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May 6, 2016 By Scott Thompson

Establish your emergency fund

When we get in a financial jam, it is easy to make some terrible decisions.  We rack up high-interest credit card debt, or borrow from retirement accounts like the Thrift Savings Plan.*

During our retirement workshops, we recommend federal employees have roughly 6 months worth of expenses in the bank.

Establishing an emergency fund is simple – you can do it at your local bank or online.

*BONUS: Did you know that when you borrow from the Thrift Savings Plan that you pay taxes TWICE?  When you repay the loan, you pay it with after-tax money (meaning you pay tax on the repayment amount).  Then when you take the money out in retirement to use it, it is taxed again.  Ouch!

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