Social security

Tips to Getting Your House in Order to Retire Well – Interim Payments

January 8, 2014 /by Dianna Tafazoli

Interim Payments

The term Interim Payments is a term Federal and Postal employees should become thoroughly familiar with. Although the Office of Personnel Management (OPM) works diligently to get annuity checks to retirees in a timely manner, good planning dictates that we should be prepared for the unexpected or the glitches that often occur during the normal course of conducting business

Interim Payments represent approximately 75 to 80 percent of what you will receive in your full annuity check. Don’t despair, all deficits will be recovered when you begin to receive your full annuity check.

It is important when you are submitting your Retirement Application papers for both CSRS and FERS retirement and for all Federal and Postal Benefits and that you are certain to check and recheck your retirement application to make sure you have crossed all your T’s and dotted all of your I’s. Overlooking pertinent information will cause a delay in the processing of your application. I always recommend that potential retirees do a –dry run- or test drive of the application package to become familiar with its contents and requirements before submitting the actual package. You may even want to solicit the help of a financial professional to ensure that you have the ability to maximize your Federal and Postal retirement benefits. Potential retirees need to know what their responsibilities are towards enhancing a seamless process to retirement. Retirement packages are on-line and information about your TSP can be found at PSRetirement’s TSP portal which will give you valuable information as you begin getting our house in order to retire well.

P. S. Always Remember to Share What You Know.

For more information visit and to access your retirement accounts visit;

LINKS

For information on how to log into your TSP.gov account

More information on Interim Payments

Complete CSRS information for Federal and Postal Employees

Explanation of Federal Employee Retirement System Benefits (FERS)

Let the Thrift Savings Plan (TSP) Help You Retire Well by Jay Hunt

January 6, 2014 /by Jay Hunt

Let the Thrift Savings Plan (TSP) Help You Retire Well

by Jay Hunt

Jay Hunt of Stratico Retirement and Insurance Solutions is in the business of helping people, and here he discusses the benefits of the TSP, and what it has to offer.

Each year many public sector employees face one of the most significant challenges of their work career – what they should and need to do with regards to their TSP account and TSP Fund Selection? Will you be ready for the next adventure in your life? Will your savings match your income needs? Will you have the tools needed to turn challenges into opportunities that will outlast you and allow you to maintain the lifestyle you have grown accustomed to?
In this article and several other articles, we will publish in the ‘Retire Well’ series we will share the ten most important things you need to know and do to ensure a successful, comfortable transition into your next adventure – retirement.
Item #1- Let the Thrift Savings Plan help you Retire Well:
The Federal Government offers two retirement systems – Civil Service Retirement System (CSRS) for those individuals employed before January 1, 1984 and did not convert to FERS, and the Federal Employees Retirement System (FERS) for those individuals hired on or after January 1, 1984.

For FERS employees, TSP is one of the three legs of the stool that make up their retirement system in addition to the Basic Benefit Plan and Social Security. If an employee fails to participate fully in the Thrift Savings Plan, it is like losing one of the legs of the stool causing an imbalance. As a matter of fact, the TSP is potentially the largest component of the FERS enhanced by the employee’s contributions and the matching agency contributions. Maximum participation from the Agency Employer is a huge benefit that should be given strong consideration to ensure that you will see the benefits of your hard work by capitalizing on all available resources to retire well.

Although under CSRS employees do no reap the benefit of the agency automatic l% matching contribution for TSP, participation in the TSP is allowed. Having the opportunity to defer tax obligations on one’s income is an advantage that should not be overlooked; thereby, being one of the primary reasons why CSRS employees should consider maximizing participation in the TSP.

In essence by deferring the taxes due on earnings, a greater savings over a period of time with the added advantage of earning interest is realized. For both CSRS and FERS employees participating in the TSP is a formula for saving towards your retirement future and generating a plan that will increase your opportunity to retire well and cement the lifestyle you have worked hard to achieve.

The Thrift Savings Plan contribution limits for catch-up contributions for those ages 50 and older change from year to year and federal employees should always keep themselves aware of the most recent year TSP Contribution Limits. P. S. Always remember to share what you know.