All Federal Retirement Benefit Videos

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Kevin emphasizes the importance of updating beneficiaries in the Thrift Savings Plan (TSP) for federal employees. He explain that when a person dies, the assets in their TSP account will go to the designated beneficiaries. However, he warn that the new TSP website may have deleted some beneficiaries' information, so it is crucial to check and update beneficiaries immediately. Kevin advises not to rely on the standard order of precedents and urges viewers to complete beneficiary forms not only for the TSP but also for three other places, without specifying what those places are. He suggest attending a workshop to learn more about this important aspect.

In summary, the transcript emphasizes the need to update beneficiaries in the TSP and other forms for federal employees. It highlights the potential issue with missing beneficiary information on the new TSP website and encourages viewers to take immediate action to ensure their assets go to the intended beneficiaries.

Join us at a Fed Pilot workshop (webinar or in-person) and not only learn about your benefits, but how to prepare for retirement. The earlier in your career, the better.

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In transcript, Kevin addresses a common misconception about federal employees' health insurance. He clarify that federal couples, who are both federal employees, do not necessarily need to have separate health insurance plans. Instead, they can opt for a self plus one plan, where the government still covers a portion of the premium. He emphasizes that the decision to have separate plans might be based on cost considerations, as sometimes two self-only plans can be cheaper than a self plus one plan. He encourages individuals to attend their workshops to gain a better understanding of the correct approach to federal employee health insurance.

In summary, contrary to popular belief, federal couples do not have to have separate health insurance plans. They can choose a self plus one plan and still receive a portion of the premium covered by the government. The decision to have separate plans might be based on cost factors. Attending the speaker's workshops is recommended to learn more about the correct approach to federal employee health insurance

Join us at a Fed Pilot workshop (webinar or in-person) and not only learn about your benefits, but how to prepare for retirement. The earlier in your career, the better.

Register: https://fedpilot.com

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In this transcript, Kevin addresses the question of how part-time work affects federal employees' retirement benefits. He explain that part-time hours are treated as if they were full-time when calculating retirement benefits. For example, if someone worked four years part-time, those years are included in the formula as if they were four full-time years. However, the actual calculation is prorated based on the number of hours worked during the part-time period. He acknowledges that they haven't personally verified if the outcome would be the same if calculated differently, but it is important to follow the same calculations as the Office of Personnel Management (OPM) to ensure accurate results.

In conclusion, part-time years are considered in the retirement benefits formula as if they were full-time, but the calculation is adjusted based on the number of hours worked. He emphasizes the importance of using the same calculations as OPM to ensure consistency in results.

Join us at a Fed Pilot workshop (webinar or in-person) and not only learn about your benefits, but how to prepare for retirement. The earlier in your career, the better.

Register: https://fedpilot.com

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In this transcript, Kevin addresses a question regarding state taxes on federal retirement in Kansas. He explain that whether or not state tax is charged on retirement income depends on the specific source of income. While Kansas does not charge state tax on pensions, they may or may not charge it on Social Security and the Thrift Savings Plan (TSP), depending on factors such as whether it was contributed to the Roth or traditional account. The complexity of state tax laws highlights the importance of understanding and maximizing retirement income to avoid overpaying taxes. He encourages attending workshops to learn strategies for lowering taxes and maximizing retirement savings.

Overall, the transcript emphasizes the need to carefully navigate state tax laws to ensure retirees do not pay unnecessary taxes and can make the most of their retirement income.

Join us at a Fed Pilot workshop (webinar or in-person) and not only learn about your benefits, but how to prepare for retirement. The earlier in your career, the better.

Register: https://fedpilot.com

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In this transcript, Kevin addresses a question about the Federal Employees' Group Life Insurance (FEGLE) coverage. He clarify that FEGLE does offer automatic approved coverage, regardless of the individual's health situation, but only when they are first hired or during rare open seasons. He emphasizes the importance of understanding this from the beginning of federal service to avoid missing out on this coverage. He encourage sharing this information with others who have just started and highlight the benefits of learning about FEGLE early on.

Overall, the transcript emphasizes the limited opportunities to access FEGLE coverage without any health conditions and underscores the necessity of being well-informed about the insurance options available during the early stages of federal employment.

Join us at a Fed Pilot workshop (webinar or in-person) and not only learn about your benefits, but how to prepare for retirement. The earlier in your career, the better.

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Kevin emphasizes the importance of understanding and defining terms accurately when discussing retirement. He highlight the confusion that can arise when terms are mixed up, particularly in relation to the concept of a survivor. He clarifies that being a survivor implies that someone has passed away, and therefore, being alive and a survivor simultaneously is not possible. He also mention that there is no beneficiary form for the Federal Employee Health Benefits (FEHB) program, but there is a survivor benefit program that allows a spouse to continue having FEHB if the employee passes away. He encourages continuous learning, attending workshops, reading, and researching to gain a clearer understanding of retirement terms and avoid confusion.

In summary, he emphasizes the need to accurately define terms when discussing retirement. He debunk the confusion surrounding the term "survivor" and highlight the absence of a beneficiary form for FEHB. He stress the importance of ongoing learning and research to gain a better understanding of retirement concepts and avoid confusion in planning for retirement.

Join us at a Fed Pilot workshop (webinar or in-person) and not only learn about your benefits, but how to prepare for retirement. The earlier in your career, the better.

Register: https://fedpilot.com

Want to ask a question for me to answer in a video? Ask at https://fedpilot.com/contact-us