Federal Retirement Overview

Becoming eligible to retire is great on paper.  The main question that needs to be considered is will you be able to retire financially, enjoying the retirement you worked so hard in federal service to have.  Many do not take into consideration certain aspects that are out of their control like rising taxes, inflation, healthcare costs among other things.

Out of more than two million individuals employed by the Federal Government, it is quite possible that you and many others have questions regarding your benefits.  A limited understanding of FEGLI, your Pension, Survivors Annuity, FEHB, and Thrift Savings Plan could cost you thousands of dollars during your working career and in some cases about a 50-60% decrease in monthly income during retirement.  

1. Do you know when you will be eligible to retire?

2. Do you understand how to read all of the codes on your paystub?

3. Do you know how to calculate your expected monthly retirement income?

4. Are you taking advantage of TSP matching?

5. Do you know the monthly cost of the Survivor Annuity?

6. Are you aware of the one-time in service withdrawal option through TSP?

7. Do you know if you qualify for the Special Retirement Supplement?

8. Do you know how to receive up to an 8% bonus on ALL TSP Funds?

9. Do you know what the annual cost of FEGLI will be at retirement?

10. Do you know how to obtain a tax free income in retirement?

11. Do you have plans to participate in the Federal Long Term Care Insurance Program to protect you and your family from Medicaid spend-down?