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Sensitivity, Retirement and New Year's Resolutions

paul farrell article re. happiness vs. money in retirement

biologist
usda
Thu Jan 5, 2006 4:18 PM

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Farrell cites a study by AARP as evidence that retirement income and happiness aren't necessarily linked. However, if AARP used its membership as a data source, which appears to be the case, the study is biased to Americans of relatively higher income.

Great follow-up!

Analyst
Dod
Thu Jan 5, 2006 9:22 PM

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I found what you said in the previous article a little shocking. I couldn't disagree though since I'm a 15%er. It was just a surprise to see someone say it. This explanation was incredibly enjoyable and truthful, :).

Re: Sensitivity, Retirement and New Year's Resolutions

Contracting Officer
USAF
Fri Jan 6, 2006 1:04 PM

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I have no problem w/ anything Mr. Smith said in this article - my only complaint, as a 50 year old FERS Fed, is that my catch up contributions have to be in the form of payroll deduction. I'd like the flexibility to pull a couple of grand (or whatever amount) out of savings in Dec of each year & putting it into my TSP.
Contracting Officer, TAFB, OK
P.S. How 'bout those Longhorns?!? ONLY time I have EVER cheered on Texas! Nice to see USC get the comeuppance they so richly deserved.

Re: Re: Sensitivity, Retirement and New Year's Resolutions

Analyst
Dod
Sat Jan 7, 2006 12:25 PM
I don't really understand what the problem is. Now that the contribution limits are gone, you can put in as much as you want up to the IRS limit. Just raise your contributions significantly for December and now do the spending you would have done with your pay with your bank account. Money's money. The only way that won't work is if you don't make enough to get your desired "bank account" funds added to your TSP in form of payroll deductions.

TSP and FERS Guidance

HR Specialist
Fed Agency
Tue Jan 10, 2006 7:37 AM

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One of the main problems I see is that people don't understand the whole FERS/TSP program. When new employees come to work for the Fed govt, they should be counseled somehow on the way to save. While it shouldn't take much, just putting forms and books in front of peoples faces does not help them understand. I counsel all new employees coming to work for me to immediately put in the 5% so that they can get the govt 5% right from the start. Then they should consider each year (when getting the pay increase if they still happen) to increase the TSP contribution BEFORE they ever see the extra money in their paychecks. For example, one new employee said she can't increase this year, but when discussed in terms of putting 1% of her increase into TSP the lights went on. Maybe someone should develop a basic training class for new Feds that touch in more detail on these things. It might help from the start.

Re: TSP and FERS Guidance

Analyst
Dod
Tue Jan 10, 2006 5:12 PM
You're right. That is a good way to do it. I guess part of it is that everyone's responsible for his own person. I agree that reading the booklets that are given out is a stretch (although, I was almost completely aware of the entire program when I signed up last year), but if people care, they will.

Most people put it off and never really start saving... or never save anything worthwhile. It's amazing how easy it is since it does lower how much you get taken out for taxes. Even as a GS-7 living in the D.C. area, I don't have a problem taking out 10 and now 15 percent. It's all based on your priorities. I don't even get the matching for a few more months.

I know that I care enough to look into it, but I think that it would be better if you were forced to sit through something more specific to what you'll be getting after you retire. Some people really need it spelled out. It wouldn't be any less worthwhile that some of the other topics they cover in those initial few days.

"Insensitivity"

PA Specialist
AFRC
Thu Feb 16, 2006 9:40 AM

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One thing I've observed in FedSmith is that some stories, "hot-button" usually, are sometimes deleted altogether, or are unable to be accessed again.

I'm thinking of the recent "Millions Wasted in Katrina Aid"

Mr Smith, is there a reason for that? Disagreement or not, I for one would like to see the continued remarks to that topic, especially since some posters seemed to see, as I do, the correlation between that disaster and that OTHER disaster, FEMA.

Re:

editor
fedsmith
Thu Feb 16, 2006 9:48 AM
As we note in our newsletter each week, we cannot post articles on our home page for more than two days due to the number of articles. It has not related to the subject matter but no one wants to go to a page with hundreds of headlines on the page which we would quickly have.

You can use the search engines to locate older articles which are at the top of the home page. You can also go to the archives page which is identified with a link at the bottom of most pages and at the top of our home page just above the headlines. The headline archives are at http://www.fedsmith.com/headline_archives.php and may be there for up to two weeks.
Total Comments: 23
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