Helping Federal Employees at Different Stages of Retirement Planning
1. Federal Employees Considering Retirement
Mark and Sarah
- Be age 50 or older and beginning to focus more closely on retirement planning
- Expect to retire within the next 5 to 10 years but have not selected an exact retirement date
- Have questions such as, “When might I be eligible to retire?”
- Want to understand how FERS or CSRS, TSP, Social Security, and other benefits may work together
- Be reviewing how much to contribute toward retirement
- Want broader financial planning guidance in addition to investment considerations
- Have questions about income needs, taxes, healthcare, and insurance in retirement
2. Federal Employees Retiring Soon
John and Susan
- Be approaching retirement and know approximately when they plan to leave federal service
- Want to estimate their expected retirement income and expenses
- Have questions about Social Security claiming decisions
- Need to understand their federal annuity and TSP options
- Be reviewing Medicare, FEHB, life insurance, and other benefit considerations
- Have questions about TSP withdrawals or eligible rollover options
- Want help coordinating different sources of retirement income
- Need broader financial guidance as they transition from employment into retirement
Important Questions to Consider Before Federal Retirement
Federal retirement involves several interconnected decisions. The choices appropriate for one employee may not be appropriate for another.
Questions to consider can include:
- When am I eligible to retire under my federal retirement system?
- When should I consider claiming Social Security?
- How much income might I need during retirement?
- How could taxes affect my different sources of retirement income?
- What options do I have for my TSP after retirement?
- How might my federal annuity, TSP, and Social Security work together?
- What should I review regarding FEHB, Medicare, and life insurance?
- How could different retirement dates affect my benefits?
Understanding these areas before making retirement decisions can help you identify questions that may require additional research or professional guidance.
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Start Building Your Retirement Plan in 3 Steps
1
Connect With a Financial Professional
Tell us about your retirement planning needs and connect with a financial professional who works with federal employees and understands federal retirement benefits.
2
Review Your Retirement Situation
Discuss your goals, federal benefits, savings, expected income needs, retirement timeline, and other relevant financial circumstances.
The financial professional can help explain important considerations and discuss potential approaches based on the information you provide.
3
Develop Your Retirement Strategy
Work with your financial professional to develop a retirement strategy based on your goals, expected income needs, retirement timeline, risk considerations, and overall financial circumstances.