26, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes back our original program guests Tammy Flanagan, NITP Senior Benefits Director, Karen Schaeffer, CFP®, Marc Levine, Esquire, and Tom O’Rourke, Counsel.

This is our final episode.  We have enjoyed our weekly conversations for the past 18 years.  Thank you to our loyal listeners for tuning in as we discussed topics ranging from benefits to finance to estate planning and everything in between.

Our guests gather today to share their memories, stories, and closing thoughts.  Join us as we reminisce about the years of hosting this radio program.  We hope you have learned a great deal over the years and encourage you to visit our website to stay in touch with NITP.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post ForYourBenefit Farewell first appeared on Federal News Network.

February 12, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes Marc Levine, Esquire.  We will discuss how your assets pass to your loved ones:

• Through joint ownership of land;
• Through joint ownership of bank and brokerage accounts;
• Through government beneficiary forms (including new rules for the TSP); and
• Through non-government beneficiary forms, and how often they may differ from each other.

We will also discuss what we can do when the unexpected and unplanned transfer happens.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Estate planning without estate planning: How joint ownership and beneficiary designations transfer assets at your death first appeared on Federal News Network.

February 5, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes Brian Kurrus, CFP®.  The new year is a great time to review:

• Investment allocations and rebalancing needs
• Cash flow and budgeting for the new year
• Retirement contributions, plans and projections
• Insurance coverage, needs and premium changes

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Finance Review for the New Year first appeared on Federal News Network.

January 29, 2024 on ForYourBenefit, our host Bob Leins, CPA®, welcomes Bob Braunstein, Federal Benefits Specialist.  Have you ever considered how much additional income your loved ones might need if you were suddenly gone?  Have you planned their survivor benefits?  Today’s program will focus on answering these questions:

• What types of Federal survivor benefits would go to your loved ones if you pass away?
• How can you be sure the benefits you have planned/elected for your survivors will be enough?
• If you have not elected benefits or designated specific beneficiaries, will your survivors be eligible for them anyway?
  • What survivor benefits must be elected?
  • Can you make these elections later or must they be in place before you pass away?
• Who ensures your survivors receive benefits?
  • What is your Federal agency’s responsibility?
  • OPM’s responsibility?
• Should survivor benefits be part of your financial plan?
• Are these benefits taxable?  Which are and which are not?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Survivor benefits: Their importance and how to ensure they are in place for your loved ones first appeared on Federal News Network.

January 8, 2024 on ForYourBenefit, our host Bob Leins, CPA® welcomes Herb Casey, Federal Benefits Specialist.

Topics include:

Income

• COLA for FERS and CSRS retirees
• Salary pay raises & new locality rates

Social Security

• Maximum amount of earnings subject to Social Security tax
• COLA
• Earning limitations

FEHB Insurances

• Increased premiums
• 12 fewer plans

Medicare

• Rising premiums for Medicare
• Expansion of mental health coverage

Federal Long-Term Care Insurance Program

• Increasing premiums

Thrift Savings Plan (TSP)

• Contribution limits
• Secure 2.0 changes

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Federal Benefits Updates for 2024 first appeared on Federal News Network.

January 1st, 2024 on ForYourBenefit, host Bob Leins, CPA® welcomes Marc Levine, Esquire, to talk about Health Care Directives.

• What is a Health Care Directive (and is it different from a Health Care Power of Attorney)?
• What should l look for in my Health Care Agent?  Why an advocate matters.
• What is the difference between my Health Care Directive and a Do Not Resuscitate?
• What is MOLST?
• Resources for health care decisions.
• What else does my health care directive do?
• How does my Health Care Directive interact with my Power of Attorney?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Health Care Directives first appeared on Federal News Network.

December 25th, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Brian Kurrus, CFP®.   Our guest today will talk about cash flow planning and debt payoff strategies for Federal employees and retirees.

• How much of an emergency fund do you need?  How should you invest these assets?
• Which debt should you pay off first?
• What is the impact of higher interest rates on debt in general?
• Should you pay down your mortgage before retirement?
• What other cash flow changes might you have in retirement?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Cash Flow Planning and Debt Payoff Strategies first appeared on Federal News Network.

November 27, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Karen Schaeffer, CFP®, and Kaitlin Schaeffer Yardley, CFP®.

Karen and Kaitlin will talk about:

• The new and improved 529 plans
• Other strategies for meeting education costs
• Educating children about money

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post 529 Plans and Other Strategies for Paying for Education first appeared on Federal News Network.

October 2, 2023 on ForYourBenefit, host Bob Leins, CPA® and co-host Karen Schaeffer, CFP®, welcome Kay Bransford, Daily Money Manager, Professional Financial Advocate & Fiduciary, MemoryBanc.

We never know what life will bring.  Too often spouses, partners, family, and friends are unable to help because they do not have the information they need.  If you are unable to manage the day-to-day bill pay and expenses, how will your loved ones:

• Pay for the household expenses?
• Cover your healthcare needs and know what resources are available to pay for medical expenses?
• Manage if you are terminally ill or die and they have no information about your accounts, retirement plans, insurance, loans?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Preparing for the “What If’s” in Life first appeared on Federal News Network.

September 25, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Tom O’Rourke, Counsel.

On today’s program, Tom will discuss how Federal employees can use their Federal Employee Health Benefits (FEHB) program as a tax reduction tool.  Specifically, how all FEHB premiums and out-of-pocket medical expenses can be paid on a pre-tax basis.  Tom will also talk about how a Health Savings Account (HSA) can be used to both reduce current tax liability and be used as a vehicle to accumulate funds to pay future health care costs.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post FEHB and Taxes first appeared on Federal News Network.

September 18, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Joe Sullender, CFP® to talk about Required Minimum Distributions (RMDs).

• Basics of RMDs
• Understanding RMDs with inherited IRAs
• Timing your RMDs

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Required Minimum Distributions first appeared on Federal News Network.

August 21, 2023 on ForYourBenefit, host Bob Leins, CPA® and cohost Ray Kirk, Ph.D., welcome Phil Gardner, Federal Benefits Specialist.

Today’s guest will talk about the cost of benefits for both the employee and the agency.  He will discuss the value to the employee, the agency, and the Federal government.

We will look through the lens of:

• Early career employees;
• Mid-career employees; and,
• Employees planning to retire.

How much can a new/early career employee expect to pay for benefits?  How does this differ for a mid-career employee?  What about the retiring employee?

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post The Cost and Value of Federal Benefits first appeared on Federal News Network.

August 14, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Karen Schaeffer, CFP® and Megan Schaeffer, Estate Planning Attorney.  In honor of National Make a Will Month, Karen and Megan will talk about:

• Essential documents for everyone.
• How to get the process started.
• What happens when the documents aren’t in place.
• Why every 18-year-old should have at least health care documents.
• How and when to update your will and other estate planning documents.
• Strategies for streamlining transfers to family and charities.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post It’s National Make a Will Month – Let’s Get Started first appeared on Federal News Network.

August 7, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes John Jilek, CFP®.

• The Basics: Roth IRA vs. Traditional IRA
• The Advanced: Roth TSP vs. Pre-Tax TSP
• Tax law changes that will affect your decisions
• The decision to not have some tax-free Roth money available in retirement could be a significant issue in your spending years
• Impact of the SECURE Act and SECURE Act 2.0 on beneficiaries of retirement accounts

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Roth vs. Traditional IRA and Roth TSP vs. Pre-tax TSP and a Perspective on RMDs first appeared on Federal News Network.

July 24, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Tammy Flanagan, Senior Benefits Director at NITP.

It seems that everyone has an opinion when it comes to retirement decisions.  Many of these opinions are stated as though they’re facts.  Some of the questions from Federal employees about retirement center around relatively straightforward facts in law or policy.  Here are some of the most common:

• Will I get a cost-of-living adjustment on my retirement benefit?
• What are the requirements to continue my health insurance coverage into retirement?
• Do I have to begin taking payments from my TSP account when I retire from Federal service?

Other questions, though, require opinions because they lack a definitive right or wrong answer. In the retirement world, these often start with “Should I…” Here are some of the ones frequently asked:

Should I…

• File for Social Security at 62?
• Leave my money in the Thrift Savings Plan after retirement, or move it to an IRA?
• Retire when I am first eligible to collect a benefit, or continue working?

The answer to all of these is, well, it depends.  When it comes to retirement decisions that may be hard to change later, it is important not to focus on the money you save now, but the cumulative cost your decision can have over the next decade or several decades. After all, for many Federal retirees, life after government may last longer than their working careers.

For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

The post Federal Retirement: Fact or Opinion? first appeared on Federal News Network.