20 Actions & Resources for our Federal Workforce During these Uncertain Times

Given the recent cuts to the federal government and the fact that a number of our clients are either directly or indirectly employed by federal agencies (or certainly are at least close to someone who is), we wanted to provide some actionable steps and resources to consider that will allow you or someone you care about to take a little control back and, hopefully, ease your mind and concerns. 

1. Increase cash reserves.  We often recommend 6 months of spending as an emergency fund (in a high-interest, FDIC insured, online account), but in times of uncertainty, you could create some peace of mind by increasing that to 12 months. Best High Yield Savings Accounts of February 2025
2. Have some cash “on hand.”  We recommend keeping any funds greater than $500 in a fire safe – both for security and because homeowners’ insurance usually does not cover larger sums of cash. Best Fireproof Document Safes
3. Renew your passports now if you are within a year or two of expiration. Given the current push to reduce the workforce, there may be delays in an already slow process.  Plus, it is always good to have your options open if you feel the need to get away for a period of time. Renew Your Passport Online
4. File your taxes as soon as possible.  Again, if the IRS workforce is reduced (or even just demoralized), it could take a while to process. If you expect a refund, it would be great to file as soon as you are able. How to File Your Taxes: Step by Step
5. Consider reducing your withholding in 2025. If you are getting a large refund for your 2024 return, this may be a good year to reduce the amount you are “loaning” the government. How to Change Your Tax Withholding
6. Update your homeowner’s insurance coverage.  FEMA may not be able (or allowed) to step in where it has in the past.  You could also consider expanding coverage to include flood insurance if your budget allows – even if you aren’t in a flood zone (just ask people in western North Carolina after Hurricane Helene). Talk to Nick Kiniry
7. If you have children or grandchildren with special needs, you may want to reserve additional funds in case some of the support that the Department of Education provides is no longer available. ABCs of Planning for Your Loved Ones
8. Gather all legal resident and citizen documents in a centralized location (perhaps that fire safe) and electronic copies saved to a secure folder on your phone. How Do I Get Proof of My US Citizenship?
9. Capture current student loan file information. If you are a part of the Public Student Loan Forgiveness program and records regarding student loan repayments are questioned. National Student Loan Data System

10. Pull a current social security statement that identifies your contributions over the years and your current expected benefits.  Create Your Personal my SSA account
11. Government employees: pull your current “Personal Benefits Statement” that outlines your current years of service and your progress toward pension. You can also run a report to see what benefits you are entitled to if you leave immediately to both inform you of your options and ensure if your role is reduced, you know what you are entitled to. How Can I Get a Personal Benefits Statement? 
12. Give to organizations you care about that may see funding decrease or dry up altogether.  If you support LGBTQ organizations, Planned Parenthood, or climate related organizations, now is a good time to help them bolster their funds. Easy Ways to Give to Charity
13. Call your congressperson with your concerns. DC offices may be overwhelmed, so you could also look up their local offices to try to contact them at that location. Find Your Representative
14. Be extra cautious to avoid scams.  The Consumer Finance Protection Board (CFPB) has been, ahem, “streamlined” enforcement and regulations are decreasing dramatically, the risk of volume of scams has never been higher. USA.gov’s complaints section
15. Eliminate or reduce your credit card balances or at least remember to make credit payments on time.  This is always good advice in our opinion, but debt is especially risky (and payments easy to forget) during times of uncertainty. How to Get Out of Debt

And if you or someone you love (or even like!) have actually lost your job, here are a few specific resources for you:

1. Virginia Has Jobs portal
2. Resources for Maryland’s Former Federal Employees
3. Montgomery County Resources for Federal Employees
4. Senator Mark Warner’s (VA) Resources 
5. Resource (for conversation): Federal Employees by State

Again, these resources are meant to take a little control back in a time that feels completely out of control.  Please let us know if you have additional ideas that will help people through these uncertain times. 

Our firm is ready to respond to federal workers affected by the rapid change. If you would like to talk with someone for a brief financial conversation (pro bono), just Contact Us. 

Jason Howell Company is a family wealth management firm that strengthens the finances of families making the transition from first generation success to family wealth. We envision a world where wealthy families give, grow and govern themselves in ways that enrich their local communities. We do this by reducing the fear, isolation and guilt associated with financial success.

Jason J. Howell, CFP®, CPWA®, CSRIC® and Douglas W. Tees, MBA, CFP® CAP®, CBDA  have spent a lot of time in the Washington, DC area, and are aware that many people who are first generation wealth suffer from a kind of "financial imposter syndrome."  Successful entrepreneurs and family businesses are always looking over their shoulder; government contractors worry about the next contract; former Capitol Hill staffers privately wonder if they should "feel bad" for the money they now make. Imposter syndrome is common among people who work for the many corporate headquarters based in this area as well. These feelings get in the way of properly managing family wealth. We empower them to get organized, build a team of advisors and make decisions.

Our typical "first generation wealth" families include dual income parents who work, save and have just the right amount of fun. For long-time, family owned businesses we focus on much family preservation as we do wealth preservation. 

First generation wealth success stories and family business owners realize that they:

• Need to “do something” with the cash in their checking/savings
• Need to eventually diversify their portfolio away from the family business
• Need an investment strategy for “up” and “down” markets
• Need a plan to mitigate market, credit, inflation, and political risks
• Need to start tax planning instead of just tax paying
• Need to be sure they are choosing the right work benefits
• Need to reduce financial miscommunications between family members
• Need to separate business finances from personal finances
• Need to separate family wealth from individual wealth
• Need a plan to provide space for both family and individual philanthropy 
• Need to plan for money while alive and for what happens after death