Countdown to Retirement—A Solid Plan

Sep 3, 2021 | Newsletter Articles, Retirement

Approaching retirement? Overwhelmed with decisions? Wondering how your financial situation stacks up? Concerned about monthly income? Don’t know where to start…   

WHY BENCHMARK FINANCIAL GROUP?

“Our goal is to help Federal employees, retirees, and their families with Benefits that offer choice, value, and quality”. 

Knowing what your finances will look like in retirement is extremely important. Having a solid plan is critical and will ease the worry of not having enough monthly income or, in the long-term, running out of money. Our clients know, with a solid plan, exactly what their net income will look like once they retire.

THE BIG PICTURE

The one thing we don’t want to see happen is for a retiree to run out of income. Navigating a plan to manage funds properly may be out of your area of expertise or comfort zone. Lack of confidence in navigating a solid plan to manage your funds properly can result in experiencing financial hardships that could have been avoided. Benchmark Financial Group helps individuals, every single day, acquire a better understanding of what their monthly income will look like. Additionally, we assist in establishing a long-term plan to manage those funds to avoid running out of income. 

THE BENCHMARK PROCESS

The process is quite simple. A complimentary consultation with Benchmark Financial Group includes:

  1. Initial meeting to identify and gather all documents you need to develop your retirement plan. Documents for a spouse will need to be collected if they need to be factored into the retirement plan.
  2. During the second meeting, we will present you with a preliminary retirement plan and give insight into what your financials can look like in retirement.
  3. In subsequent meetings, if you decide to move forward with Benchmark Financial Group, we will set up the accounts to manage your net income.

OBTAINING YOUR FEDERAL BENEFITS

Before you can enjoy the benefits of a solid long-term retirement plan, you need to get started on the right foot by submitting your paperwork as accurately and completely as possible. Unfortunately, due to the backlog in the processing of retirement paperwork, the Office of Personnel Management (OPM) has caused significant delays for some individuals. The pandemic has certainly not made things any easier. The biggest reasons for delays come from inadequate paperwork. A recent analysis conducted by OPM identified the largest discrepancies which cause delays in the processing of retirement paperwork. The most common reason accounting for delays was due to forms not being signed correctly. Another reason for the delay was that the paperwork failed to indicate if the employee met the five-year coverage requirement to continue Federal Employee Health Benefits. One missing document or one unsigned form can leave you with a lot of headaches and the potential of having no income for a period of time until your initial benefit payments come through. The good news is that you absolutely do not need to figure everything out on your own. We are more than happy to help our clients navigate this tedious process.   Having a solid plan will ease a lot of worries, and it all begins with getting the process started.

START THE PROCESS NOW!

Talking to a Benchmark professional to create a personalized strategy is key. If you have any questions regarding how to get started with retirement, Benchmark Financial Group is here to help. We will take a closer look at your financial situation because retirement may be closer than you think! Schedule an appointment today by filling out the form online or calling David Raetz at 913-534-8256 to discuss your financial needs. Benchmark Financial Group is happy to help you navigate your options and determine the best path to move toward your financial goals.

1 Comment

  1. Loretta Zordel

    David, thanks for this reminder. My plan (as of now) is to retire in April 2023. But I will be turning 65 in October and have had conflicting information regarding whether I should or should not sign-up for Medicare (Part A) prior to turning 65. Can you shed some light on whether it is a good idea to do so. I don’t want to hinder myself later by not signing up now. I’ve been told it doesn’t hurt to register now, and because I’m still working my FEHB will be used first. And because I’m still working I can wait to sign-up for Medicare Part B once I retire. Please provide any information on this. Thank you.

    Reply

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