Check out our January newsletter!
JANUARY 2025
GIVE US A CALL! 303-922-4304 federalbenefitsmadesimple.com Hours: 8 a.m. to 5 p.m. M–F
HEALTHY, WEALTHY,
& WISE
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The Secret to Saving More This Year
SIMPLE BUDGET TWEAKS FOR A FINANCIALLY FIT YEAR
You know that streaming service subscription you’ve forgotten about? Or an app you no longer use silently charging you every month? These small, recurring bills can add up quickly, hindering your budget and financial well-being, especially if you are saving for a big goal like retirement. January is Financial Wellness Month, and it’s a great time to start looking at your spending, savings, and long-term goals. Minor adjustments, like ditching unused subscriptions, can make a big difference on the path to financial wellness. The new year is a great time to sit down and work on your budget, reviewing where you’re spending your money. A few years back, my wife and I did this, and we were amazed to see just how many streaming
services we had. We went through the apps we had downloaded, and many were still being charged monthly. Just one fitness app my wife had charged us about $129 a year, and we hadn’t used it in months. Once you get through the non-essential apps or services, you can start looking at your other costs. We started identifying how often we go out to eat and looked for other ways we could potentially save. Through this process, we found money every month to put away toward a big goal, like saving for our son’s college education. Whatever you are saving for — school, retirement, or an upcoming trip — having a solid budget and understanding where your funds are going each month is a game-changer. You can start by going to your online banking and downloading your last statement to find recurring charges. Ask yourself if those bills are for something you use or want to continue. At one point, my wife and I determined how much we were spending in gas money and tolls and discovered it would be less expensive to spend an extra five minutes commuting to avoid the toll fees. Financial wellness doesn’t have an age restriction, so even people in their 20s and 30s can benefit from a savings strategy. As you budget, consider big purchases and decide if you can pay in cash or save for it rather than swiping your credit card. So many people today are living off credit cards. Americans now owe more than a trillion dollars in credit card debt. By homing in on your month-to-month
spending, you can transform your budget in ways that may surprise you.
January is when many federal employees focus on retirement planning. The question becomes whether they will be able to afford it when the time comes. Identify your cash flow and start determining how much it costs for you to live each month. Look at how much you will receive from your pension, Social Security, or first FERS (Federal Employees Retirement System) supplement. The difference between your expenses and what you receive is how much you need to draw from your Thrift Savings Plan (TSP) or other investments each month. After identifying how much you will need each month in retirement, you must decide if you have enough money in your TSP to support monthly withdrawals for the rest of your life. For that larger scope, a financial advisor can help you plan appropriately so you don’t run out of funds in the future. Regardless of your age or goals, budgeting is an essential tool to help manage your finances, realize savings, and make informed choices about your spending. Financial wellness starts by understanding where your money is going and where you can cut back. So, next time you plan a big purchase, skip the Starbucks or cancel that pesky app you forgot about. It will add up and pay you back over time.
–Jeremy Rafferty
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When life feels overwhelming, or you just aren’t feeling your best, it can be difficult to find hope or joy. Sometimes, the best medicine is a little self-care in the form of activities and treats that you enjoy most. Looking forward to something enjoyable is one of the best ways to boost your mood. Whether it’s a favorite movie, a new painting class, or a tasty latte, prioritizing things that bring happiness can empower us with hope. It’s adding a bright spot in the future, making tough days more manageable. What do you love? The activity doesn’t have to be intricate. Start by identifying things that make you happy or interest you. Love comedy movies or enjoy going to concerts? You might sign up for an improv class or buy tickets to see a play. What you love can be anything that brings a smile to your face. Plan it. Once you know the activity, start planning. Our busy lives sometimes lack time for the little things that make us feel good. Treat your happiness as a necessity and put it on your calendar. Spending time with your loved ones and friends has a wealth of benefits for your mental health, so decide whether you want someone to join you. Why Small Plans Can Make a Big Difference THE HAPPINESS HACK
By planning to do things that bring you joy, you’ll feel more hopeful, balanced, and better equipped to handle whatever life throws your way.
Ready to Save More?
TSP CONTRIBUTION LIMITS ARE GOING UP
As we begin 2025, federal employees need to be aware of the significant changes coming to the Thrift Savings Plan (TSP). The TSP contribution limits are getting a considerable boost, allowing you to save even more for your future, especially for those 60 or older. This is good news for employees who meet eligibility requirements and want to maximize their retirement savings. Here’s what you need to know about the latest update and what it may mean for your saving strategy. Standard Employee Contribution Limit The contribution limit for federal employees under 50 is increasing slightly from $23,000 to $23,500 allowing you to save an additional $500 in your TSP. You can contribute to the traditional side of your TSP, the Roth side, or split the contributions between the two with a maximum total contribution of $23,500. Catch-Up Contribution Limit For those 50 or older, you are eligible for catch-up contributions, which are additional tax-deferred contributions you can make over the standard limit to help you save more as you near retirement. In 2025, the catch-up limit remains at $7,500, meaning you can contribute a maximum of $31,000 to your TSP, divided however you choose. Secure Act 2.0 The most significant change coming to the TSP this year is for those who will be 60, 61, 62, or 63 in 2025. Thanks to the Setting Every Community Up for Retirement Enhancement (SECURE) Act 2.0, people in this age bracket can contribute a total of $11,250 to their standard contribution for their TSP. This means you can save $34,750 if you are between 60 and 63. Those turning 64 or older this year are
ineligible for this additional contribution, but you can still contribute the standard catch- up contribution of $7,500. The TSP is an essential retirement savings tool for federal employees, and 2025 could be an opportunity to save even more. Review your current TSP contributions to see if you qualify for additional contributions this year. If you are ready to develop your financial strategy for retirement, contact us at Federal Benefits Made Simple.
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An Unforgettable Tropical Paradise DISCOVER PANAMA
Isla Bastimentos National Marine Park This amazing national park, established in 1988, covers more than 50 square miles and over 130 islands of the Bocas del Toro Archipelago, including the popular coral reefs of the Cayos Zapatillas. It’s a perfect spot to see monkeys, sloths, crocodiles, and countless marine species. Panama Canal No list would be complete without mentioning one of the greatest engineering feats in human history: the Panama Canal. The canal, which runs for roughly 40 miles through the Isthmus of Panama, was completed in August 1914, just a month after the beginning of World War I. The canal works via a system of locks, filled and emptied of water to raise and lower vessels. Ships up to 950 feet long transport over 200 million tons of cargo annually through the canal. It’s a must see if you visit Panama!
The Central American country of Panama is home to the amazing Panama Canal, which allows easy passage of maritime traffic between the Pacific and Atlantic oceans and is a hub for international trade. But it is also a scenic tropical paradise. The country is just 30,000 square miles in size, smaller than South Carolina, and is filled with incredible sites — plus the currency is the American dollar. Here are three locations you can look forward to on your vacation to Panama! Panama City Founded in 1519, Panama’s capital is a metropolis amidst lush tropical rainforests. Around 40 percent of the country’s population resides in the city, which is full of amazing historical and entertainment districts that attract tourists worldwide. The Casco Viejo historical district, comprised of Spanish colonial architecture, was named a World Heritage site in 1997.
Train Your Brain!
Citrus-Herb Pork Roast
INGREDIENTS
Inspired by TasteOfHome.com
• 1 boneless pork sirloin roast (3–4 pounds)
• 1 tbsp grapefruit juice • 1 tbsp steak sauce • 1 tbsp reduced-sodium soy sauce • 1 tsp grated orange zest • 1 tsp salt • 3 tbsp cornstarch • Egg noodles, cooked
• 2 tsp dried oregano • 1/2 tsp ground ginger • 1 tsp pepper
• 2 medium onions, cut into thin wedges • 1 cup plus 3 tbsp orange juice, divided • 1 tbsp sugar
DIRECTIONS
1. Cut roast in half. In a small bowl, combine oregano, ginger, and pepper; rub over pork. In a large skillet coated with oil, brown roast on all sides. Transfer to a slow cooker; add onions. 2. In a small bowl, combine 1 cup orange juice, sugar, grapefruit juice, steak sauce, and soy sauce; pour over roast. Cover and cook on low for 4–5 hours or until meat is tender. Remove meat and onions to a platter. 3. Transfer cooking juices to a small saucepan. Add orange zest and salt. Bring to a boil. Combine cornstarch and remaining orange juice. Gradually stir into the pan for 2 minutes or until thickened. Serve with pork and noodles.
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Insurance products are offered through the insurance businesses Federal Benefits Made Simple and E.A. Buck Financial Services. Federal Benefits Made Simple is an Investment Advisory practice that offers products and services through AE Wealth Management, LLC (AEWM), a Registered Investment Advisor and Buck Wealth Strategies, a Registered Investment Advisor. Securities offered only by duly registered individuals through Madison Avenue Securities, LLC (MAS), member FINRA/SIPC. AEWM does not offer insurance products. The insurance products offered by Federal Benefits Made Simple and E.A. Buck Financial Services are not subject to Investment Advisor requirements. AEWM is not affiliated with Federal Benefits Made Simple, E.A. Buck Financial Services, or Buck Wealth Strategies. In California, we are known only as E.A. Buck Insurance Services in all solicitations of insurance. Federal Benefits Made Simple, an E.A. Buck Company is not affiliated with or endorsed by the US government or any governmental agency. E. A. Buck Financial Services, Buck Wealth Strategies, Federal Benefits Made Simple, An E.A. Buck Company are affiliated by common ownership. 2777740 - 12/24
INSIDE THIS ISSUE page 1 Small Adjustments Can Boost Your Financial Wellness page 2 The Power of Planning Something to Look Forward To What’s New in 2025 for Federal Employees
page 3 Vacation in Tropical Panama Citrus-Herb Pork Roast
page 4 Surprising High-Protein Options for a Healthier You
High-Protein Grains That Can Transform Your Diet GRAIN GAINS
Quinoa This high-protein grain has significantly grown in popularity in recent years, and for good reason. One cup of cooked quinoa adds 8 grams of protein and 5 grams of fiber to your diet. Most people use it as a substitute for rice in soups and salads, but some might enjoy it as a hot cereal to replace sugary breakfast options. Sorghum If you haven’t heard of sorghum, get ready because it’s taking the country by storm. Sorghum is a staple in many Indian and African dishes. A cup of cooked sorghum will have around 7 grams of protein, 4 grams of fiber, and all the B vitamins, iron, and magnesium you need to improve your overall health. Other high-protein grains worth investigating include millet, buckwheat, wild rice, farro, and teff. Once you discover the power and magic of high-protein grains, you’ll wonder why you didn’t explore them sooner.
If you’re trying to build muscle or improve your overall health, you already know how vital ample protein is to your diet. Most people turn to lean meats, eggs, nuts, seeds, and even dairy to add protein to their diet, but many don’t consider grains a great protein source. However, a few excellent high-protein grains can provide the same benefits as other protein sources while supplying more fiber and other essential nutrients. Any grain with more than 4 grams of protein per cup is considered high-protein. You can find most high-protein grains at any supermarket, but you should head to the closest Whole Foods or Natural Grocers for the best selection. If you’re unsure where to start, here are three high-protein grains you can easily incorporate into your diet. Oats You likely already have oats in your pantry. This all-purpose grain is gluten-free and packs 6 grams of protein and 4 grams of fiber per cup. Remember, the less the grain is processed the higher it is in protein. Oats can be added to breads, desserts, and various breakfast dishes.
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