Most of us want to pursue a career that we enjoy, and where we feel like we’re making a difference. But pay and benefits go a long way toward career satisfaction as well! Here are five benefits of being a federal employee, that are not always enjoyed by private sector workers.
Federal Employee Health Benefits program. The Federal Employee Health Benefits program (FEHB), for most federal employees or TRICARE for military, is widely regarded as one of the best health insurance packages available. As an added benefit, both of these programs can be carried into retirement and even past the age of Medicare eligibility. That’s a rare benefit in today’s world, and could potentially save you quite a lot of money on healthcare expenses in retirement.
Job security. Once you’ve worked past your probationary period, you can only be removed by just cause, or due to a workforce reduction. Most other workers can’t say the same, as we’ve unfortunately learned during the recession years.
Thrift Savings Plan. The Thrift Savings Plan is comparable to the private sector’s 401k plan, which about 35 percent of American workers cannot access. And, the 5 percent match available to FERS employees is higher than the average match in the private sector (4.17 percent).
Pension. Most employees fall under the FERS plan, which includes a pension as part of the retirement package. For military service members, the program is called Legacy Retirement System (LRS) or Blended Retirement System (BRS). Either way, retired employees enjoy a pension for the rest of their lives.
By comparison, only 11 percent of private sector workers can enjoy the same security.
Social Security. Okay, technically this isn’t a benefit exclusive to being a federal employee. But considering you have two other forms of retirement income in place, knowing that Social Security is also available is like the icing on the cake.
As for those retirement benefits, keep in mind that as a federal employee you face a plethora of options. Give us a call, and we’ll help you decide how to utilize those benefits to achieve your retirement dreams.
