Federal Employee Financial Planning Podcast: Recent Episodes
Mason & Associates
Federal employee benefits are among the most comprehensive and strongest in the country. Financial planning for federal employees requires knowledge of both financial planning concepts and a comprehensive understanding of these benefits. General financial planning advice is just that, general. We speak specifically to federal employees and the unique planning techniques and strategies to help them maximize their benefits. Mason & Associates have over three decades serving as financial planners for federal employees.
What does it take to grow a financial advisory firm the right way, without sacrificing client experience? In this episode, John and Tommy pull back the curtain on the strategic direction of Mason & Associates, sharing how they’re enhancing services, refining internal systems, and ensuring their clients feel heard, supported, and empowered. Whether you’re already a client or someone searching for the right financial advisor, this episode offers valuable insights into the kind of care and intentionality you should expect from your advisor.
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Resources Mentioned:
- Mason & Associates: LinkedIn
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- SPECIAL EPISODE: New Client Process & Client Experience
Federal salaries don't always tell the whole story. In this episode, John and Tommy take a closer look at the true value of federal employment, highlighting how benefits like pensions, FEHB health coverage, TSP matching, and survivor options stack up against the private sector. You'll learn why it could take a 30-50% higher salary elsewhere to match the federal total compensation package, and why those numbers matter when making career decisions.
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Resources Mentioned:
- Mason & Associates: LinkedIn
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- The Federal Employees Health Benefits (FEHB) Program
- Retiring in Uncertain Times? Avoid This Survivor Benefit Mistake
- FERS Go Bag
Is reviewing your tax return enough or are you missing the bigger picture? In this episode, Tommy and John break down why simply looking at last year’s return doesn’t cut it, and how projection-based planning connects directly to key financial decisions like Roth conversions, mortgage deductions, and retirement income strategy.
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Resources Mentioned:
- Mason & Associates: LinkedIn
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- TurboTax
- Form 2210 – Underpayment of Estimated Tax
- H&R Block
- SPECIAL EPISODE: New Client Process & Client Experience
What does a real financial planner actually do—and how do you know if you’ve hired one? In this episode, Michael, Tommy and John break down the most common misconceptions about financial planning and explain why it’s about much more than just investment management. You’ll learn why financial planning is especially crucial for federal employees, how fiduciary standards impact the advice you receive, and what red flags to look for in a planner.
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Resources Mentioned:
- Mason & Associates: LinkedIn
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- Office of Personnel Management (OPM)
- VERA (Voluntary Early Retirement Authority)
What if your six-month emergency fund isn’t enough? In this episode, John, Michael, and Tommy tackle the shifting financial landscape for federal employees in 2025. As government changes create uncertainty—think early retirements and layoffs—they share smart, strategic ways to prepare. You’ll learn how to build a tiered emergency plan, optimize your liquidity, and adapt your lifestyle budget in case your income suddenly takes a hit.
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Resources Mentioned:
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- Dave Ramsey
- Rocket Money
- EveryDollar
- Thrift Savings Plan (TSP)
- Don’t Max Your TSP
Should you elect full survivor benefits when retiring as a federal employee? In this episode, John, Tommy, and Mike discuss one of the most critical decisions for federal retirees. They explore the costs, benefits, and long-term financial implications of survivor benefits, urging retirees to carefully consider their options. They also emphasize the importance of full survivor benefits for ensuring continued income for spouses after retirement, providing real-life examples to show how these benefits can impact financial security, tax advantages, and peace of mind.
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Resources Mentioned:
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- Federal Employee Health Benefits (FEHB)
- Stay Wealthy Retirement Show
- Federal Employees - DO NOT Decline Survivor Benefits!
- Mason & Associates Interview with Wavy 10- Military Survivor Benefits
Medicare decisions can be overwhelming, and with rising costs and policy changes, making the right choice is more important than ever. In this episode, Bryan Gay, owner of Boomer Insurance Group, shares his insights from helping over 20,000 clients navigate Medicare enrollment, insurance options, and the impact of the Inflation Reduction Act. He explains why working with his team can be a game-changer and how choosing the wrong plan could cost you in the long run.
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Resources Mentioned:
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- Bryan Gay: LinkedIn | Website
- Blue Cross Blue Shield Compare
Is the Deferred Resignation Program an opportunity or a risk for federal employees? In this episode, Tommy, John, and Michael break down what this program means, how it’s impacting federal employees, and why having a solid financial plan in place is more important than ever. They’ll discuss why you can’t rely on every media headline, the importance of working with a knowledgeable team, and how to position yourself for financial stability—no matter how secure your job may seem.
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Resources Mentioned:
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- OPM FAQs
Did you know that the recent passage of the Social Security Fairness Act could significantly increase retirement income for many Americans? In this episode, John and Tommy break down the elimination of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO), explaining how these changes impact public sector employees and their Social Security benefits. They discuss how financial advisors can help clients navigate these shifts, optimize their benefits, and prepare for potential tax implications.
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Resources Mentioned:
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- Social Security Fairness Act
- MoneyGuide Pro
- RightCapital
- Dave Ramsey
- Episode 81: Social Security Shake-Up: What Proposed Changes Mean for Federal Employees
- Episode 73: Maximizing Social Security with Elaine Floyd
- Episode 41: Social Security In The News & We’re Confused
- Episode 38: Social Security: The Tax Torpedo
- Episode 37: Social Security: Family and Survivor Benefits
- Episode 36: Social Security: Beyond the Basics
- Episode 35: Social Security: How to Maximize Your Benefits
- Episode 30: SECURE 2.0
- Episode 12: Federal Employee Financial Planning Social Security Fairness Act: WEP
- Episode 11: Federal Employee Financial Planning Social Security Fairness Act: GPO
Are you ready to make informed decisions about your federal benefits and financial future? In this episode, Tommy, John and Ben explore the current market landscape and what the start of 2025 could mean for investors, especially those navigating the complexities of federal benefits. They discuss the importance of staying focused on long-term growth despite market volatility and share actionable tips on building a financial plan for the new year, balancing personal goals, tax considerations, and investment strategies.
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Resources Mentioned:
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- Ben Raikes: Website
- Mason & Associates YouTube Channel
- Best Days to Retire as a Federal Employee
- Don’t Close TSP
- Don’t Max Your TSP
- Do NOT Decline Survivor Benefits
How will upcoming changes to the Thrift Savings Plan (TSP) impact your retirement strategy? In this episode, John, Tommy, and Ben explore the evolving landscape of TSP, focusing on new contribution limits and, coming in 2026, in-plan Roth conversions. They emphasize the importance of a collaborative approach to financial planning, avoiding groupthink, and tailoring strategies to each client’s unique needs.
Access the full show notes at Mason & Associates, LLC
Resources Mentioned:
- Tommy Blackburn: LinkedIn
- John Mason: LinkedIn
- Ben Raikes: Website
- Dave Ramsey
- Thrift Savings Plan (TSP)
- Michael Kitces
What happens when Elon Musk and Vivek Ramaswamy take the reins of government efficiency? In this episode, John, Tommy, and Ben dive into the bold initiatives of Trump 2.0's Department of Government Efficiency (DOGE), led by Musk and Ramaswamy. With plans to slash $2 trillion in federal spending and eliminate entire agencies, this duo's vision could ripple through the federal and state systems, impacting employees, communities, and businesses alike.
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- Know The Score
- Key Retirement Options and Benefits for Federal Employees
Are you concerned about the future of Social Security? ith proposed changes to taxation and potential expansion of who is eligible for benefits, it's more important than ever to understand how these changes could impact your retirement. In this episode, John, Tommy, and Ben, explain the complexities of Social Security.
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Are you a federal employee curious about the best mortgage strategies in today’s market? In this episode, John and Tommy are joined by James Anderson, Regional Market Manager at CapCenter, to explore how inflation, interest rates, and economic resilience impact federal employees looking to buy or refinance. Learn how income is defined for mortgage purposes, why interest rates might improve over time, how to navigate today’s market without waiting for rates to drop, and how federal retirees can downsize smartly.
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Are you still relying on traditional tax preparation methods or software? In this episode, John, Tommy, and special guest Rachel Meredith from Banks Mountain Financial dive into the crucial difference between tax planning and simple tax preparation. They explain why a proactive, year-round tax strategy is key to long-term financial success, as well as how their seamless collaboration helps clients navigate tax challenges with a forward-thinking approach.
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Are you paying the right price for financial advice? Join Ben, Michael, John, and Tommy as they break down the complexities of financial advisor fees and the real value behind them. They’ll reveal the “all-in” costs clients face and explain why fees aren’t always comparable, shedding light on what makes a financial advisor worth their price. Through this episode, you’ll learn to assess the true worth of specialized advisors and why experience, like that of a seasoned CFP or CPA, might demand a higher price tag.
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What happens when emotions mix with investments? In this episode, we dive into the intersection of politics, markets, and personal finance. John and Tommy share insights on how to design a portfolio that minimizes unknowns, regardless of political changes. You’ll learn why staying the course is crucial—even when market predictions seem tempting—and how a solid, long-term strategy can help you avoid emotional pitfalls.
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Are you a federal employee planning for retirement but feeling overwhelmed by your options? In this episode, Michael, Ben, Tommy, and John break down the Federal Employee Retirement System (FERS), explaining key retirement benefits and strategies to maximize your pension. From the differences between immediate retirements to the role of sick leave and survivor benefits, this episode covers what you need to know.
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What happens to your estate planning documents when you move between states? In this episode, Megan Ingram and Julie Steinbacher from Steinbacher, Goodall & Yurchak share expert advice on the legal implications of relocating and how it affects your estate plan. You'll learn about the importance of keeping your documents updated, especially after major life changes or moves, and how laws like the Uniform Trust Act help estate documents travel across state lines.
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Are you confused about when to refinance your mortgage or how interest rates affect your decisions? In this episode, John, Tommy, and Ben dive into critical financial topics for federal retirees navigating today's housing market. You'll learn about the challenges of refinancing, when it's a good idea, and when you might want to hold off. They also explore discount points, what makes buying a home more difficult now than in the past, and how to prepare for future market changes.
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Are you truly prepared for the unexpected? In this episode, Michael, Tommy, and John dive into how to protect yourself financially, tackling the common objections and biases they encounter in their decades of experience. You’ll hear key insights on insurance, including how to ensure you’re covered before you need it, how FEGLI Option B compares to Basic, and why life and disability insurance are non-negotiable. Listen in to learn why it's crucial to plan both for living a long, fulfilling life and the unexpected realities that could happen tomorrow.
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What’s the best way to maximize your Social Security benefits? In this episode, Tommy and John dive into this critical topic with expert Elaine Floyd, CFP®, who shares insights from her extensive experience in retirement and life planning. Elaine explains the intricacies of Social Security, emphasizing that your benefit and retirement strategy should be tailored to your unique situation, rather than following a one-size-fits-all approach.
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Is it the right time to hire a financial planner? In this episode, Tommy, John, and Michael dive into the intricacies of financial planning and highlight the importance of expert guidance. They discuss the pitfalls of trying to manage your finances alone, the risks of bad advice, and why getting professional help early on can make all the difference.
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Are you wealthier than you think? In this episode, John, Tommy, and Mike will explore how you can activate your millionaire powers and start making decisions based on what you can afford, rather than what you think you can’t. They’ll discuss the importance of having a proactive approach to financial planning, so you’re prepared to make well-informed decisions before it’s too late.
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What goes into a successful strategic planning meeting? In this episode, Tommy, John, Ben, and Michael dive into their strategic planning meeting season, sharing valuable insights and lessons learned. They discuss the importance of holding these meetings to ensure everyone is aligned in their financial plans for 2024. You'll learn why it's crucial to plan for your future early and avoid letting retirement sneak up on you, as well as the significance of having a consistent and smooth approach to retirement planning.
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Have you considered whether your financial plan can adapt to fit your life as things change? Join Tommy, Michael, John, and Ben in this episode as they unpack distribution planning assumptions and explain why a one-time financial plan falls short. They tackle the myth that running out of money equals failure, highlighting how other income sources like federal benefits and investments can play a crucial role in financial security.
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Have you ever wondered about the ins and outs of the Federal Thrift Savings Plan (TSP) and its impact on your financial future? In today's episode, John, Michael, Tommy, and Ben break down the competitive advantages and disadvantages of the TSP. We'll explore the benefits of maintaining your TSP long after retirement, including one option that allows post-tax contributions to grow tax-free.
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How does the financial-planner-to-client ratio impact the quality of financial advice? In this episode, John, Michael, Tommy, and Ben will discuss how the ratio of clients per advisor shapes their approach to financial planning. They will share their journey from managing 150 - 200 clients per planner to capping it at 100, explaining why this change was necessary for delivering top-notch service.
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How do financial planners demonstrate value? In this episode, John, Tommy, and Ben explain the intricacies of the client relationships they maintain as financial planners. They unpack the distinction between onboarding and ongoing client service, emphasizing the importance of maintaining a continuous partnership with your financial advisor.
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What are the perks of virtual versus in-person client meetings? In this episode, Tommy, Ben, and John weigh the advantages, exploring how virtual meetings offer unparalleled flexibility and opportunities. They will explain how virtual meetings not only save time, but also provide greater access to financial advice, as well as the less intimidating nature of virtual interactions, where discussing finances from the comfort of home can alleviate stress.
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Wondering what goes on during strategic planning meeting season at Mason & Associates? Join Tommy, Ben, and John as they break down what to expect during this crucial time. From adjusting plans to accommodate changing goals to demanding excellence from your financial planner, this episode covers it all.
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Is your financial planner as knowledgeable as they say they are? Do they have all the experience needed to guide you? In this episode, Michael, Tommy, Ben, and John dive deep into the common misconceptions surrounding financial planning. They challenge the notion that anyone can be a financial planner and stress the importance of transparency in the industry. Listen in as they shed light on topics like estate planning for everyone, why financial planning extends beyond insurance sales or investment management, and more.
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Have you ever wondered how your financial planner gets paid? In this episode, Michael, Tommy, John, and Ben tackle this question head-on, shedding light on the various compensation methods in the financial planning industry. They cut through the jargon to explain the surge in annual meetings and the strategic importance of mapping out financial goals at the beginning of the year. From explaining fee-only versus commission-based models to the significance of transparency in understanding your planner's payment structure, they will equip you with the knowledge you need to hire the right advisor.
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Did you know that the Tax Cuts and Jobs Act of 2017 has far-reaching implications up until 2025—with impending changes set to unfold in 2026? Today Michael, John, and Ben discuss the complexities of this legislation, from the sudden shifts in withholdings to the surprising revelations during tax season in April 2019. They also explain how seemingly minor adjustments can lead to significant financial outcomes. Listen in to hear about the current tax landscape, as well as its impact on individuals and businesses alike.
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Are you taking advantage of all that is available to you as a federal employee? In this episode, Michael, Tommy, Ben, and John discuss the "Rich Men North of Richmond" parody of federal employees, dissecting its jokes. From the unique benefits like inflation-adjusted pensions and cost of living adjustments (COLA), they cover what sets federal employees apart.
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How do baseball and financial planning intersect? In this episode, Michael, Tommy, John and Ben break down the game of financial planning. From end-of-year tax strategies to building your financial 'team,' they explain what can help you win big.
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What exactly does a Roth account allow you to do? John, Michael, Tommy, and Ben dive into the intricacies of Roth accounts in this episode and discuss everything from Roth TSPs and conversions to the nuanced distinctions between Roth and traditional IRAs.
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In this year-end reflection, Michael, Tommy, Ben, and John dissect the financial landscape of 2023, sharing the surprises and lessons learned along the way. They explain the critical importance of discerning financial information sources, urging listeners to rely on professional advice over sensationalized media information.
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Small steps, big leaps. In this episode, Michael, John and Ben explain the power of initiating modest changes in your financial plan, drawing parallels to the similarly slow approach required in physical fitness. Tune in to discover why waiting for the future to pursue your dreams can be a costly delay.
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Unlock the doors to unique planning opportunities for dual federal employees as Michael, John, Tommy, and Ben delve into pre- and post-retirement strategies in this episode. They explain the untapped potential for fun and financial prosperity when dual federal employees understand the lucrative nature of their benefits and work with a financial planner who specializes in their unique situation.
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You just got a call from the doctor—and it wasn’t the news you were hoping for. You’re scared, but you’re determined to beat this sickness. Although it is important to keep a positive mindset and fight your way back to health, it is also essential to have a plan in place in the unfortunate event that you aren’t able to overcome it. So what do you do next? In this episode, Michael, John, Tommy, and Ben will be discussing what you need to have in place to ensure your family is taken care of if you pass away.
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In the world of financial planning, the worst time to seek a financial planner is after the death of a spouse. So, in this episode, Michael, John, and Tommy share the importance of having a thoughtful plan in place before the loss occurs. They'll break down why it's crucial to work with planners well-versed in your specific situation, how to secure digital assets, and more.
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Going beyond the dollars and cents, retirement is a lifestyle shift, and it is essential to plan for it as such. In this episode, you'll discover the practicalities of planning for retirement as Michael, Tommy, and John discuss sick and annual leave, the value of proactive planning over reactive approaches, and how strategically using leave can impact not just your retirement, but also your current life.
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Getting through a divorce is challenging, but it becomes even more complex when federal or military benefits are involved. In this episode, join Tommy, Mike, Ben, and John as they delve into the crucial topic of divorce and its implications for federal employees. Discover the significance of due diligence when seeking counsel, negotiation tips for a fair outcome, and more.
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Have you ever wondered about the fiduciary responsibility in financial planning, especially as a federal employee seeking financial guidance? Join Tommy, Mike, Ben, and John in this episode as they delve into the essential concepts of fiduciary service and what it takes to find the perfect financial planner for your unique situation. They'll discuss the significance of expecting, demanding, and requiring fiduciary service and guide you through what it means to be a fiduciary (the answer may surprise you!).
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In the financial planning world, the practice of reviewing documents is often overlooked, leaving clients' financial futures hanging in the balance. Join John, Michael, Tommy, and Ben today as they discuss why document reviews are key, as well as why they meticulously examine tax statements, Social Security statements, insurance statements, and estate documents—unlike some who merely request these papers for show.
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Today Mike and John are once again joined by Bryan Gay, Owner of Boomer Insurance, to explore the intricacies of TRICARE For Life Medicare Advantage. For many retirees, especially those with a military background, navigating the complexities of Medicare options can be daunting. Bryan sheds light on the two primary choices available to those with TRICARE for Life, and breaks down what to know about each.
In this eye-opening episode, we dive deep into the ever-evolving landscape of healthcare options, with a particular focus on TRICARE for Life (TFL) and the intriguing possibilities presented by Medicare Advantage.
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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.
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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 comprehensive coverage provided by Medicare, as well as discover the out-of-pocket limits associated with this healthcare option.
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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 plan so you can plan effectively, efficiently, and accurately for your retirement.
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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 can continue feeling fulfilled.
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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 practical examples, dissect areas that require compromise, and advocate for proactive measures to avoid getting stuck in overthinking.
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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.
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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 navigating this complex landscape.
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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 portfolios. They also emphasize the significance of maintaining a diverse portfolio and caution against comparing personal investment performance to arbitrary indexes.
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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 purchasing duplicate investments rather than diversifying your portfolio.
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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 to file a tax return. Things get more complicated when you have additional sources of income such as dividends, interest, and IRA distributions, as these factors can significantly impact your tax liability.
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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 returns.
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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 conversation about Social Security benefits and revealing how to stack the deck in your favor.
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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.
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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 employees, but specifically to those approaching the age of 65.
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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 this eye-opening episode.
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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 changes in cost over the years, and who is most likely to benefit from this opportunity.
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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.
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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 updated rules around Roth IRAs, the expanded access to distributions from TSP, and more.
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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.
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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 giving while helping a great cause.
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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, John, and Tommy are joined by Jeff Hybiak, the Chief Investment Officer at SEM Wealth Management, to discuss the keys to successfully managing retirement accounts during volatile times.
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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.
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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 will set you up with a long-term plan that they will be a part of every step of the way. You will learn the common misconceptions about annuities, the alternatives to annuities, and more.
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During this financial crisis that people are currently fearing, many are beginning to worry about the future of their living situation. And with interest rates increasing, and therefore, mortgages becoming a bigger burden, it’s understandable why they are becoming concerned. So, 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.
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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 what an estate plan might entail, when you should start to consider creating one and what happens if you decide to not create one.
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As a federal employee, you have many options available to you in order to plan for a successful retirement. In fact, with the number of benefits you’re entitled to, combined with proper financial planning advice, you’re almost guaranteed a 100% success rate in retirement. So, why are so many federal employees left uncertain about their financial future once they retire? In this episode, Michael, Tommy and John will be sharing their advice for effective goal setting, including how to ensure you’re setting yourself up for the successful retirement you’ve worked your whole life for.
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The Federal Employee Health Benefits (FEHB) Program is one of the best benefits federal employees have. It ensures that families and individuals meet their healthcare needs without having to worry about where that money is coming from. How you obtain coverage or services and pay for them differs depending on the plan. However, benefits available under all plans include a wide variety of coverage and care that you will surely want as you retire. In this episode, Michael, Tommy and John will be discussing how FEHB coordinates with Medicare and why it is essential you work with your financial planner to take advantage of this benefit as soon as possible.
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Throughout the past few years, the world has undergone a lot of changes. Many people have had to shift their business to be completely virtual in order to accommodate this new way of living, and Mason & Associates, LLC was no different. So, what has changed in their practice and how has this shift impacted their clients? In this episode, Tommy and John will be discussing their new client process, what the client experience is like and why this update is important.
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You’ve been listening to Michael, Tommy and John for 20 episodes now, but do you really know them? Every episode, they come together to share their knowledge about financial planning with you. However, they each have their own background and unique introduction into financial planning that they will be explaining today.
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Federal employees had the option to convert from CSRS to FERS when FERS was first created in 1987. Now all federal employees are automatically enrolled in FERS—there is no option to choose CSRS instead. Many federal employees who were hired after 1987 feel as though they were cheated out of a better retirement system, but Tommy, Michael and John would have to disagree. In this episode, they explain why FERS is actually just as good as CSRS, if not better, and several key components of FERS that you may not be aware of.
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Not all financial advice and financial planning is created equally. If you are a federal employee and you are taking advice from an advisor who doesn’t specialize in helping people with your unique set of benefits and pensions, then that advice is not going to be useful to you. In fact, these advisors will probably give advice that will do more damage than good. So, in this episode, Michael, Tommy and John will be sharing the importance of knowing where you’re getting your information from and how to ensure you’re getting the unique advice you deserve.
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A Mega Backdoor Roth IRA is a tax strategy available to employees whose retirement plans allow them to make significant after-tax contributions and to transfer their contributions to a Roth IRA. In other words, if you want to maximize your Roth contributions, you need to understand the power of the Mega Backdoor Roth. So, in this episode, Michael, Tommy and John will be sharing the steps you can take today to ensure you’re not going to miss out on what could potentially be the biggest tax loophole of your lifetime, particularly if you are CSRS or CSRS Offset and have acess to the Voluntary Contribution Plan (VCP).
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You’ve made it! You have finished up with the career you worked in for decades and you are now stepping into your first year of retirement. What does this look like exactly? And what should you expect financially? In this episode, Michael, Tommy and John will be discussing everything that you should have in place as you enter your golden years, as well as what you can anticipate throughout this first year.
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As a federal employee, open season is your annual opportunity to assess your health care needs and make any necessary changes to your health insurance for the following 12 months. You have much more control over the cost and/or coverage of your benefits, so it’s essential to take advantage of that. In this episode, Michael, Tommy, and John will explain how to ensure you’re making the most of your available benefits, including special, once-in-a-blue-moon open seasons, as not every open season is the same—and some deserve special attention.
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The year before retirement can be nerve-racking for many people. The career they’ve worked so hard for is coming to an end, they have to start making big plans for their work-free future, and there may be some financial anxiety coming up, as well. So, in this episode, Michael, Tommy, and John are going to be discussing what you can expect for the year before retirement and what you should have in place as you approach this next season.
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The Federal Long-Term Care Insurance Program (FLTCIP) provides long-term care insurance to help cover the costs of care if you can no longer perform everyday tasks by yourself due to chronic illness, injury, or disability. This is something that you may need for the rest of your life, and it is important to ensure you’re well looked after. To help Michael, Tommy, and John discuss this topic more in depth is Jill MacNeil, LLIS’s long-term care insurance specialist. In this episode, she will be describing the emotional and financial needs of long-term care.
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For many people, a “need” is something you can’t survive without. So, can federal employees survive without a financial planner? The answer is, of course, yes. However, their lives will be significantly easier with a financial planner guiding them. In this episode, Michael, Tommy and John will be sharing the value you can receive by having a financial planner and the common mistakes federal employees make when they don’t have financial guidance.
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The windfall elimination provision (WEP) is an altered benefit procedure that reduces the Social Security benefits of certain retired or disabled workers who are also entitled to pension benefits. Its purpose is to remove a “windfall” that these workers would otherwise receive. WEP’s supporters argue that the formula is a means to prevent larger payments and benefits to folks, whereas opponents argue that the provision radically reduces a benefit that workers may have included in their retirement plans. In this episode, Michael, Tommy, and John will be sharing how the recent legislation will impact this provision and how this may affect you.
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The Social Security Fairness Act would remove the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) from the Social Security Act. The WEP and the GPO have substantially decreased millions of retired public sector employees’ Social Security benefits, impacting a significant amount of Social Security beneficiaries. So, in this episode, Michael, Tommy and John will be discussing what exactly this means for those that are paying into the social security system and how this might affect those who are not. Access the full show notes at Mason & Associates, LLC
We know that TSP can be a great way to save money for retirement whilst also receiving significant tax benefits. However, these benefits come with a number of rules that limit when and/or how you can access these funds. One very well-known rule is that for many retirement accounts you will have to pay a 10% penalty if you access them before age 59.5. In this episode, Michael, Tommy and John will be explaining several exceptions surrounding this penalty and how to ensure you use them correctly to avoid costly mistakes. Access the full show notes at Mason & Associates, LLC
It might surprise many of you how significantly your retirement funds can grow, simply by saving a small percentage of your salary each month into your TSP. However, there is much to be considered as you start to put money towards this. TSP contribution limits for 2022 are $20,500 and catch-up contributions for those over the age of 50 are $6,500. In other words, anyone over the age of 50 can contribute $27,000. In this episode, Michael, Tommy, and John will be sharing more on this and what you need to know about TSP accumulation.
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The Federal Employee Group Life Insurance (FEGLI) program is one of the largest group plans in the world, with over 4 million federal workers and retirees. It is made up of four components: basic coverage, and then options “A,” “B,” and “C.” In order to receive “A,” “B,” and “C,” you need basic coverage. However, each of these options covers you in different ways. So, in this episode, Michael, Tommy, and John will be explaining what each of these components entails.
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Federal employees who execute particular duties are categorized as law enforcement officers (LEOs) and are entitled to enhanced retirement benefits under the CSRS or Federal Employees Retirement System (FERS). So, for the third installment of the FERS episodes, Michael, Tommy, and John will be discussing the special provisions of law enforcement, specifically the differing factors between LEOs and normal FERS.
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The Federal Employees Retirement System (FERS) is not just a retirement system. It’s a disability policy, a life insurance policy, and it’s a cash accumulation vehicle. FERS is one of the most important benefits you receive as a federal employee, and its flexibility allows you to choose what is best for your individual situation. In this episode, Michael, Tommy, and John will be discussing how to utilize both FERS and Social Security benefits in your retirement.
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Congress created the Federal Employees Retirement System (FERS) in 1986, and since that time, new federal civilian employees who have retirement coverage are covered by this system. FERS provides benefits from three different sources: a Basic Benefit Plan, Social Security, and the Thrift Savings Plan (TSP). However, many federal employees who have worked in the industry for years are still uncertain about what their benefits are going to be. So, in this episode, Michael, Tommy, and John will be discussing everything you need to know about FERS, including several surprising benefits you may not be aware of.
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After our last episode, you should be familiar with the benefit calculation, the survivor benefit decision, and the greatest tax loophole ever created surrounding the Civil Service Retirement System. However, that is not all you need to know on this subject. The CSRS is not just a pension program—it is so much more than that. So, in this episode, Michael, Tommy, and John will be discussing the additional benefits to be aware of in regards to the Civil Service Retirement System.
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The Civil Service Retirement System is a public pension fund that was created in January of 1920—and has remained virtually unchanged for over a century. During the coming years, we will see the retirement of the remaining active CSRS employees, so what can they expect? In this episode, Michael, Tommy, and John discuss the benefit calculation, the survivor benefit decision, and the greatest tax loophole ever created.
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Whether you’re military or a federal employee, there are many good reasons that you should simply say “yes” when it's time to elect survivor benefits. This may be one of the most important financial decisions you will make, and it is not one to make lightly. So, in this episode, Michael, Tommy, and John will be sharing the reasons to consider opting into the survivor benefit program.
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Welcome to the Federal Employee Financial Planning Podcast, where you'll find unique planning techniques and strategies that will help federal employees maximize their benefits. Each episode, you'll hear from financial advisors with Mason & Associates, where we have over three decades of experience serving as financial planners for federal employees. In this inaugural episode, Michael Mason will be joined by Tommy Blackburn and John Mason to discuss everything you should (and should not) do to ensure your golden years are exactly the way they should be: exciting, relaxing, and financially stable.
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