e-News - National Institute of Transition Planning, Inc

5 Tips to Increase Your Social Security Benefits

By: Vanessa Craddock, Federal Benefits Specialist

Published: June, 2022

Worried about claiming your Social Security (SS) benefits at the wrong time? There are no hard and fast rules about the proper age to draw SS. It often comes down to your individual circumstances at the time you are eligible. However, there are a few tips that may increase the monthly amount you will receive. Let’s look at a few.

College Savings

By: Kaitlin Schaeffer Yardley, CFP®

Published: May, 2022

They say, “don’t blink.” Before you know it, that cute Kindergartener carrying an oversized backpack filled with art projects, will be heading off to college – complete with a hefty tuition bill plus room, board, and book fees. Psychologists have many strategies for coping with that process emotionally, but for now, let’s focus on how to handle the financial cost.

Protect Your Retirement: Avoiding Frauds and Scams

By: Ray Kirk, Ph.D., Federal Benefits Specialist

Published: April, 2022

Following the legendary Willie Sutton principle, fraudsters tend to go “where the money is”—and that means targeting older Americans who are nearing or already in retirement. Federal employees and retirees with large Thrift Savings Accounts are tempting targets. Knowing how to protect your savings is an important part of financial literacy.

Every two years the Society of Actuaries Research Institute conducts a retirement risk survey to evaluate Americans’ retirement concerns and preparedness, their income and spending in retirement, how they plan for change in retirement, the impact of shocks and unexpected events, and their views on health and caregiving.

One Last Look: The OPF and Retirement

By: Vanessa Craddock

Published: March, 2022

Question: I’m about to retire at the end of the year and was told I should check my OPF before leaving. What should I look for?

Answer: The easy answer is to make sure your personnel records are in order: accurate and complete. This will help expedite the retirement process. Your Official Personnel Folder (eOPF) contains important documents used to determine retirement eligibility and your benefit calculation. While the “Certified Summary of Federal Service” is a form you may request from HR which provides a record of your creditable Federal service, it is your responsibility to confirm its content.

The Federal Employee Health Benefits (FEHB) / Medicare Wrap-Around Arrangement – Is It For You?

By: Bob Braunstein, Federal Benefits Specialist

Published: February, 2022

If you are a retired Federal employee with FEHB coverage, when you turn 65 you are not required to enroll in Medicare – but enrollment for most will be cost effective and worth it. When you enroll in Medicare Part A and Part B (Part B has an extra individual premium), Medicare becomes your primary payer for hospital and outpatient services. When FEHB is then the secondary payer, the deductibles, copays, and coinsurance you have been paying will disappear. Additionally, many of the newer FEHB plans reimburse for a good portion of your Part B premiums – in essence, you will have an “FEHB/Medicare Wrap-Around” arrangement with regular recurring premiums. Your monthly total premiums for FEHB and Medicare will often be equivalent to or less than what you are paying for FEHB coverage alone, but with no further out-of-pocket costs for your care.

Making Your New Year’s Financial Resolutions Stick

By: Karen Schaeffer, CFP®

Published: January, 2022

A recent survey found the top three financial resolutions for Americans are to save more, spend less and pay down debt. No surprises there, but how do we really make 2022 the year of financial success? Before our great January intentions fade into unfulfilled promises of February, try these tips, culled from financial planners, to stay on track.

What To Do First When a Loved One Dies

By: Marc S. Levine, Esq.

Published: December, 2021

What are some of the practical considerations when a loved one dies? A lot of estate planning is about planning for low-probability / high-impact events – such as an early or unexpected death, as well as planning for the reality that all of us will pass at some point. This is one of the most important aspects of what we do – helping people navigate what can be a very complicated and often upsetting maze of what has to be done after someone dies.

Part Time Proration – What It Means in Determining Your Federal Annuity

By: Bob Braunstein, Federal Benefits Specialist

Published: November, 2021

Believe it or not, there was a time when the calculation of Federal retirement annuities made no distinction between part-time work and full-time work. Under the old Civil Service Retirement System (CSRS), you could retire after the same time as one with the same number of years who had worked full-time. And, even though you had worked fewer hours, your annuity would have been the same as it would have been had you always worked full-time. This inherent inequity – paying the same annuity to those who work fewer hours due to part-time work schedules – led to the Office of Personnel Management’s (OPM) changing its annuity calculation rules. The change became effective on April 7, 1986, and created “part-time proration,” which reduces retirement annuities.

Social Security Spousal Benefits: Top 5 Questions (and Answers)

By: Vanessa Craddock, Federal Benefits Specialist

Published: October 2021

Once you are eligible to collect your Social Security (SS) retirement benefit, you may also entitle your spouse to a monthly benefit if he or she meets certain qualifications. This is true even if your spouse has never worked under Social Security. Generally, a current spouse benefit is payable if your spouse has been married to you for one year, is at least age 62, and is not qualified for a higher benefit based on his/her own earnings record. The most important fact about the spousal benefit is the timing when the benefit is claimed. Below are 5 common questions employees ask about the spousal benefit:

Finance for Singles

By: Kaitlin Yardley, CFP®

Published: September, 2021

Have you ever thought of handling your personal finances like any other household chore? It’s always best to follow a schedule before the tasks get out of control. The laundry pile is a little less daunting if you attend to it every week and the bathroom is certainly more pleasing if you can get to the scum before it grows. While it is helpful to divvy up household chores – someone cooks and the other clean up – if you are single, all of the chores fall in your lap. Delegating the cleaning duties to an outside service, when possible, can be a great solution. However, when it comes to finances, this is your job. You, and only you, will reap the reward of a job well done or pay the price of missteps. Here are some tips for staying on top of your personal finances, even when you can’t share the job.

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