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This seminar is specifically designed for employees with about 15 years of federal service, or near the mid-point of their government careers. After attending this course, the participants will:
have a full understanding of federal benefits (CSRS, FERS and Social Security)
have a thoughtful guide to financial planning, tax planning, and savings strategies for a first-time home purchase, higher education, and/or funding for retirement interests;
appreciate the importance of long term investing and the Thrift Savings Plan's (TSP) role in overall retirement planning, know the available fund investment options and have useful information on the TSP Loan Program; realize the importance of investing beyond the TSP to enable each participant to reach their retirement goals;
have a basic understanding of the federal long term care insurance program, who is eligible, what it covers and how much it costs;
understand the advantages and use of Flexible Spending Accounts and Health Savings/Reimbursable Accounts
- (if optional module exercised)
have insight into career assessment and a basic understanding of how to help channel one’s career toward fulfillment of personal goals
- (or if optional module exercised)
have information on estate planning, wills, trusts, power of attorney and other issues
Financial Planning
Assessing your current situation and planning for the future
- Establishing goals
- Tracking expenses
- Projecting future income
- Determining net worth
- Budgeting and monthly cash flow
Funding Retirement Goals
- Projecting retirement income needs
- How big a nest egg?
- Reviewing your insurance needs
- Savings targets
Achieving Financial Goals
- Managing debt (credit cards)
- Rules for successful saving
- Where to save
- Understanding your mortgage
- Strategies to reduce your taxes
- How to choose a financial planner
The Thrift Savings Plan (TSP)
TSP basics, increased investment options and opportunities, and other changes
- The TSP Loan Program – rules, insights and alternatives
- FERS matching contributions
- Overview of the "G", "F", "C", “I”, “S” and “L” funds
Determining TSP fund allocation – how to achieve your goals -- understanding your risk tolerance
Withdrawing your TSP at Retirement – evaluating options
When a TSP “Rollover” into a qualified retirement plan makes sense
Qualified Retirement Plan Rollovers into the TSP
Transferring your TSP to a lifetime annuity – pro’s and con’s
Taking steps now not to outlive your TSP income later
minimum required distribution rules at age 70.5
new IRS rules
Investing Beyond the TSP
- The primary asset classes: cash, stocks and bonds
- Balancing risk and reward
- Individual retirement accounts
- Understanding mutual funds
- How to select the right mutual fund
- How to track your mutual fund
- Other investment options
CSRS and FERS Benefits (as applicable)
- Eligibility requirements
- Choosing when to retire
- Computing your basic annuity
- Dealing with deposits and redeposits
- The effects of military service on your annuity
- Survivor annuity planning
- The life insurance alternative
- Health benefits now and after retirement
- Federal Dental and Vision plans
- FSAFEDS, HSAs and HRAs
- Federal life insurance after retirement
- Cost of Living Adjustments (COLA)
- The Thrift Savings Plan (TSP)
- Voluntary contributions under CSRS (as applicable)
- Steps to take: A retirement planning checklist
- Taxation and federal annuities
- Benefits under FERS (as applicable)
Social Security and Medicare -
Eligibility and documentation
- Social Security earnings record
- Computation of benefits
- "Windfall Elimination Provisions"
- The effect of timing on benefits
- Benefits for family members
- Survivor benefits
- Government pension offset
- Earning limitations for Social Security recipients
- Disability provisions
- Getting in touch with your Social Security office
MEDICARE - Eligibility and cost
Parts A, B and Part D of Medicare: What do they cover?
Optional Module (1):
Additional three hour module or reduce Financial Planning module by three hours and incorporate this topic
A Fresh Perspective on You and Your Job
- What do you want and why?
- Goals and time lines
- The changing role of work in our lives
Career Values
Adapting to Change
The Elements of Job Satisfaction
- Job enrichment
- The importance of balance
- Tools for growth
- The many dimensions of the job
- How do others see you and how do you see yourself?
- Motivation, commitment and loyalty
- Taking responsibility for your job and your future
- Communication - A two way process
Optional Module (2):
Additional three hour module or reduce Financial Planning module by three hours and incorporate this topic
Wills, Trusts, Estate Planning and Living Wills
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) & Specific
“Living Wills”
“Advance Medical Directive”
The “Health Care Power of Attorney”
The importance of wills
Ownership of property – joint/individual
The probate process
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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