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Happy New Year! A Quick 2023 Guide for Federal Employees

By Benefits Ben
01/01/2023

Federal employees, start the year out right! 2023 COLA, Federal Pay Raise, TSP Contribution information, and more!

Happy 2023! Here’s a quick look at important information for Federal Employees-

2023 COLA

  • For Social Security recipients and CSRS annuitants: 8.7%
  • For FERS annuitants: 7.7%

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2023 Federal Pay Raise

  • The General Scale “across-the-board” Increase: 4.1% – finalized via an executive order signed by Biden on December 28th.
  • Average federal raise, when factoring in locality pay: 4.6%

2023 TSP Contribution Limits

  • Annual contribution limit for TSP: $22,500
  • Additional “Catch-up” contribution amount for those age 50 or older: $7500

FEHB, Medicare B, and FEDVIP

  • Average increase of FEHB premiums: +7.2%
  • Decrease of Medicare B premiums: -3%
  • Average increase of Dental Coverage premiums: +0.21%
  • Average increase of Vision Coverage premiums: +0.41%

Here’s to having a Great 2023!

**Written by Benjamin Derge, Financial Planner. The information has been obtained from sources considered reliable but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Benjamin Derge and not necessarily those of RJFS or Raymond James. Links are being provided for information purposes only. Expressions of opinion are as of this date and are subject to change without notice. Raymond James is not affiliated with and does not endorse, authorize, or sponsor any of the listed websites or their respective sponsors.

2023 Federal Pay Raise

HAPPY NEW YEAR! 2023 COLA, Federal Pay Raise, and More

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FEDLIFE Podcast

The FedLife Podcast is your in-depth, biweekly deep dive into the world of federal benefits and retirement planning. Hosted by federal benefits expert Ed Zurndorfer and Dan Sipe of Serving Those Who Serve, each 30-minute episode unpacks the complexities of FERS and CSRS retirement, FEHB and Medicare, survivor benefits, tax planning, and more. Designed for federal employees and retirees who want more than just the basics, FedLife goes beyond the headlines to explore the rules, nuances, and strategies that can make a meaningful difference in your retirement. Remember: it’s your Fed life, make it a great one.

 

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FED15 Podcast

The Fed15 Podcast is your weekly 15(ish)-minute briefing on federal benefits and financial planning, built specifically for federal employees and retirees. Hosted by Dan Sipe and Katelyn Murray of Serving Those Who Serve, each episode delivers clear, actionable guidance on topics like FERS and CSRS retirement, TSP strategies, FEHB, survivor benefits, tax planning, and more! Whether you’re five years from retirement or already there, The Fed15 helps you cut through the noise, avoid costly mistakes, and make confident decisions about your federal benefits.

 

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