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After attending this course, the participants will:
Understand their federal benefits (CSRS/FERS, Social Security, Medicare, FEGLI, FEHB, and the FLTCIP)
Be able to estimate their retirement annuity based on their own circumstances
Know what steps to take and forms needed for the retirement application
Comprehend the importance of long term financial planning, TSP investment and withdrawal options, investing beyond the TSP and have the tools necessary to make decisions regarding their financial health
Understand Legal issues such as estate and tax planning, (wills, trusts, powers of attorney, living wills etc.) and how these issues affect their benefits
FINANCIAL PLANNING
Establishing your financial goals
Projecting future income
Tracking expenses, determining net worth and budgeting
Managing your money and staying out of debt
- The importance of maintaining an adequate emergency (liquid) fund
- Buying an affordable home and obtaining the best type of mortgage
Strategies for saving on your taxes
- Are your federal and state income tax withholding correct?
- Some suggestions for minimizing your taxes
- Investments and taxes
Investing basics
- includes understanding the relationship between risk and return
How to establish savings targets to maximize savings/investments
THE THRIFT SAVINGS PLAN (TSP)
General rules and procedures
TSP Basics - including employee contributions, government matching and fund descriptions – an overview of the G, F, C, I, S and L funds
Determining the optimum TSP fund allocation
Interfund transfers
Rollover of a qualified retirement plan into the TSP
Borrowing from the TSP – loans and in-service withdrawals
Post-service withdrawal options
- Leaving the money in the TSP
- Rollover of the TSP into a qualified retirement plan
- Lifetime annuities – pros and cons
- Taking steps now not to outlive your TSP income later, minimum required distribution rules at 70.5, new IRS rules
- Death benefits
INVESTING BEYOND THE TSP
Understanding bonds, certificates of deposits, money market funds, US Treasury obligations, mutual funds and stocks
- Balancing risk and reward
- How to select the right mutual fund(s)
- How to track your mutual fund(s)
- The importance of having an Individual Retirement Account (IRA):
which IRA is better - Traditional or Roth?
- Other investment options
INSURANCE
Life Insurance
- government group plan (FEGLI) versus purchasing a private policy
- Is life insurance necessary for everybody?
- How to find out what amount and type of life insurance policy is best for you
Health Insurance
– a review of the basics of the Federal Employee Health Insurance Plan, including the Federal Dental and Vision plans
- Disability insurance - planning for possible incapacity
- Federal long term care insurance plan – a basic introduction
- Eligibility
- Coverage options
- Premiums
- FSAFEDS, HSA, HRA
- Eligibility
- Types of expenses allowed
- Funding
- Tax implications
CIVIL SERVICE RETIREMENT BENEFITS
CSRS and FERS - A basic perspective
Eligibility for retirement and choosing a retirement date
Steps to take now
Calculating your basic annuity
Regular formula
Monthly annuity rate
Deferred annuities
Immediate annuity computation and charts
Computing annuities with both CSRS and FERS components, CSRS Offset computations
Dealing with deposits, redeposits
The effect of military service on your annuity
Unused sick leave (CSRS)
Early voluntary retirement
Rules and considerations - Advantages and disadvantages
Applying for early retirement - involuntary separation and voluntary “Early Out”
Survivor benefits
Disability benefits
Life insurance before and after retirement
General coverage rules
Basic life insurance and available options
Payment of benefits – order of precedence
Manner of payment – death benefits
Health benefits before and after retirement
Eligibility and enrollment rules
Pre-tax payment of premiums
Plan options
FSAFEDS - Eligibility, allowable expenses, tax treatment and funding
The Federal Long Term Care Insurance Program (FLTCIP)
Eligibility and enrollment
Benefit choices and types of care covered
Premiums
Cost of living adjustments
The Thrift Savings Plan (TSP)
General rules and procedures
Investment options – C, F, G, I, S and L funds
Interfund transfers within the TSP
TSP loans and in-service withdrawals
Post-Service withdrawal options, leaving money in the TSP, death benefits
Voluntary contributions under CSRS
Supplemental benefits under FERS
Taxation and federal annuities
SOCIAL SECURITY
Eligibility for benefits: How do you qualify?
Your Social Security earnings record
Computation of benefits
The "Windfall Elimination" provision
Benefits for family members
Survivor benefits
Government pension offset
Disability provisions
MEDICARE:
- Eligibility and cost
- Parts A, B and Part D of Medicare: What do they cover?
GENERAL INFORMATION
Submission of the retirement application
Receipt of first annuity check
Direct deposit
Getting answers to retirement and insurance questions
Death of an annuitant
New developments affecting federal retirement benefits
Important forms and resources
LEGAL ISSUES
What is estate planning?
Developing the right estate plan for you
Planning for incapacity
Guardianship and conservancy
The "power of attorney" documents:
General (durable, springing)
Living Wills
Advance medical directive
The health care power of attorney
The importance of wills
Ownership of property – joint/individual
The probate process
The living will and health care power of attorney”
Estate and inheritance taxes
The purpose and value of trusts
Revocable (Living) trusts
Irrevocable trusts
Life insurance trusts
Federal gift tax law
Estate tax planning
Elder law issues
Long term care
Medicare/Medicaid
An inventory of important papers (and where to keep them)
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