This is my archive
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4 Tips for College Funding
According to U.S. News, the average cost of college tuition in 2018-2019 ranged from $9,716 to $35,676. These costs are based on whether the college was private or public and in- or out-of-state. While college tuition costs may seem daunting, funding some or all of your child’s college education can be achieved if you create a plan a stick to it. Start now by getting to know all your potential options for making that goal happen. Depending on your circumstances, any one or more of these paths could help fund a college education for your child.
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Do You Have Enough Emergency Savings?
Life happens, and sometimes it brings a financial hardship to your doorstep, leaving you scrambling to find the cash needed to handle the unexpected and often, unwelcome situation. Many people turn to credit cards or loans to weather a financial storm. Twenty-three percent of Americans have zero savings to turn to in an emergency, according to a recent survey by Bankrate.com.
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What My Family Needs to Know at My Death
For many, acquiring a life insurance policy can be uncomfortable due to the morbid nature of the planning, and all of the considerations that come into play as part of the process. However daunting it may seem, though, it is a necessary tactic in the overall strategy you should have in place when working to help protect your family in case something happens to you. After you’ve established a policy, it is equally important to let your loved ones know about the structure of your coverage, and the documents they’d need to file a claim.
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Evaluating Life Insurance Coverage Outside of Open Season
While it’s not Open Season for Life Insurance, it’s a perfect time to evaluate your coverage. Life insurance is a vital tool when it comes to safeguarding your family’s future. How would your family’s income be impacted if you passed away? What if you receive a terminal diagnosis? What will your family need to retain financial stability? Fortunately, you can apply for WAEPA’s Group Term Life Insurance at any point in the year – meaning you don’t have to wait for an Open Season period to supplement or replace your coverage from FEGLI.
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Should I Still Buy Life Insurance After Age 50?
Life insurance provides your dependents with financial support in the case of your death. If you’re over age 50 and retiring from a government job, your life insurance policy may need to be reevaluated. Perhaps you’ve paid off your mortgage, the kids are grown up and not dependent on you financially, or Medicare and Social Security are on the way. At this stage in life, it’s crucial to assess if and where life insurance fits into the bigger picture.
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Choosing the Right Executor for Estate Planning
Most individuals understand the fundamental importance of having a will, but few know that selecting the right executor to help manage their affairs is equally pressing. The executor, or personal representative, is tasked with various responsibilities including cataloging assets, paying debts and other bills, classifying your assets and allocating leftover finances to heirs. Picking the wrong person to manage your estate could result in tax problems, lengthy delays, and a will contest in the worst case scenario. To choose someone fit for the job, here are some of the factors to consider.
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How to Pass Your Federal Employee Probationary Period
Congratulations on landing a job in the Federal government! While your new position is cause of celebration, it’s no time to rest easy, as the government typically imposes a mandatory probationary period for new employees between the time they are hired, and when the position is offered on a permanent basis. The purpose of the probationary period is to determine how qualified new hires are for the job, and for examining their work ethic and ability to fit within a federal agency. So, how can you successfully pass the Federal probationary period?
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How to Wind Down Your Spending Habits After You Retire
In retirement, you will live on a fixed income, meaning you’ll need to ensure that your expenses do not exceed your income. While the idea of living more frugally may not appeal to you, it may even easier than you expected, since a fixed, predictable income can help you determine how to appropriately budget both time and resources. To help you through this transition, WAEPA has compiled our favorite tips and tricks for helping adjust your spending habits during your “golden years.”
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Top 3 Things to Know About FERS Retirement Benefits
The Federal Retirement System (FERS) is a retirement plan that covers all U.S. Federal Civilian Employees, including those in the executive, legislative, and judicial branches of the federal government. This plan does not cover employees of state or local government, or military personnel. FERS provides benefits to eligible employees from three distinct sources: A Basic Benefit Plan, the Thrift Savings Plan (TSP), and Social Security.
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Should You Use a 529 to Plan for Your Child’s College Education?
A 529 plan is a program run by a state or educational institution with unique incentives and tax advantages aimed at making it easier for parents to save for post-secondary training or tuition associated with enrollment into a secondary private, public, or religious school. Investing in a 529 plan transcends state borders, and these funds can be contributed to from any state, regardless of where your beneficiary is located. 529 plans are predominantly used to fund college tuition costs at any qualified institution nationwide.