Q:  I am 57 and hope to retire at 62. I have FERS and I put in 25 percent. My husband says I should stop contributing to FERS because this would increase my income for Social Security benefits reporting. Do you advise this?

A: First, I assume that you’re talking about contributing to the Thrift Savings Plan, since the FERS question you posed makes no sense at all. Second, your husband is misinformed. Your TSP contributions escape current federal and state income tax, but not Social Security and Medicare contributions. You should continue to contribute as much as you can to your TSP account.

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Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to fedexperts@federaltimes.com and view his blog at money.federaltimes.com.

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