Carol Schmidlin is the President of Franklin Planning and has been advising clients on how to grow and preserve their wealth for 20 years. In addition to her financial planning practice, she is the founder of FedSavvy® Educational Solutions, which provides Financial and Retirement Literacy Programs for Federal Employees. Contact Carol at (856) 401-1101 or visit FranklinPlanning.com.
Carol Schmidlin's Latest Posts
While supporters of President Obama’s 2016 Fiscal Budget say the budget will make it easier to save for retirement, the proposal is giving mixed messages when it comes to retirement planning. The author highlights eight budget provisions that would have a negative impact on many retirement accounts.
Long-time federal workers under CSRS have a unique opportunity for tax-free retirement income. The author describes how CSRS federal employees can contribute to the little-known Voluntary Contribution Program to overcome some of the major contribution limitations with IRAs.
The author says that the Thrift Savings Plan board members are recognizing that plan participants want more flexibility in making withdrawals in retirement. She says this is a step in the right direction and will likely lead to positive changes for the TSP in the future.
One advantage federal employees have when saving for retirement is the Roth TSP. A Roth investment allows you to pay tax on the seed (the smaller, starting investment) and reap the bounties (the investment plus growth/interest) tax-free. The author explains more about how this works.
Phased Retirement may finally be a reality for eligible federal employees desiring to phase into retirement, however, some agencies have said they will not allow employees to submit applications until 2015. The author offers considerations and practical examples for federal employees who may be considering utilizing the new phased retirement option.