FedImpact: Candid Insights for Your Federal Retirement

[Deferred Resignation] Part 9: How to Access TSP (but Beware of the Penalties) Feb 04, 2025

ProFeds Founder, Chris Kowalik, reviews the IRS rules which allow you to take from your TSP at various ages (and if you’re allowed to access TSP between now and 9/30).

KEY TAKEAWAYS:

How do employees access TSP after they have separated (resigned or retired)
How long employees have to wait take withdrawals from TSP
What penalties may apply to withdrawals prior to age 59 ½

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Deferred Resignation] Part 8: How to Ensure You Keep FEHB and FEGLI if You Resign Feb 04, 2025

ProFeds Founder, Chris Kowalik, highlights what federal employees need to do to keep their government health insurance (FEHB) and government life insurance (FEGLI).

KEY TAKEAWAYS:

What requirements must be met to keep FEHB after leaving federal service
What types of retirement allow FEHB to continue
What to do if you don’t meet these requirements

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Deferred Resignation] Part 7: Employees Who Are Younger with Only a Few Years of Service Feb 04, 2025

ProFeds Founder, Chris Kowalik, addresses federal employees who are on the younger side with only a few years of service to see what opportunities may exist with the deferred resignation offer.

KEY TAKEAWAYS:

Who falls into this category
What are the consequences of taking this resignation offer
How are other benefits like FEHB, FEGLI, the Supplement & TSP affected

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Deferred Resignation] Part 6: Employees Who Are Close to Retirement (But Won’t Qualify for an Early Out) Feb 04, 2025

ProFeds Founder, Chris Kowalik, addresses federal employees who are close to being eligible to retire, but don’t meet the requirements for an Early Out (VERA).

KEY TAKEAWAYS:

Who falls into this category
What are the consequences of taking this resignation offer
How are other benefits like FEHB, FEGLI, the Supplement & TSP affected

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Deferred Resignation] Part 5: Employees Who Are Already Fully-Eligible to Retire Feb 04, 2025

ProFeds Founder, Chris Kowalik, discusses how the Deferred Resignation applies to federal employees who are already fully-eligible to retire (and what to do if you’ve already filed for retirement)!

KEY TAKEAWAYS:

How to know if you are fully-eligible to retire
What steps need to be taken to accept the resignation offer
How to change your retirement date to reflect 9/30
How your pension will change

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Deferred Resignation] Part 4: Employees Who Qualify for MRA+10 Feb 04, 2025

ProFeds Founder, Chris Kowalik, discusses how the Deferred Resignation applies to federal employees who have met their Minimum Retirement Age, but don’t have the years of service necessary to be fully-eligible to retire.

KEY TAKEAWAYS:

Who qualifies for an MRA+10 retirement
What effect does this have on your pension
How can you avoid penalties to your pension
How are other benefits like FEHB, FEGLI, the Supplement & TSP affected

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Deferred Resignation] Part 3: The New Twist by OPM - Offering Early Outs Feb 04, 2025

ProFeds Founder, Chris Kowalik, discusses the new twist added by OPM just days before federal employees decide if they stay or go. This change includes relaxed eligibility standards through the Early Out (VERA) option for those who qualify.

KEY TAKEAWAYS:

Who qualifies for an Early Out
How does it change this decision for many people
What effect does this have on your pension
How are other benefits like FEHB, FEGLI, the Supplement & TSP affected

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Deferred Resignation] Part 2: 10 Questions to Ask Your Agency’s HR Before You Resign Feb 03, 2025

ProFeds Founder, Chris Kowalik, identifies 10 important questions that federal employees should ask of their agency’s HR department before they resign.

KEY TAKEAWAYS:

Documents you need to get
Actions that need to be taken
Expectations moving forward

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

[Deferred Resignation] Part 1: Legitimacy, Distrust & Uncertainty Feb 03, 2025

ProFeds Founder, Chris Kowalik, discusses the concerns of the legitimacy of the “Deferred Resignation” offer that expires on February 6th – and why distrust and uncertainty are running high among federal workers.

KEY TAKEAWAYS:

The unorthodox method in which this offer was made
The uncertainty of many important details
The general distrust among the federal workforce
The concerns about “what’s next”

Additional resources:

Link to OPM announcement: OPM.gov/fork

Link to OPM FAQs: OPM.gov/fork/faq

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

Quitting Your New Year’s Resolutions (to Get What You Really Want!) Jan 09, 2025

ProFeds Founder, Chris Kowalik, unpacks why most New Year’s resolutions fail and how federal employees can reframe their mindset to get what they really want.

KEY TAKEAWAYS:

The key behind why most New Year’s resolutions fail
The power of incremental changes
The breakdown of effective goal-setting
The reward of meaningful resolutions

Additional resources:

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

Book mentioned, Atomic Habits by James Clear: https://jamesclear.com/atomic-habits

The Truth About ‘Water Cooler Experts' Aug 12, 2024

ProFeds Founder, Chris Kowalik, reveals the real truth behind why so many federal employees take advice from the “self-appointed office experts” at the proverbial water cooler.

KEY TAKEAWAYS:

Why water cooler experts can be dangerous (and sometimes helpful)
What to do when you are getting advice about money from a co-worker
Why you might feel compelled to take their advice
What to do once you have the information (before you take action)!

Additional resources:

Local workshop locations and dates: FedImpact.com/attend

To be introduced to a local financial professional: FedImpact.com/request-to-meet

The 8 ProFeds Planning Principles Mar 01, 2024

ProFeds Founder, Chris Kowalik, lays out the 8 planning principles that can help federal employees take control of their financial future

Key takeaways:

The timing of when you’re taking action
The decision making process (and what happens if you don’t make decisions)
Taking ownership of your future

It's Time for Something New! Oct 11, 2023

ProFeds Founder, Chris Kowalik, shares a behind-the-scenes look at the recent updates ProFeds has made to its website and resources for federal employees.

Key takeaways:

We have a bigger message to share with federal employees preparing to retire,
We embrace growth and change, so we continue to bring you helpful tools and resources,
We want to give federal employees a first-class experience.

Retirement - Are You in it to Win it? (Super Bowl Edition) Feb 15, 2023

ProFeds Founder, Chris Kowalik, shares Super Bowl insights and what that has to do with your retirement from federal service.

Key takeaways:

What to do when you find yourself as the “underdog”
How to keep your head in the game and be “In it to Win it?”
When your play calling becomes a crucial element of your game strategy
Who to rely on for guidance and leadership when the stakes are high
Why to always keep your eye on the game clock & understand the rules of the game

Striving for Financial Freedom in Retirement Jan 03, 2023

ProFeds Founder, Chris Kowalik, shares how taking these steps early can help you to retire with financial confidence.

Key takeaways:

NUMBERS: what facts and figures need to be on your radar
TIMELINE: what does your retirement countdown look like
ADVANTAGES: what unique decisions are available to you to give you an unfair advantage over your peers
MINDSET: what shifts may need to be made to your thinking about your big retirement plan

Why Your Agency's Retirement Estimate Isn't Enough Nov 15, 2022

ProFeds Founder, Chris Kowalik, talks about three areas where federal employees need to pay special attention to when they’re requesting and reviewing the retirement estimate from their agency:

ACCURATE: are the numbers right?

COMPLETE: are all the numbers and options there (even just for your federal benefits)?

ENOUGH: is the information presented enough to make a full decision?

Your Mindset on TSP in a Down Market Oct 25, 2022

ProFeds Founder, Chris Kowalik, discusses how your mindset may shift on you when the TSP takes a tumble.

Key takeaways:

Different stages of your investment journey (and how it changes your perspective on loss)
Assessing your risk tolerance as it relates to your TSP
How long it takes to recoup your money after a down market
Highlights the #1 problem with TSP once you are retired
What to do now if your account has already taken a loss

Playing Offense & Defense in Retirement Sep 20, 2022

ProFeds Founder, Chris Kowalik, discusses how playing both offense and defense can help federal employees to retire ready.

OFFENSE: Increasing the money you have to live the retirement you want
DEFENSE: Protecting that money from others who want to take it from you
BIG QUESTION: Are you playing to win, or are you playing to not lose?

TSP's Comedy of Errors in 4, 3, 2, 1... Aug 02, 2022

ProFeds Founder, Chris Kowalik, discusses the legitimate frustrations that federal employees have felt about the TSP's recent transition to its new platform – and how feds can protect themselves despite TSP's errors.

The 3 Key Professionals to Have in Your Corner Jul 08, 2022

ProFeds Founder, Chris Kowalik, reveals the 3 key professionals federal employees should have in their corner as they prepare to retire – and how to get started.

Why Federal Employees Should Avoid "Rules of Thumb" Jun 24, 2022

ProFeds Founder, Chris Kowalik, reveals common "rules of thumb" and why federal employees are persuaded to follow them – and what to do instead.

5 Places Where Feds Should Not Go to For Advice Jun 07, 2022

ProFeds Founder, Chris Kowalik, offers insights into where federal employees should not be seeking advice from – and where to go instead.

Key takeaways:

The difference between “seeking information” and “seeking advice”
The 5 government entities where feds should never go to for advice
Where feds should go when seeking advice on strategy to maximize their financial situation

How the FERS Supplement is Affected if You Work After Retiring May 24, 2022

ProFeds Founder, Chris Kowalik, gives the simple formula to know if federal retirees might work themselves right out of the Special Retirement Supplement if they have a job after leaving federal service.

Key takeaways:

General overview of how the SRS program works
The “earnings test” applied and what happens if you make too much money
We’ll cover a few examples (and give you an easy formula to figure this out for yourself)
An overlooked element of the SRS earnings test that can be your silver lining

Why High COLAs are Not a Good Thing May 10, 2022

ProFeds Founder, Chris Kowalik, reveals why high COLAs actually mean less money in the pockets of federal retirees.

Key takeaways:

How the Cost of Living Adjustments are calculated
When COLAs are announced each year and when they go into effect
Why high COLAs aren’t considered “good” when you know what it actually means
The real consequences of high COLAs and the spiral effect it can have on your retirement assets

FEGLI Option C (When You Have No Eligible Family Members) Apr 26, 2022

ProFeds Founder, Chris Kowalik, reviews FEGLI Option C coverage and what happens when you no longer have eligible family members who are covered.

Key takeaways:

Brief overview of FEGLI Option C
What causes eligible family members to become ineligible for coverage
How to get this coverage fixed with your agency
How to get a refund of erroneous premiums paid

Rules for Keeping FEHB in Retirement Apr 12, 2022

ProFeds Founder, Chris Kowalik, covers the 3 rules that federal employees must follow to be allowed to keep their health benefits (FEHB) in retirement.

Key takeaways:

Focuses solely on how YOU (the fed) can keep FEHB in retirement
A breakdown of the 3 rules you must meet to be eligible
How feds married to other feds can switch up their plans
How feds who have time under TRICARE can use that time to meet FEHB’s “5-year” rule

The TSP Early Withdrawal Penalty Mar 29, 2022

ProFeds Founder, Chris Kowalik, reveals the rules of the early withdrawal penalty (and how to avoid it) when taking money out of the TSP prior to age 59 1/2.

Key takeaways:

What the rules are for when you may take money from TSP
What triggers a penalty for some federal employees taking funds prior to age 59 1/2
How to avoid the penalty based on when or how you take money
The bigger impact a penalty like this has on your TSP account

The Goals, the Gap and the Gains Feb 11, 2022

ProFeds Founder, Chris Kowalik, discusses why goal setting can leave federal employees feeling frustrated and overwhelmed. She gives real-world examples of how to break down goals into manageable steps.

Key takeaways:

Why most people hate new year’s resolutions
How to intentionally create steps into your goals to build momentum
How (and from where) to measure progress

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