Financial Weekly Newsletter – The Right Fit
~~Financial Newsletter– THE RIGHT FIT
Is there any other workforce like the federal workforce? They are the most unique workforce in the world with a benefits package that is equally as unique. As the world becomes more and more complicated, federal workers need to form partnerships that might not have been essential to them retiring well just a short 20 years ago.
Federal workers need to make decisions and choices to help increase the power of their money. They need to understand the tax consequences on their retirement resources and if they are taking advantage of tax considerations during their work years. Some individuals are savvy enough to manage their own funds, but the majority of us are not.
How do you know when to partner with someone skilled in asset management and wealth building? There are perhaps, many indicators, but one is certainly when you are not taking full advantage of the options such as TSP and Voluntary Contributions offered as part of your federal benefits package.
Although, the Federal government currently offers two retirement plans, the Civil Service Retirement System (CSRS) and the Federal Employees Retirement System (FERS), each have unique features that should become a part of your working vocabulary.
If you decide your finances require forming a partnership, you might want to consider a financial advisor/planner to help you avoid costly mistakes that might prevent you from taking advantage of the benefits and opportunities available to the federal workforce.
Finding a financial partner means finding the professional who speaks the language of the federal benefits programs. Speaking that language requires the financial advisor or planner to know the federal benefits system, not only as well as the federal workforce, but better.
A partnership that is the right fit also requires guiding federal employees through the process of translating their benefits into dollars and cents. The federal workforce needs to know and understand the value of their benefits in securing their financial future.
Understanding the intricacies and the structure of the federal benefits system is the first requirement to finding a partnership that fits.
P. S. Always Remember to Share What You Know.
