For Your Benefit

Latest Episodes:

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

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

Federal Retirement: Fact or Opinion? Jul 24, 2023

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

How Family Impacts Transitioning to Retirement May 22, 2023

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

Understanding the Medicare Program Mar 27, 2023

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

Personal Insurances Overview Mar 06, 2023

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices

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

Show notes

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

Learn more about your ad choices. Visit podcastchoices.com/adchoices