Benchmark Financial Group Blog
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Pieces of the Retirement Puzzle—TSP
The Thrift Savings Plan (TSP) for the final piece of the retirement puzzle. If you missed the articles for Social Security or Pensions, please see our blog posts that look at those topics and how they fit into the retirement puzzle. The TSP is a retirement savings and investment plan, established by Congress in 1986, for Federal employees and...
Pieces of the Retirement Puzzle—Pensions
In our previous article, we started discussing the pieces that make up the retirement puzzle. We began with Social Security. To learn more about how Social Security fits into the equation, you can read the article here. In this article, we will shift our focus to a different piece of retirement—pensions. FERS PENSION BENEFIT Your Federal Employee...
Pieces of the Retirement Puzzle—Social Security and Required Minimum Distributions
Social Security is one of the three primary sources of income in retirement. The benefit is based on your average 35 years of work history and weighted by the years you made the most income. You’re first eligible to start taking social security at age 62, and each year you defer your benefit the payment amount increases. If you turn on social...
Beyond Retirement Planning: What to Know About Taxes and Leaving a Legacy
A lot goes into retirement planning, and it is essential to know what other details lie beyond the planning process. Some of those items include taxes on income moving forward and properly planning details regarding the legacy for your estate. If you are a federal employee and are abou† to enter retirement, you may wonder what income taxes look...
Properly Preparing for Your Retirement to Avoid Delays
In January 2021, the Office of Personnel Management retirement backlog hit a new high, rising to 37%. It is typical for many employees to retire towards the end of the calendar year to maximize their benefits. However, the backlog didn’t surge due to an overwhelming number of people electing for retirement. Instead, it was the fact that fewer...
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