The House of Representatives Budget Committee released its FY 2016 budget proposal today. Although it offers no specifics, the proposal calls for requiring federal employees and Members of Congress to make greater contributions towards their retirement programs.
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.
FedSmith.com users who have recently retired from federal service indicated some overall improvement in their dealings with the Office of Personnel Management and getting their retirement applications processed.