401k Basics

401k Basics By Glenn J. Downing, MBA, CFP® & Jonathan G. Cameron, CFP® It used to be the case that you went to work for one employer and remained with that employer for the entirely of your working life.  You received a pension from that employer when you retired – in other words, you continued

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The FRS Pension Option

The FRS Pension Option gives YOU options Employer-sponsored retirement plans can be split into two groups: Defined Contribution Plans, or DC Defined Benefit Plans, or DB As their names suggest, the salient feature of the DC plan is the amount that can go into the plan in terms of contributions.  The defined benefit plan, on

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Understanding Medicare, Parts A – D, and Medigap Policies

by Glenn J. Downing, MBA, CFP® Part A Original Medicare is a creation of the Johnson administration in 1965.  Medicare is health insurance for those age 65+.  There is a premium associated with coverage, and this premium is deducted from the social security benefit.  As with any government program, there is nothing easy to understand

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Social Security Benefits

by Glenn J. Downing, MBA, CFP® The Social Security program is officially called OASDI – Old Age, Survivor, and Disability Insurance.  As the name suggests, it consists of two parts – the disability income part, and the retirement income part. The program is funded by payroll taxes under the Federal Insurance Contributions Act (FICA):  7.65%

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Deferred Retirement Option Program (DROP)

by Glenn J. Downing, MBA, CFP® Deferred Retirement Option Program (DROP) The Deferred Retirement Option Program (DROP) is available to Florida Retirement System (FRS) participants.  It allows you to double dip:  As a DROP participant, you simultaneously earn your salary while your monthly retirement benefits are paid into the FRS Trust Fund on your behalf,

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A Guide to 403bs

by Glenn J. Downing, MBA, CFP® Welcome everyone. I’m Glenn Downing with CameronDowning, a registered investment advisory firm in Miami, FL. Today’s topic in our continuing video series is 403b accounts. What are they?  How do they work?  How do they work for you? A 403b is sort of like a 401K for a non-profit,

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The Thrift Savings Plan

Click here to learn more about CameronDowning. I would like to talk about something which is familiar to many employees of the federal government – the Thrift Savings Plan, or TSP for short. Much of this information can be found on the Thrift Savings Plan website, but here I’ll give you some of the highlights.

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Income Taxation of your Social Security Benefits

by Glenn J. Downing, MBA, CFP® Many new Social Security recipients are surprised to learn that their benefits are taxable.  But they are, and have been since the Clinton administration added a formula to the tax code to determine how much, if any, of your Social Security benefit is subject to tax.  Before that time

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What is a 457 Plan?

by Glenn J. Downing, MBA, CFP® What is a 457 Plan? Named for Section 457 of the Tax Code, this plan a type of non-qualified deferred compensation which can be available to state and local public employees, as well as upper management of non-church controlled tax-exempt organizations.  They are similar to qualified plans in that

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TSP for FERS

by Jonathan G. Cameron, CFP® Hi there, Jonathan Cameron, CFP® here and today this video tutorial is on a topic which is familiar to many employees of the federal government – the Thrift Savings Plan, or TSP for short. For this video, I am focusing on those within the Federal Employment Retirement System, which I’ll discuss

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