At Benchmark Financial Group, we specialize in providing comprehensive retirement planning services for federal employees. We want to ensure that you and your family are positioned to make informed financial decisions and be well-prepared for the future. Through our nearly forty years of experience, we’ve helped federal employees and their families navigate not only their retirement but also the challenges that come with life. This blog highlights a few ways our experience lends itself to supporting your family in retirement.
Navigating Surviving Spouse Benefits
One essential component of retirement planning for federal employees is ensuring that surviving spouse benefits are clearly understood and effectively managed. Federal employees covered under the Federal Employees Retirement System (FERS), or Civil Service Retirement System (CSRS) have specific survivor benefits their spouses are entitled to. We’ll help you understand the nuances and prepare the necessary documentation.
Surviving spouse benefits on your FERS pension are paid as monthly annuities. FERS surviving spouses may receive 50% (maximum survivor annuity) of the FERS pension, 25% (partial survivor annuity), or 0% as a surviving spouse payment. Under CSRS, the maximum annuity for a surviving spouse can be any percentage between 0% and 55% of the CSRS pension benefit. We guide families through the decision processes, so you can ensure income plans for your family are sufficient for the future. Also, we help our clients with the required documents, such as the SF 3107 (FERS Application for Immediate Retirement).
Legacy Planning
Legacy planning is similar to retirement planning and involves strategizing for the distribution of assets after one’s death. We want to ensure that your estate is handled according to your wishes. We continually remind our clients to review and update beneficiary designations, establish or update wills, or set up a trust.
Keeping your beneficiary forms up to date is essential in making sure that the correct individuals receive your assets. Designations on SF Forms; like SF 2823 (FEGLI Designation of Beneficiary), Standard Form 1152 (Unpaid Compensation of a Deceased Employee), TSP beneficiaries, outside IRAs or investment accounts, and life insurance policies. These choices help settle your estate as quickly and easily as possible, minimizing legal concerns or potential disputes. Our comprehensive approach helps prevent delays and complications during an emotionally challenging time for your loved ones.
Access to Life Insurance and Determining Coverage
Life insurance is another pillar of comprehensive retirement and legacy planning. Federal employees often participate in the Federal Employees’ Group Life Insurance (FEGLI) program. Determining the appropriate amount of life insurance coverage requires a personalized analysis. Determining the right amount of coverage is an ongoing process, often times the closer you get to retirement the amount of life insurance needed gradually decreases. The price for FEGLI is variable based on your age too, so the price goes up the older you get.
We’ll assess your specific needs based on factors such as income replacement, debts, future expenses, and legacy goals. By analyzing your total financial picture, we recommend the adequate level of life insurance necessary to provide for your family’s needs after your passing. Also, we guide our clients through the process of filing claims with the Office of Federal Employees’ Group Life Insurance (OFEGLI) to ensure those benefits are received promptly when required.
Personalized Support for Federal Employees and Their Families
Our commitment to federal employees and their families extends beyond financial strategy. We provide individualized guidance to help you navigate complex benefits and retirement decisions. We want to be your guide and are available to answer questions or provide assistance throughout your long road of retirement.
Looking for assistance? We can help!
If you are looking for a guide to help you plan your retirement, Benchmark Financial Group can help. It all starts with gathering your information, discussing your goals, and preparing a plan so that we may help you maximize your retirement income. The goal for your net monthly income is always to equal or exceed your pre-retirement income; with proper planning and due diligence, it’s not uncommon to get there.
To get started, schedule an appointment today with Benchmark Financial Group by filling out the form online or calling David Raetz at 913-534-8256 to discuss your financial needs. Benchmark Financial Group will help you navigate your options and determine the best path toward your financial goals.
*Securities and Advisory Services Offered Through CreativeOne Securities, LLC Member FINRA/SIPC and an Investment Advisor. Benchmark Financial Group, LLC and CreativeOne Securities, LLC are not affiliated.
9300 W. 110th Street, Ste 160
Overland Park, KS 66210
