There has been a lot of attention on taxes in the news lately with the most recent tax reform going into effect this year. However, this 2-part article is not going to focus on the new law, but rather the broader topic of the experience that federal employees are likely to have with respect to taxes when they are ready to step into retirement.
CLICK HERE TO READ FULL ARTICLE – PART 1
Taxes on OPM paid benefits like the CSRS/FERS pensions,
Survivor Benefits and the FERS Special Retirement Supplement.
CLICK HERE TO READ FULL ARTICLE – PART 2
Taxes on other federal benefits like Social Security,
Federal Employee Health Benefits and the Thrift Savings Plan.
My best advice with respect to taxes is to recognize that they are very real in retirement. I refer to them as the “carbon monoxide” that can kill an otherwise really good financial plan. You must have some very serious conversations about taxes, and it starts with having those conversations with yourself. Take the time to work with your tax professional or financial planner and put a tax strategy in place.
TRAINING AVAILABLE FOR FEDERAL EMPLOYEES:
Live Workshop Training: Check out the workshop schedule to attend a live FedImpact workshop near you! Use the SF-182 to request paid time off to attend the training. Don’t see a workshop nearby? Add your name to the list to be notified when new locations and dates are announced!
Online Training: Consider our online version, FedImpact: Federal Retirement Training On Demand. This is a self-paced, online program designed for employees in locations where we don’t currently hold live training.
ABOUT THE AUTHOR:
Chris Kowalik is a federal retirement expert and frequent speaker to federal employee groups nationwide. In her highly-acclaimed Federal Retirement Impact Workshops, she empowers employees to make confident decisions as they plan for the days when they no longer have to work.
As the developer of dozens of highly-regarded retirement planning materials for federal employees and the creator of the FedImpact Podcast, Chris has also analyzed the challenging retirement scenarios for thousands of federal employees – helping them to avoid costly mistakes, and highlighting opportunities for them to gain greater financial security in their retirement years.
Chris’ candid and straightforward nature allows employees to get the answers they need, and to understand the impact these decisions have on their retirement. After all, if what you thought was true wasn’t, when would you like to know?