Many Thrift Savings Plan participants who own traditional IRAs and Roth IRAs choose at some time to rollover their TSP account and/or IRAs. While a rollover does not have to be a stressful experience, rollover errors can be costly. Ed Zurndorfer discusses how federal employees and retirees can avoid ten of the costliest mistakes more…
Maximizing Social Security Benefits and the ‘Deemed Filing’ Rule
Many individuals preparing to claim Social Security retirement benefits are not aware of the Social Security “deemed filing” rule. Ed Zurndorfer explains it, and provides suggestions for married couples in which both spouses are eligible for a Social Security monthly retirement benefit as to how maximize their lifetime benefits more…
TSP and IRA Tax-Planning Moves for Federal Employees and Retirees
The stock market reached all-time highs during 2023. While that is encouraging news for TSP participants and IRA owners, Ed Zurndorfer suggests some tax-planning moves that federal employees and retirees should consider, including required minimum distributions (RMDs), Roth IRA conversions, and charitable distributions more…
Understanding the CSRS Voluntary Contribution Program
Ed Zurndorfer discusses the CSRS Voluntary Contribution Program including an overview, CSRS/CSRS Offset employee eligibility requirements, filing an application, contributions and how they are made, limits on contributions, and withdrawal options more…
Medicare General Enrollment Period: What Are the Implications for Federal Retirees?
Most individuals find the Medicare enrollment process to be confusing. Ed Zurndorfer reviews the four Medicare enrollment periods, and how they apply to most federal employees and retirees when they become first eligible to enroll at age 65. Practical examples are included more…
When Federal Employees Can Make Penalty-Free Early Withdrawals from Traditional TSP or IRAs
Ed Zurndorfer discusses the exceptions that allow a federal employee to make withdrawals from their traditional Thrift Savings Plan or from a traditional IRA before age 59.5 and not be subject to an early withdrawal penalty. more…
High-3 Average Salary: What Is It and How Is It Calculated?
All eligible retiring federal employees will receive an annuity that is calculated based on their length of federal service and their high-three average salaries. Learn what it is, what pay is included, and how it’s calculated — with several helpful examples more…
IRS Provides Relief for Certain Tax Returns Filed During 2020 and 2021
Ed Zurndorfer explains which individuals are eligible for this relief, what type of tax relief is available, and exceptions to the penalty relief more…
IRS Increases Penalty for Underpaying Estimated Taxes
Federal employees who did not track their federal income withholding from their paychecks during 2023 may be in for a shock this spring when they file their federal income tax returns. Ed Zurndorfer offers some suggestions for federal employees and retirees to keep their federal income tax payments on track in order to avoid under withholding penalties more…
How the 2024 Federal Pay Raise Affects a Retiring Employee’s Lump-Sum Annual Leave Payment
Ed Zurndorfer explains how the pay increase affects the lump-sum annual leave payment for unused annual leave hours made to those employees who retired more…