Federal Employees
Financial Planning:
- Comprehensive financial plan creation
- Financial goal setting and prioritization
- Cash flow management and budgeting
- Debt management strategies
Investment Planning:
- Investment portfolio analysis and management
- Asset allocation and diversification strategies
- Retirement planning and investment strategies
- College savings planning (e.g., 529 plans)
Retirement Planning:
- Retirement income planning
- Social Security and pension maximization
- Retirement savings strategies
- Required Minimum Distributions (RMD) planningtment strategies
Tax Planning:
- Life insurance needs analysis
- Disability insurance planning
- Long-term care insurance
- Health insurance review and recommendations
Estate Planning:
- Estate plan review and recommendations
- Trust planning and management
- Wealth transfer strategies
- Charitable giving strategies
Education Planning:
- Education funding strategies
- College savings plans (e.g., 529 plans)
- Financial aid and scholarship guidance
Business Planning:
- Succession planning for business owners
- Employee benefits and retirement plans
- Business continuity planning
Specialized Services:
- Divorce financial planning
- Financial planning for special needs families
- Elder care financial planning
Wealth Management:
- Ongoing portfolio monitoring and adjustments
- Quarterly or annual review meetings
- Performance reporting and analysis
- Coordination with other professionals (e.g., attorneys, accountants)
Client Education:
- Financial literacy workshops and seminars
- Personalized financial education and coaching
- Resources and tools for financial decision-making
Federal Employees Retirement System (FERS)
In 1986, Congress created the Federal Employees Retirement System (FERS), and it became effective on January 1, 1987.
The FERS retirement plan provides benefits from three different sources: a Basic Benefit Plan, Social Security, and the Thrift Savings Plan (TSP).
Common Questions:
Do any of these three different sources follow me to my next job?
Yes, two of the three can go with you to your next job if you leave the Federal Government before retirement.
Civil Service Retirement System (CSRS)
In August 1, 1920, the Civil Service Retirement Act became effective to establish a retirement system for certain Federal employees. If was replaced by the Federal Employees Retirement System (FERS) for Federal employees who first entered covered service on and after January 1, 1987.
CSRS is a defined benefit plan.
Common Questions:
Do CSRS employees contribute to Social Security retirement?
It can vary. Typically, they pay no Social Security in retirement.
Can CSRS employee contribute a portion of pay to the Thrift Savings Plan (TSP)
Yes, they can pay into a portion into the TSP.
Is there a Government contribution to the TSP?
No, there is no Government contribution.
What is a pension?
An employer sponsored retirement plan that fives employees a “head start” or “leg up” on retirement planning. Some guaranteed employees a certain level of income during retirement that is typically only a portion of your salary determined by a formula.
What does a defined benefit plan mean?
A defined benefit plan is funded by the employer and promises you a specific monthly benefit at retirement. More often, this is calculated through a formula. This formula has factors that will affect the amount.
When can you retire?
Each city, county, and state governments can be slightly different in their retirement requirements. It is best to speak with your financial concierge, Lisa Galloway to be certain of the exact requirements.