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Financial planning musts for new feds
Friday - 7/8/2011, 10:31am EDT
Zurndorfer elaborated on five of his top 10 tips:
- Making deposits for military and temporary service
Many federal employees enter the government with prior military or temporary federal service. By making a deposit, they can get credit for prior service time. "They'll be able to retire earlier and they'll have more retirement income as a result," Zurndorfer said.
- For employees that had previously left government service and cashed out their FERS contributions, the money can be re-deposited, with interest, when they return to federal service.
- "Contribute each year the maximum possible to the Thrift Savings Plan," Zurndorfer. "Try to do this as early as possible in your career."
- Remember that the TSP is a long-term investment fund. The overall majority of money, 60-70 percent, should be invested in the stock funds.
- Don't look for the cheapest premiums when deciding on health insurance plan. Also, consider enrolling in health care flexible spending plan since health insurance may not pay for everything.