Are you a federal employee who is seeking a better understanding of your benefits? Are you beginning to think about your future retirement plans? Strategic Wealth Advisors Group Inc. is available to assist you through each phase of retirement. As a Chartered Federal Benefit specialist and advisor, Tim Sullivan continuously helps federal employees navigate their retirement planning while finding ways to maximize their benefits in the process. The most common concerns for individuals include:
- CSRS/FERS retirement eligibility & annuity calculations
- Survivor Annuity options & alternatives
- Prior Military Service Buy-Back
- TSP: Pre-Retirement & post retirement
- Social Security Benefits
- Federal Employees Group Life Insurance
- Federal Employee Health Benefits & Medicare
If you are interested in learning about pre-retirement services for federal employees throughout the stages of your career, click on the button below. Our advisor, Tim, is an excellent resource in finding the answers to each of your unique questions regarding retirement planning at any year of employment.
What You Need To Know About Retirement Planning for Every Stage of Your Careers
Recent studies have indicated that 68 percent of employees have access to retirement resources and only few agencies offered personal retirement and benefits counseling, external resources such as retirement or benefits guides, professional financial planning assistance, and career fairs.
Our ambitions hope is that all federal employees have access to early career, mid-career and pre-retirement services. If you do, consider yourself fortunate — they have all but disappeared from many federal agencies.
Here are some questions that you should be asking yourself at each stage of your career (early, mid-career, and pre-retirement), along with lists of resources to help you find the answers.
(UP TO 10 YEARS ON THE JOB)
What are the basics of my retirement plan?
When am I eligible for retirement?
What is the formula to compute the value of my retirement benefit?
- Federal Leave Policy
- CSRS Disability Retirement
- FERS Disability Retirement
- Social Security Disability Retirement Planner
- Office of Workers’ Compensation
How much can I expect in Social Security benefits?
Do I have adequate life insurance protection?
Do I have the best health benefits coverage for myself and my family?
- Federal Employees Health Benefits Program Plan Information
- Health Savings Accounts
- Flexible Spending Accounts
How much should I save for my retirement in the Thrift Savings Plan?
What if I leave federal service prior to becoming eligible for retirement? What are the vesting requirements for basic retirement benefits and the TSP?
(FROM 10 YEARS ON THE JOB TO FIVE YEARS BEFORE RETIREMENT)
Do I know if and/or when I plan to retire from federal service?
If I am planning a second career, have I begun to explore options?
If I am planning to stop working, have I computed how much retirement income I will need?
Have I reviewed my electronic official personnel folder?
There should be evidence of the beginning and ending dates of each of my federal appointments. Has my retirement coverage changed during my federal career? Has my work schedule changed?
Are my beneficiary designations for FEHBP, FEGLI and unpaid compensation up to date?
Have I performed active duty military service that I want to use towards eligibility or computation of my retirement benefit?
Do I have any civilian service that was not covered by retirement deductions?
Do I have any refunded retirement contributions?
Have I had a life event such as marriage, divorce, death of a family member, or birth or adoption of a child?
Do I need help from a professional financial adviser?
Have I updated my beneficiary designations?
- CSRS Beneficiary Designation
- FERS Beneficiary Designation
- FEGLI Beneficiary Designation
- TSP Beneficiary Designation
(FIVE YEARS OR FEWER BEFORE RETIREMENT)
Have I requested a retirement estimate for a specific date or several dates from my human resources office? Am I eligible to continue FEHBP and FEGLI into retirement?
Do I understand my options for electing an unreduced CSRS or FERS annuity payable during my lifetime compared with a reduced annuity to provide a survivor annuity to a spouse or a person who may have an insurable interest in me?
Have I started to explore the different withdrawal options for using the money that I’ve saved in my TSP?
Have I considered signing up for long-term care insurance?
Have I re-evaluated my life insurance needs? Will I be eligible for Medicare when I retire?
If I will be retiring at age 62 or later, have I started to explore the strategies for claiming my Social Security retirement benefit? Do I understand how spousal and survivor benefits work under Social Security?
Do I understand how my retirement benefits will be taxed?
- IRS Publication 721
- NARFE Annual State Tax Roundup
- Best States to Retire
- Taxes and Social Security Benefits
We believe the key to simplifying the complexities of Retirement Planning is to learn the basics. Retirement is not a word that should cause anxiety and fear. Our goal is to make things understandable and easy to process to overcome any anxiety with confidence in the choices you make.