Financial Tips for Federal Employees - July 2019
Here are a series of financial tips/information for designed for quick reading, written in the style of Twitter. Positive returns across the board for June 2019 in the TSP : .19% for the G fund, 1.26% for the F fund, 7.04% for the C Fund, 6.80% for the S fund and 5.94% for the I Fund. Please remember that beneficiary designations on accounts (like on the TSP) supersede any declarations on a will. If benefits are not cut by 23% or taxes are raised, the social security trust fund will run out of money between 2032 and 2034. A battle is setting up for pay raises for Feds in 2020. House has submitted a 3.1% increase and The White House is proposing a pay freeze . You don’t have to take a Required Minimum Distribution (RMD) from your TSP if you are still working, regardless of age. If you are retired, they begin being due April 1 of the year AFTER you turn 70.5. Please remember that FICA and Medicare are two wage taxes you won’t have to pay in retirement.