Make sure that you understand your federal retirement benefits, as well as other work-related benefits like FEHB, FEGLI, FEDVIP and flexible spending accounts. Image: New Africa/Shutterstock.com
By: John GrobeToday, January 30, is National Croissant Day. And while it’s hard not to celebrate delicious flakey buttery pastries, it’s laughable to have nearly every calendar day designated for any number of things to recognize. On a more serious note, the entire month of April is designated as Financial Literacy Month. If you plan well, and make some sound decisions well before retirement, you’ll be happily eating croissants well into your golden years.
Given that, you might want to:
· Review your budget (you have one, right?) and see if any changes can be made. Can you throw more money towards paying down your debt or increasing your saving for important goals such as your retirement and your children’s education.
· Consider whether it makes sense to work with a financial planner.
· Commit to educating yourself about finances. Subscribe to a financial publication or follow financial experts on social media.
It turns out that April 6th is National Employee Benefits Day. Make sure that you understand your federal retirement benefits, as well as other work-related benefits like FEHB, FEGLI, FEDVIP and flexible spending accounts. The OPM website has tons of helpful information in these areas, plan on visiting it.
There’s a couple of other days in April that might be important. If you turned 73 in 2023, April 1st is the deadline for taking your first required minimum distribution (RMD). Subsequent year RMDs must be taken by December 31st. Monday April 15th is Tax Day. Unless you have an extension, that’s the day income taxes are due.
The 2nd of May is National Life Insurance Day. Take time this day to review life insurance coverage to see if it meets your needs. This is true not only of your own coverage, but also those of other family members. Do you have enough coverage; do you have too much coverage? Often as we age, our need for life insurance lessens; insurance pros refer to this as the “theory of decreasing responsibility.” You are allowed to make certain changes to your Federal Employees’ Group Life Insurance (FEGLI) outside of open seasons.
Did you know? As of September of 2023, among uniformed service members, the number of Blended Retirement System participants in the TSP outnumber the number of Legacy Retirement System Participants. Also, 85% of BRS participants are contributing enough to get the full match.
John Grobe, President of Federal Career Experts, is an expert in the area of federal employee retirement and benefits. This expertise comes from his 26 year federal career in which he managed the retirement program in a 3,500-employee office of a large federal agency.
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See also,
Legal: How to Challenge a Federal Reduction in Force (RIF) in 2025
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