As a federal government worker, you have a wealth of options to choose from when it comes to planning for retirement. But it is not easy to accurately determine what your quality of life will be like — how much money you will have on hand — after you decide to finally hang up your hat and enjoy other pursuits.
We’ve seen federal government workers watch their incomes drop 70 to 80 percent once they stopped earning their full-time government salary and turned to their FERS basic annuity and Social Security to make ends meet.
That’s not the position you want to be in. That’s why you should turn to us.
You know all too well how the federal government works. You must read hundreds of pages, hundreds of bone dry rules to just get a grasp of your benefits and how they will work in your favor, or not, come retirement.
There are many variables at play with your federal benefits, which could offer you a wonderful life after you depart from your career. Or you could be placed in a difficult position because you weren’t made aware how you can optimize your government-sponsored benefits or seek other alternatives.
There’s so much dense language to sort through. And your agency’s HR department, as well as the Office of Personnel Management, may be too overworked and understaffed to quickly get you the answers to the following questions and more that surely come up along the way as you start planning for retirement.
When is the best time to retire?
- What will the cost of living be when I retire? Will I have enough money on hand to maintain my standard of living?
- Will health care costs keep increasing?
- What role will my government Thrift Savings Plan (TSP) play in my retirement? Am I investing enough money in my TSP? Should I consider rolling over my TSP into a privately managed plan?
- Should I consider phased retirement?
- What is the best retirement age for Social Security?
- As a USPS worker, should I take the government’s early retirement offer?
There are so many questions to be answered about retirement, yet very few easy, clear answers.
We also never know how Washington is going to change your benefits and potentially alter your financial future — for better or for worse.
We’ll guide you through the process. We’ll suggest ways to maximize your benefits so you are not placed in a financial pickle. During our free one-on-one consultations, we’ll perform a thorough examination of your federal benefits package.
We’ll help you determine whether you are effectively using your TSP, whether you should stay with your government life insurance or try a commercial alternative. We’ll take a look at your options today and help you prepare a long-term plan to avoid facing a 70 to 80 percent income drop when you retire.
Retirement is a big decision, and it’s not to be taken lightly. You must be armed with knowledge and accurate numbers in order to make wise financial decisions especially after you walk away from your government career.
Our job is to breakdown the numbers and help you achieve a clear understanding of your post-retirement life before you even get there.
Also check out our blog. We post weekly stories about retirement planning and government benefits. It is an excellent resource that we take pride in putting together to offer you a better understanding of your benefits.
- OPM: Retirement Guide
- OPM: Retirement Website
- OPM: Pension Calculator (Ballpark Estimate)
- OPM: Retirement FAQ
- OPM: Retirement Eligibility
- OPM: Applying for Retirement
- TSP: Thrift Savings Plan 101
For additional help with retirement planning please contact us or schedule a free benefits review.