Financial Literacy Month is a good time to evaluate if you are on track to meet your retirement savings goals. Federal Employee Retirement System (FERS) employees who contribute 5 percent to their Thrift Savings Plan (TSP) will receive matching agency contributions of 5 percent. To make changes to your contributions, visit PostalEASE at ewss.usps.gov/esymain.htm and log in with your employee ID number and password.
It is also important to determine how you will invest your contributions. TSP offers six different investment funds — the G, C, S, I, F, and L fund. To adjust your investment options, go to tsp.gov or download the TSP mobile app. TSP offers their Federal Ballpark E$timate® calculator, which allows you to see if you are on track for a comfortable retirement. Another useful calculator is the Federal Employee Group Life Insurance (FEGLI) calculator, which can be found at opm.gov and allows you to:
n Determine the face value of various combinations of FEGLI coverage.
n Calculate the premiums for various combinations of coverage and see how choosing different options can change the amount of life insurance and premiums.
n See how life insurance carried into retirement will change over time.
As a reminder, the due date to file your 2022 taxes is April 18. According to the Internal Revenue Service, if the due date falls on a Saturday, Sunday, or legal holiday, it is delayed until the next business day. Your return is considered filed on time if the envelope is properly addressed, postmarked, and deposited in the mail by the due date.
If you can’t file by the due date, you must request an extension by filing Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return by the due date of your return. Form 4868 can be found at irs.gov/forms-pubs/extension-of-time-to-file-your-tax-return.
For more information on when to file your taxes, visit irs.gov/filing/individuals/when-to-file.
— Benefits and Wellness,
Human Resources, 4-6-23
