We know the news surrounding federal layoffs is unsettling, and if you’re feeling uncertain about what comes next, you’re not alone. Change like this can be overwhelming, but please know that you have options and support. Richmond Brothers’ goal is to help you navigate this transition with clarity and confidence so you can make informed decisions for yourself and your family.

Why Is This Happening?

The federal workforce is experiencing significant changes due to budget reductions, workforce restructuring, and a shift toward modernization. Recent reports indicate that the Trump administration may require agencies to submit layoff plans by March 13, 2025, as part of an effort to cut costs and streamline operations.¹

While these changes may feel sudden, they are part of a broader restructuring of government agencies.

What You Can Do Now

While you may not be able to control these changes, you can take steps to protect your financial future:

• Stay Informed: Keep up with official communications from your agency regarding layoff plans.
• Know Your Rights: Review federal RIF procedures and understand what benefits and options are available to you.
• Update Your Resume and Skills: Consider refreshing your resume and exploring new skills that could open up additional career paths.
• Plan Financially: Now is a good time to review your finances, build an emergency fund, and look for ways to reduce expenses in case of job loss.

Managing Your Thrift Savings Plan (TSP)

If you separate from federal service, you may still have options regarding your TSP, such as adjusting allocations, rolling funds into another qualified plan, or keeping your account active.² If you have an outstanding TSP loan, you may need to explore repayment options. In some cases, unpaid loans could be treated as taxable distributions.³

While this is a lot to process, you don’t have to navigate it alone. If you have any questions or would like to talk through your financial options, we are here to help and support how we can!