Military Families’ Financial Challenges Are Unique; These Tips Can Help

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Military Families’ Financial Challenges Are Unique; These Tips Can Help

Any family can experience financial hurdles, but military families may face unique challenges that set them apart from their civilian counterparts. From being remotely stationed with limited access to good paying jobs and childcare, to frequent moves that can make establishing consistent savings habits hard, military families’ everyday realities can make financial security difficult in both the near and long-term. Follow link to learn more. https://bit.ly/49DxCur

 

C, S, and I Funds in Thrift Savings Plan Grow Over 3% in March

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C, S, and I Funds in Thrift Savings Plan Grow Over 3% in March

Stocks continued to show signs of strength during the month despite indications from the Federal Reserve that they will not be cutting interest rates soon. Many Thrift Savings Plan participants have been moving funds from the G fund to the C fund of late. The S&P 500 has reached 22 all time highs so far in the first three months of the year. Quite a remarkable run for the index. Follow link to read more.  https://bit.ly/3Ua1nyo

2025 COLA Estimate for Social Security, FERS, and CSRS 

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2025 COLA Estimate for Social Security, FERS, and CSRS 

After an 8.7% COLA in 2023 and a 3.2% adjustment in 2024, the downward trend is expected to continue for Social Security’s 2025 COLA. Current estimates predict 2.4%.

Retired federal employees receiving a CSRS pension receive the same cost-of-living adjustment (COLA) as recipients of Social Security retirement benefits. It is calculated by looking at inflation numbers for the months of July, August, and September as indicated by the CPI-W index. The average of those three numbers results in the COLA. For FERS retirees, the COLA might be slightly less. Follow link to read more. https://bit.ly/3VLVdpr

TSP Issues Guidance on Upcoming Rise in Catch-Up Limits for Some 

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TSP Issues Guidance on Upcoming Rise in Catch-Up Limits for Some 

As before, investments will automatically “spill over” into catch-up status once the standard limit is reached. 

The TSP has said it will issue notices later this year to account holders who will be eligible to make additional investments beyond the normal limits starting in 2025 under the Secure 2.0 Act.

If the adjustment is more than 3%, FERS pensions are adjusted by the CSRS COLA minus 1. So in 2024, when the Social Security COLA was 3.2%, the COLA for FERS was 2.2%. Follow link to read more. https://bit.ly/3VRhTEZ

Survey Finds Not All Agencies Comply with Personal Assistance Services Requirements

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Survey Finds Not All Agencies Comply with Personal Assistance Services Requirements

A survey by the EEOC has found that a tenth of federal agencies are not in compliance with requirements to provide personal assistance services to employees who qualify for such services under the Rehabilitation Act. Follow link to find out more. https://bit.ly/4as8Ein