees manage growing prices for essential goods and services· These measures intend to help recipients preserve their purchasing power as inflation drives up· However, based on recent estimates, the Social Security COLA for 2025 is projected to be less generous for tax savers, retirees, and regular employees alike.

July 5, 2024

President Joe Biden has approved a 5.2% average pay raise for many civilian federal employees in 2024. However, this 5.2% is just an average, and the actual pay increases will vary based on where employees work due to locality pay differences.

July 2, 2024

Health and life insurance are key parts of a good financial plan. Knowing how each type works is crucial when choosing the best one for your needs. The main difference between health insurance and life insurance is their purpose: health insurance helps cover medical expenses, whole life insurance provides financial support to your beneficiaries if you pass away. Life Insurance vs. Health Insurance.

June 28, 2024

As we step into 2024, one of the key interests for many federal employees, both current and prospective, revolves around the General Schedule (GS) pay scale. The GS pay scale is the framework used by the United States government to determine salaries for over 1.5 million federal employees across various occupations and locations. This guide aims to provide a detailed overview of what the 2024 gs pay scale, how it's structured, and what factors influence its application.

June 26, 2024

President Biden has formalised his plan to provide civilian federal workers with an average pay increase of 2% in 2025.

June 25, 2024

Retirement planning is a crucial aspect of financial stability, and for federal employees, the Thrift Savings Plan (TSP) plays a vital role. As one navigates the intricacies of this retirement plan, having a reliable TSP calculator becomes indispensable. These calculators help project growth, analyze different scenarios, and ultimately aid in making informed decisions. In this blog, we will explore the best TSP calculators available and how they can maximize your retirement growth.

June 18, 2024

A Cost-of-Living Adjustment (COLA) is an increase in payments to account for inflation, often used in Social Security benefits. COLA's purpose is to keep the buying power of benefits steady despite higher prices. Inflation lowers the value of a fixed income, so COLA helps balance this out.

June 13, 2024

For federal employees and military personnel, the TSP is a great option! It offers tax benefits, matching contributions, and low fees, which help you save effectively for retirement. However, it may not be perfect for everyone.

June 10, 2024

The Thrift Savings Plan (TSP) and Individual Retirement Account (IRA) are both retirement savings vehicles designed to help you save for your golden years. While they share the same goal, the two have significant differences.