retirement/financial planning

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mmk119

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I am new to the thread and topic - so, please forgive me if I'm posting the wrong place.

does anyone know of a retirement/financial planning seminar I can set up for my work?

my office is under my ageny's HQ but is not physically located with them. so, we miss out on a lot of traninig provided to those folks. I'd like to set up some kind of retirement/financial training related to the TSP and that is gear for federal employees early in their carreer not just before they are going to walk out the door. If you have any contacts or suggestions; they would be greatly appreciated.

thanks
M
 
Welcome to the Forum, MMK119 !

You don't say where you are located, but you might want to look around and see what OTHER Federal Agencies are close by. Remember, they're all working under the same retirement program as you, and probably have the same request !

Check and see if there's any kind of inter-agency coordination group. If nothing else, perhaps through the Folks who run your local CFC ???

Good luck !


Stoplight...
 
Thanks everyone for the welcome and replies. I'm in the Martinsburg, WV area. I'll also check with the local federal credit unions.
 
oops... I got long winded in my response and just figured out you want to bring someone in for your office, not for just you to attend... ignore what I rambled on about below...


I was not impressed with my local federal credit union for their FERS/TSP pitch. Basically a troupe of used car salesmen with very expensive suits, shoes, watches, and cars in the parking lot. They were very impressed with themselves. All I saw was overhead. I did not hear much sage advice. The bottom line of their pitch: put the minimum into your TSP to take advantage of the employer match, put any more in and you are a fool. Give us the rest of your money and we will "manage" it for you by investing in our high commission products and then pay us a management fee. Not to be a stick in the mud, but I did not see them offer hard examples of alternatives to the TSP and what those investments YTD return is. The C, S, and I are up 12-16% and the management fee is about $0.25 per $1,000.00.

Then there are the big programs that made the circuit to our Regional Office for a FERS retirement seminar. Lots of flash and shiny photos. Very expensive and the RO paid the bill. I did not attend, but thought it was funny that the guy preaching about how wise he was and we are to follow his advice, was so old and tuckered out during the seminar that he often had to sit and rest for a bit and kept talking. I tend to ignore guys like that. But the guy I meet on vacation and is just a bit older than me and retired... when he was talking about how he saved and manages his money, my ears are wide open.

I have not had much luck with independent financial advisors either. I have approached numerous ones over the past 3 years. Lots of promises with flash and fluff but crumble under a few hard questions. I always ask if they have federal employees as clients. Are those clients under the FERS system? They always say YES YES YES, I am an expert here to save your hide and I only charge $500 up front for an analysis. Then I ask a few harder questions and I pull out a spreadsheet or two and then suddenly it’s a bunch of umms and hmmmms. An example of a harder question: Under FERS, what is the difference between a postponed vs. deferred retirement? I do not expect the average financial advisor to know this off the top of their head, but I do expect one that claims to have numerous federal clients and wants to charge me up front before he shows me the quality of his work and advice.

My advice… get some help if you are new to this and do not trust your decisions. Do not hand all your money over to them. Then learn, observe, study, read, watch, listen, question, etc. Then fire them and pay yourself their commission and fee. The more you are involved, the closer you watch, and in the long term I bet you will make more money and retire better.

I used to think guys in suits knew more than me. What a fool I was. My wife worked for a private bank for a bit. Was an administrative assistant for high net worth clients. The managers were very professional around the clients and she would put together an outstanding portfolio report. But she said it was a real eye opener to see how ghetto they acted when the clients were not around and in meetings. Investment decisions/advice did not seem to be as informed as you would think they are.
 
My advice… get some help if you are new to this and do not trust your decisions. Do not hand all your money over to them. Then learn, observe, study, read, watch, listen, question, etc. Then fire them and pay yourself their commission and fee.The more you are involved, the closer you watch, and in the long term I bet you will make more money and retire better.
Click to expand...
(Emphasis added)

I keep wondering when Birchtree and Tom will reach a marketing agreement to offer a Birchtree300 advisory service.
 
Well said Max! It can be tough at first but taking control of your own investments but it is the best way to go. If you do great, pat yourself on the back... if you do ok, you did better than 90% of the professionals out there. If you do poorly, well, you can't be angry with trusting someone else... you did it yourself. However, with time and knowledge, you will do well.

Personally I maxed out my TSP years ago. and though it has it's ups and downs, the amount of money in there now, after 25 years, is almost staggering... and I have another 8 years before I can touch it. (My wife thinks I'm a genius but I just a regular guy who took some time and learned).
 
mmk119 said:
I am new to the thread and topic - so, please forgive me if I'm posting the wrong place.

does anyone know of a retirement/financial planning seminar I can set up for my work?

my office is under my ageny's HQ but is not physically located with them. so, we miss out on a lot of traninig provided to those folks. I'd like to set up some kind of retirement/financial training related to the TSP and that is gear for federal employees early in their carreer not just before they are going to walk out the door. If you have any contacts or suggestions; they would be greatly appreciated.

thanks
M
Click to expand...

The National Institute of Transition Planning is outstanding. I took two of their retirement seminars. Great advice on TSP, survivor benefit selection, Medicare, life and health insurance, etc. This company is used throughout the DC area at many agencies. Good luck.

Annie
 
I did grant management training with Management Concepts and they appear to be partnered with NITP that Annie suggested. I do not have personal experience with their retirement planning, but the training I have done with them for grants was well done. I had numerous options for classes over the year and over the entire US. Perhaps they will go onsite.Retirement Planning
 
Remember that 716 Billion dollars that was taken out of Medicare to fund Obamacare?:nuts:
Many Federal Employees and Retirees Need to Plan for a New Tax on Unearned Income
Edward A. Zurndorfer, Certified Financial Planner

Federal employees and retirees with high investment income should be forewarned: Starting Jan.1, 2013, individuals will be paying an additional 3.8 percent surtax on certain types of unearned income.

The 3.8 percent surtax will be in addition to the ordinary or capital gains tax paid on unearned/net investment income. Net investment income includes interest, dividends, rents, annuities, royalties, and capital gains. In other words, it includes income other than salaries/wages or income that is derived in the ordinary course of a trade or business and distributions from pension plans such as CSRS or FERS annuities and the Thrift Savings Plan. The revenue from what is called the "Medicare surtax" will finance part of the health care overhaul that became law in March 2010. [more]
Many Federal Employees and Retirees Need to Plan for a New Tax on Unearned Income
 
The 3.8% won't apply if you keep your AGI under the $250K mark - that's why it's important to have a Roth IRA and a defined contribution plan instead of an annuity. Capital gains don't have to be harvested until you are ready and will still act as a deferred plan. The objective is to control your retirement income and keep the tax man out of your pocket.
 
Birch is correct, again. So it appears 99.99% of us Feds-active and retired, won't pay the additional 3.8%. Birch is probably part of (or is) the .01% who will. :D


Birchtree said:
The 3.8% won't apply if you keep your AGI under the $250K mark - that's why it's important to have a Roth IRA and a defined contribution plan instead of an annuity. Capital gains don't have to be harvested until you are ready and will still act as a deferred plan. The objective is to control your retirement income and keep the tax man out of your pocket.
Click to expand...
 
I thought Twinkies was taken off the shelf..

clintons.jpg
 
anytime we can catch hold of a perpetual motion money machine we're in the catbird seat. us and china, like snakes eating each other's tail.

mmmm, tastes like chicken.
 
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