As the end of the year quickly approaches, any federal employee contemplating retirement by the end of 2021 needs to take action now. Getting the process started and clearly understanding what your income will look like may feel like an overwhelming task. But you don’t need to figure out everything alone. Benchmark Financial Group is dedicated to helping individuals every day get a clear understanding of where they stand financially. We can help you get the retirement process started and will guide you every step of the way. But time is of the essence. Here are a few reasons to take action now if you are contemplating retirement this year.
OPM BACKLOG
You may have heard us mention the Office of Personnel Management retirement application backlogs and the delays it is causing. The backlog continues to reach new highs all the time. This past August, the average processing time hit an average of 93 days. Any errors submitted in your paperwork can hold things up even further and potentially cause a delay in receiving your benefits after the application is submitted.
If you plan on retiring and have any concerns about filing the paperwork and ensuring it is submitted without errors, set up a complimentary consultation with Benchmark Financial Group.
INCOME AFTER RETIREMENT
When it comes to your income after retirement, you have a lot of decisions that need to be made. Decisions will need to be made on pension survivor benefits, life insurance, supplemental income, Social Security, and TSP funds. If navigating all of these choices overwhelms you, we recommend getting assistance to determine what is financially best for your situation. We can help you make sense of all the numbers, and in many cases, people are often surprised to discover that they can make just as much if not more in retirement than when they were employed full time. In our previous article, Countdown to Retirement—A Solid Plan, we discussed getting a solid plan in place, which starts with a complimentary consultation. Be sure to read that article if you want to learn more about the consultation process.
PANDEMIC UNCERTAINTY
The pandemic has caused lots of uncertainty in the job market, and new mandates and policies can create challenges for some individuals. While it looks like we may be in enduring these troubling times for a bit longer, retirement may be closer for you than you might think. If you meet specific requirements, you may consider retiring sooner than what may have been on your radar. To find out where you stand, setting up a complimentary consultation with Benchmark Financial Group can give you a better understanding if it is the right time to retire in your situation.
HOW CAN BENCHMARK FINANCIAL HELP?
Talking to a financial 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 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 is happy to help you navigate your options and determine the best path to move toward your financial goals.
“OPM Retirement Application Backlog Reaches New High.” https://www.myfederalretirement.com/. 9 Sept. 2021.
