Your Turn with Mike Causey - Federal News Network | Hubbard Radio

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Wanna be a TSP Trillionaire? Ask one! Feb 16, 2022

Show notes

There are lots of ways to become a millionaire. Some of them are even legal. You can invent something, like fire, Scrabble or potatoes, although those have been taken. Or you can write a book, then buy TV airtime, then teach seminars telling other people how they can make a million in the market. If enough people buy it, you will become a millionaire without taking all that time and effort investing. But the keys are long-term investing and doing what the proven winners have already done. Like Abraham Grungold. He’s a long-time fed who has found a good financial coach: himself. He’s been practicing what he preached to some others. And its worked. He’s our guest today on Your Turn. He’s going to talk about his “simple” 5-step recipe for becoming a TSP millionaire. This is one you can’t afford to miss. Tell a friend.

Don’t turn your home into Bleak House! Feb 09, 2022

Show notes

If you belong to a book club, whether Oprah’s or one in the neighborhood, chances are “Bleak House,” by Charles Dickens, will never be on your reading list. Ever. As in never! For one thing, “Bleak House” is really old. Written in the 1850s. For another there is lots of legal stuff. It takes readers through a horrified version of settling an estate through probate. Some experts (people who have actually read Dickens rather than just seen him on PBS) believe it was inspired by a contested will case of that time period. The case, Thellusson v. Woodford, lasted from 1797 to 1859. That’s longer than most people lasted in those days. To be fair, most probate actions don’t take 50-plus years. But if one is triggered by your death, your family might have to wait six months to two years before your estate is settled. Unless you leave an estate plan which clearly spells out your wishes. It’s a grim subject, but one most of us should deal with because the day will come whether you are prepared or not. In addition to settling your estate — and you probably have one — it can reduce the likelihood that disposition of your estate — home, 401k plan, insurance, etc. — won’t break up your family. So while probate can be a mystifying and grim subject, it is one you should be up on. Starting right now. Today’s guest on your turn is Tom O’Rourke. He’s an estate and tax attorney in the DC area. He’s also a former IRS attorney and most of his clients are either current, retired or former feds. Some of them are TSP millionaires with estates, based on time and hard work, that are significant. Tom is going to talk about how to avoid probate, or navigate through it if that is the only option. Today’s show will be archived on our home page. That way you can listen later, listen again or refer it to a friend or coworker. While it’s a grim subject, in many respects learning how to do it correctly can make things so much easier for your loved ones. Meantime, here’s a brief (remember this is Charles Dickens) introduction to Probate 101 Tom has prepared to help keep you and yours out of “Bleak House:”

The ‘Phantom’ COLA and other retirement mysteries Jan 26, 2022

Show notes

The good news about the federal retirement programs — FERS or CSRS — is that they have many moving parts. The downside is you need to do some homework — preferably starting from day one on the payroll — to get the most out of your service. Both in starting annuity and maximum annuity. Again, not rocket science, but also not a walk in the park. Not something you can delay (if you want to get the most) by waiting until the gang at the office is planning your final work sendoff. So what to do? A good start is right here. We talk with lots of experts (including current and former feds) to find the best deal or deals for you. Like benefits expert Tammy Flanagan. When her husband retired in 2015, they moved to Florida and Tammy started her own consulting business to help active and retired federal employees called Retire Federal. He’s a retired LEO (law enforcement officer). She knows the retirement pathway and is a full-time consultant for feds planning to retire. Or those who’ve pulled the plug but still need help.

Time for a reality check Jan 19, 2022

Show notes

Today’s Your Turn show is about the kind of thing he could be very good at: Taking care of his family. Hopefully it will help you in important ways, like taxes and investments. Subject that are not fun, but are very important when someone else settles your affairs. My guest is Tom O’Rourke. He’s a Washington-area tax and estate attorney, and a former IRS lawyer too. Been there, done that! He knows the kind of advice you need and should be getting. Today his topic will be taxes and your TSP.

Looking for a safe 7.1% investment? Dec 15, 2021

Show notes

So today we’ve got a double-header for you on Your Turn. My lead off guest is financial planner Arthur Stein, who specializes in managing finances of active and retired feds. Today he’s going to talk about the pros and cons of playing it “safe” with your TSP and the definition of just what “safe” is. In the second half of the show, I’ll do a year-in-review interview with colleague Nicole Ogrysko, our pay and benefits experts, with a surprise twist at the end.

Open Season: Shop online and on company time for your health plan Dec 08, 2021

Show notes

If you work for Uncle Sam there’s a 50/50 chance you do. That is, your agency has pre-paid so you can shop from home, office or home/office using the popular Checkbook’s Guide to Federal Health Plans. Many people use it to find several best-buys for them. Editor Walton Francis says most people can save lots of money — up to $2000 next year — if they pick the best deal from the dizzying array of health plans available to 4-million-plus federal workers, retired civil servants and their survivors. Many of them have been in the same health plan for decades, And over time, as they get older and more dependent on health care, the plan has simply become too expensive (in premiums) based on what they get in benefits and services. Walt Francis will be my guest today on Your Turn.

Hidden gems (and time bombs) in your health plan Dec 01, 2021

Show notes

Federal workers, retirees and their surviving spouses are fortunate in many ways. They have a large number of health plans to choose from. The government will pay much if not most of the premium. No one can be turned down for any reason. Full coverage continues in retirement, which is not the case in most private plans. While the choice of 20 to nearly 40 health plans and options is bewildering, it is an effort everybody should make. Many federal agencies have made it easier for people to shop at work, on the clock, by subscribing to Checkbook’s Guide to Health Plans For Federal Employees. The online guide makes it easy for people to check out plans, benefits, networks, catastrophic coverage and, of course, premiums. The good news, for you and me, is that Walton Francis is my guest today on Your Turn. Remember, the countdown clock is ticking and you’ve got skin — literally and in money — in this open season. Francis is the long time editor of the Checkbook Guide, which, if your agency hasn’t subscribed for you, you can get by clicking here. You can save an additional 20% with the promotion code FEDNEWS.

Want a Roth IRA on steriods? Check your health plan. Nov 24, 2021

Show notes

Tired of shelling out thousands of dollars each year for your federal health plan? Confused, irritated or both by the multiple-choices available under the Federal Employee Health Benefits (FEHB) Program? Why not consider picking a health plan that pays you? Thousands of federal and postal workers have done it. Joined a high deductible health plan that has allowed them to amass accounts — their very own money — worth $10,000 to $50,000. Welcome to the federal benefits open season, which runs through Dec. 13. Other things to think about include how to save on taxes when paying your medical bills, and a half dozen items you probably hadn’t thought of but should consider. Which is why today’s Your Turn episode with Walt Francis is a must-listen. It could be the most productive 40 minutes of your year. For you and your family.

Would you buy a Medicare Advantage plan from Joe Namath? Or anybody else? Nov 17, 2021

Show notes

Before you answer, your first question might be “what’s a Joe Namath?” or “what’s this Medicare Advantage thing?” If you are of a certain age, and like (or hate) professional football, you will know that Joe was a very famous, successful college and professional quarterback. Now he is best known for TV commercials telling seniors how to get the most out of Medicare. And he is not alone. The FEHB open season runs through Dec. 13. so there is still plenty of time to compare plans, in addition to your current carrier, and compare their premiums, benefits, drug coverage and physician network. For folks trying to navigate the world of Medicare and FEHB benefits, it is even more complicated. Unless you have an expert at hand which, if you are reading this, you do. Spoiler alert: I am not the expert. Not even close. But I know who is. That would be Walton Francis, long-time editor of Checkbook’s Guide to Federal Health Plans. And he’s going to be my guest today on Your Turn.

Last chance to blow $2,000 Nov 10, 2021

Show notes

Federal workers and retirees have little time to miss another deadline and lose, as in overpay up to $2,000, on next year’s health premiums. All they have to do to ensure loser status for insurance premiums is nothing. Ignore open season (which runs through Dec. 13). Stay in the same health plan you’ve belonged to since the Carter administration. Don’t even consider leaving the high or standard option of your favorite plan since Friends or the Fresh Prince of Belair topped the TV charts. Most private sector companies offer minimum choices, minimum premium sharing and zero help to workers during their open seasons. Not Uncle Sam. When it comes to a helping health plan hand, the federal government can’t be beat. The Office of Personnel Management offers an excellent website which helps workers navigate the various plans, options and premiums. Most agencies now offer (free to employees) the Consumer Checkbook guide to federal health plans. Its long-time editor Walton Francis sorts out the best deal for workers, retirees or survivor annuitants. You can check to see if your doctor is in network and find out other things that should be a factor in deciding on your 2022 health plan. To kick off open season, Walt Francis will be my guest today on Your Turn. He’ll answer questions and give you a checklist of what to do during this open season. That will include things like health plans that offer HSAs (health savings accounts) for employees. Some of them who have been in HSA plan for years now have accounts of $50.000.

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