Federal Employee Financial Planning Podcast

Today John and Tommy are joined by Bryan Gay, Owner of Boomer Insurance, to delve into Medicare, specifically focusing on FEHB, Medicare Part D, Advantage Plans, and forthcoming 2024 changes. They'll help uncover the mysteries surrounding Part D for non-federal individuals and offer insights into the challenges they face, as well as what to anticipate in the upcoming year.  Access the full show no...

Today John, Ben, and special guest Bryan Gay from Boomer Insurance discuss Medicare and Medicare Advantage, shedding light on a topic often overshadowed by federal employee health benefits. They start by breaking down Medicare, comparing it to just another insurance company, and exploring the distinctions between Medicare Part A and Part B. You'll gain valuable insights into the affordability and...

Much like keeping track of a game's score on a scoreboard, it is essential to know the score of your financial plan. Understanding this score is paramount in your financial planning journey, as it can mean the difference between running toward your goals or making costly errors. In this episode, John, Mike, Ben, and Tommy will emphasize the importance of understanding the score of your financial p...

Are you thinking about retiring early? Join Tommy, John, Mike, and Ben in this episode as they explore the world of early retirement planning. They define early retirement in different sectors, spotlighting health insurance, taxes, and time management as key concerns. Beyond finances, they emphasize the need to discover a passion or something that will fill your time up when you retire so that you...

Ever thought about whether striving for perfection is worth the trade-off in terms of enjoyment and attainability? In this episode, Michael, John, Ben, and Tommy discuss the downsides of fixating on flawless blueprint plans. Through personal stories and financial insights, they find the balance between aiming for perfection and recognizing that progress often trumps unattainable ideals. They share...

Time continues to move quickly and it is already more than halfway through 2023. What better time than now to take action and get your finances in order? Don't wait for the perfect moment or a later date; start today, even if it means beginning with small steps. In this episode, Michael, Tommy, John, and Ben gather to provide an update on the events of 2023. Access the full show notes at Mason & A...

In this episode, Michael, Ben, John, and Tommy discuss Social Security, an issue currently making waves in the news. Their confusion comes from conflicting signals: there are constant warnings of potential benefit cuts, but there is also talk of proposed changes that will make this issue worse. As they explain the situation, you will be reminded why it is essential to have expert guidance in navig...

Do you ever watch or read investment news, only to feel more confused and uncertain than you did before? In this episode, Michael, Tommy, and John team up with special guest Jeff Hybiak to delve deeper into the world of investment jargon. They begin by defining what the market truly is, stressing the crucial distinction between televised market discussions and the actual impact on individual portf...

Ever wondered how a bull and a bear could hold the key to understanding the stock market? Join Michael, John, Tommy, and special guest Jeff Hybiak, Chief Investment Officer at SEM Wealth Management, as they unravel the enigmatic language of investments. They break down the importance of diversification, cautioning against blindly chasing the best-performing ETFs or mutual funds as it may lead to p...

In this episode, John, Tommy, and Ben delve into the intricacies of the Tax Torpedo and its impact on the taxation of Social Security. The Tax Torpedo is appropriately named because it has the potential to sink your tax situation if you're not vigilant and attentive to its effects. Typically, individuals who solely rely on Social Security income do not have taxable income, meaning they don't need...

Are your spouse and children supported by your Social Security benefits? What happens in the unlikely event that you pass away suddenly and unexpectedly? In this episode, Michael, John, Tommy, and Ben explain some of the lesser-known aspects of Social Security. Diving into the realm of family benefits, they discuss scenarios where non-contributing spouses or children can still access significant r...

Get ready to take your retirement benefits to the next level! As a federal employee, you've got a lot to look forward to: guaranteed FERS benefits and Social Security, plus a steady income that keeps the bills paid. But what if we told you there's a way to add some extra icing to the cake? In this episode, Michael, John, Tommy, and Ben are back to help you do just that. They're continuing the conv...

Do you ever wonder if you're making the right decisions when it comes to Social Security? With countless advertisements bombarding us with a million ways to claim our benefits, it's easy to feel overwhelmed and unsure of what to do. In this episode, Michael, John, Tommy, and Ben will be shedding light on the complexities of Social Security so that you can plan for a financially secure future. Acce...

Are you approaching the age of 65 and worried about your Medicare premiums? Do you know what IRMAA is and how it can affect your monthly payments? In this episode, Michael, Tommy, John, and Ben will be discussing everything you need to know about Income Related Monthly Adjustment Amount (IRMAA) and how it relates to your Medicare coverage. This episode will be especially valuable for all federal e...

Are you ready to retire comfortably and enjoy the fruits of your labor? Retirement planning is not just a reactive process—it's a proactive one. It's crucial to start planning for your golden years as early as possible to ensure you have the financial stability and peace of mind you deserve. But where do you start? That's just one of the many questions that Michael and Tommy will be answering in t...

Today we are talking about a once-in-a-lifetime opportunity for military retirees. The open season allows retirees who did not take survivor benefits initially to reverse that decision and potentially secure up to 55% of their pension for their spouse if they predecease. In this episode, Michael, John, Tommy, and Ben, will be explaining the cost of purchasing military survivor benefits, the change...

Have you ever been told to "consult your tax advisor?" Are you left wondering who your tax advisor is—or how to find one? Taxes are a year-round aspect of financial planning, and it is essential to seek out comprehensive financial planning that includes tax planning advice. In this episode Michael, Tommy, and Ben discuss the crucial role taxes play in financial planning. Access the full show notes...

The Setting Every Community Up for Retirement Enhancement (SECURE) Act brought about significant changes to retirement planning in December 2019, and the retirement planning landscape has once again been updated with the passage of the SECURE Act 2.0. In this episode, Michael, Tommy, and John are joined by Ben Raikes, CFP, to discuss how this could impact your financial future. They examine the up...

Tax planning and financial planning shouldn't be once-a-year activities. It's important to make them a year-round priority to ensure a secure financial future. So, in this episode, we're talking about how to kick off the new year with a focus on setting and achieving new financial goals.  Access the full show notes at Mason & Associates, LLC

Charitable giving is a great way to give back to the community and can also provide great tax benefits for yourself. Depending on the type of charitable organization and the size of the donation, there are various ways to maximize the tax benefits of your charitable contributions. In this episode, Tommy, Michael and John will be sharing how you can maximize the tax benefits of your charitable givi...

When the market becomes volatile, it can put a damper on years of otherwise diligent retirement planning and create anxiety around when and how retirement will still be possible. With proper financial planning help and experienced planners, your nest egg can be protected from the inevitable volatility of the market. So, how can you ensure your retirement funds are safe? In this episode, Michael, J...

Cost of living adjustment (COLA) is an increase in pay that is related to some measure of economic activity, keeping up with the cost of living. This is often applied to wages, salaries, and/or benefits. In this episode, Michael, Tommy, and John will be discussing the cost of living adjustment for 2023, as well as what this means for your finances and your long-term financial plans. Access the ful...

Annuities have developed a bad reputation over the years.  In this episode, Michael, Tommy and John will be discussing annuities and explaining what you can do to help protect yourself and your finances as you begin to consider your options. Listen in as they describe some annuity products, specifically how complicated these products can be and the importance of finding a financial planner who wil...

In this episode, James Anderson, Regional Manager at CapCenter, will be joining the show to shed light on mortgages, home equity lines, and interest rates. Listen in as James shares his thoughts on the current interest rate environment and what the future may hold, as well as when he believes you should consider a fixed rate. You will learn some other ways that you can borrow money, how the market...

Despite what many people believe, estate planning isn't just for the ultra-wealthy or the elderly. Everyone, regardless of financial status or age, can benefit from having an estate plan as long as they have assets (house, vehicle, etc.) to leave and people to leave them to. In this episode, Heather Szajda, Partner at Virginia Estate & Trust Law, will be joining Tommy and John to discuss exactly w...