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Federal Retirement Planning in a Global Pandemic

Retirement Planning

As part of our goal to provide Feds and their families with access to products and services that promote their health, welfare, and financial wellbeing, WAEPA is interviewing one of the panelists for our upcoming Federal Summit and Annual Member Meeting, to get her insights on what Feds need to know now.

Tammy Flanagan has been providing retirement planning assistance to federal employees since 1985 when she first began her work as a retirement benefits specialist at the Federal Bureau of Investigation.  Her extensive knowledge of the federal benefits systems and her ability to explain difficult concepts in an easy to understand manner has made her a sought after speaker and presenter at pre-retirement seminars, training conferences and online training events.  Tammy provides retirement counseling through RetireFederal.com, is a member of and trainer with NARFE, and is the Senior Benefits Director for the National Institute of Transition Planning, Inc. Since 2006, she has authored the popular weekly “Retirement Planning” column for Government Executive, and is a frequent co-host of the “For Your Benefit” and guest of “Your Turn with Mike Causey” radio programs.

Tammy will be sitting down with Federal News Network Columnist and Host, Mike Causey, and Federal Benefits Specialist and CFP® Ed Zurndorfer, for a panel discussion on Federal Benefits at the WAEPA Federal Summit and Annual Member Meeting, taking place on Thursday, October 22nd.

COVID-19 has had a huge impact on Federal employees this past year. Tammy has been watching closely so she can best advise the feds who count on her for expert advice.

Retirement planning can already be difficult – planning during a pandemic can take it to another level.  Whether you’re planning for retirement now or the pandemic has given you a new mindset about it, the experts at our virtual event can help ease you through the process.

What are a few concerns and problems you have noticed that employees are facing during the pandemic? Do you think the pandemic has had any impact on their overall retiring plans?

Tammy: The coronavirus has created a feeling of uncertainty that has impacted retirement planning in a variety of ways. Two of the factors that are evident from my perspective and that are impacting retirement planning are market volatility and teleworking. The market volatility has caused some TSP accounts to shift to the safety of the G Fund. It is important to have a plan in place whether you’re months from your retirement date or decades away. Secondly, as most federal employees continue to work from home, retirement applications have slowed down at many agency human resource offices. The easy commute to the home office space might be one reason to stay longer along with limited access to agency human resource personnel. I’m looking forward to exploring the various reasons behind the retirement slowdown at the annual WAEPA Federal Summit.

Thank you, Tammy, for shining light on some of the issues Civilian Feds are dealing with right now. Join us for the full panel discussion and additional federal benefits advice at WAEPA’s Federal Summit on Oct 22.

Registration is free and the details can be found at waepa.org/membermeeting.