For Your Benefit

ForYourBenefit Farewell Feb 26, 2024

February 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

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Estate planning without estate planning: How joint ownership and beneficiary designations transfer assets at your death Feb 12, 2024

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

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Finance review for the new year Feb 05, 2024

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

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Survivor benefits: Their importance and how to ensure they are in place for your loved ones Jan 29, 2024

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

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Federal Benefits Updates for 2024 Jan 08, 2024

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

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529 Plans and other strategies for paying for education Nov 27, 2023

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

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Health Care Directives Oct 30, 2023

October 30, 2023 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

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Cash Flow Planning and Debt Payoff Strategies Oct 16, 2023

October 16, 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

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Preparing for the “What If’s” in Life Oct 02, 2023

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

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FEHB and Taxes Sep 25, 2023

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

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It’s National Make a Will Month – Let’s Get Started Aug 14, 2023

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

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Roth vs. Traditional IRA and Roth TSP vs. Pre-tax TSP and a Perspective on RMDs Aug 07, 2023

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

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Federal Retirement: Fact or Opinion? Jul 24, 2023

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

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Don’t Let Your Investments Go On Vacation Jul 17, 2023

July 17, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Justin Dean, CFP®.

Justin will share tips to help ensure your investments are working consistently hard for you even when you are away on summer travel.

Know your destination
Avoid distractions and accidents
Check your progress

Send in a question: Email us in advance at ForYourBenefit@nitpinc.com

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How Family Impacts Transitioning to Retirement May 22, 2023

May 22, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Herb Casey, Transition and Federal Benefits Specialist.

There are many things to consider when making the decision to transition to retirement. Most people plan for retirement without thinking about how family can impact the process. How will your spouse, children, grandchildren, parents, siblings, and extended family affect your retirement? There are positives and negatives. Herb will talk about how family can impact finances, emotions, and mental health in retirement.

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

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Preparing for the Loss of a Parent, Spouse, or Other Family Member Apr 24, 2023

April 24, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Joel Cundick, CFP®. On today’s program, Joel will talk about what to do after the sudden death of a spouse, parent, or other family member. He will discuss the importance of having finances in order in advance and answer the questions:

What information can you gather now to minimize the difficulty of a possible death of a spouse?
What modifications should be made to a portfolio to stress-test it for that kind of change?
If you have recently lost a spouse, what are the most important things to do financially?
What dates are critical to remember and why?

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

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Understanding the Medicare Program Mar 27, 2023

March 27, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes David Santana, Health Insurance Specialist from the Centers for Medicare and Medicaid Services.

Understand your Medicare coverage choices to maximize your benefits
Evaluate the cost of enrolling in Medicare and premium payments
Summarize the choices to make an informed Medicare enrollment decision
Learn about recent laws that affect the Medicare program

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

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Personal Insurances Overview Mar 06, 2023

March 6, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes John Jilek, CFP®. There is a 100 percent chance we will all pass away some day. Life insurance, for the majority of us, can be an important vehicle to provide financial security for those left behind. What are the milestones of life insurance for Federal Employees? Why you should think of life insurance as death insurance. Does life insurance make financial sense if held for the long term?

LTC Insurance is a necessity for all Federal employees that are not able to self-insure.
Putting Long Term Care Insurance into perspective now that the Federal LTC program is on hold.
Find an alternative.
Don’t procrastinate.
Property Casualty Insurance is the most overlooked personal insurance by Federal employees.
PIC = Proper Insurance Coverage
Umbrella Liability Insurance is the least understood and bought by Federal employees.
No Umbrella Liability = Bullseye for Lawsuit

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

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When Can I Retire? Will I Have Enough Money? Feb 27, 2023

February 27, 2023 on ForYourBenefit, host Bob Leins, CPA® welcomes Brian Kurrus, CFP® to talk about questions to ask yourself before setting a retirement date.

Have you saved enough for retirement?
What investment changes should you consider?
What can derail your retirement plans?

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

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Survivor Benefits: Their Importance and How to Ensure They Are in Place for Your Loved Ones Feb 06, 2023

February 6, 2023 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 want to 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

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Financial Resolutions and How to Keep Them Jan 03, 2023

Want to make the most of the new year? Guest Karen Schaeffer, CFP® will talk about how to keep those New Year’s resolutions about money. Whether it’s paying off debt, buying a house, staying ahead of inflation, or having more confidence about your investments, Karen will share the tips financial planners give their clients. January is also a great time to make sure your TSP is allocated correctly. We have new contribution limits and a new mutual fund window to consider. Whether you are just getting started or actively spending down, tune in to make sure your TSP decisions align with what’s best for you. Learn how to choose between: Roth or Traditional Core Funds or L Funds Rebalance or Set and Forget For questions or comments, email us in advance at ForYourBenefit@nitpinc.com

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