You’ve spent years — maybe decades — serving your country. Now retirement is on the horizon, and the transition from federal service to the next chapter of your life deserves the same dedication you brought to your career. Navigating the retirement process can feel overwhelming, but with the right checklist and a clear plan, you can move into retirement with confidence and financial stability. Let’s dive deeper into what it takes to get fully prepared.
Know Your Benefits Inside and Out
Before anything else, federal employees need a solid understanding of what they’ve earned. This is the foundation of every informed financial decision you’ll make.
Key benefits to review include:
- FERS or CSRS pension — Know your projected monthly payment based on your years of service and high-3 average salary. Copy of FRB (Federal Retirement Benefits Report), Annual FERS EBS Statement (from Employee Express), GRB (Government Retirement & Benefits Platform) Estimate, or any HR retirement projection.
- Thrift Savings Plan (TSP) Review of your current balance, contribution rate, and investment allocations. Confirm TSP fund selections for current balance vs future allocations.
- FERS Supplement – Know your projected monthly payment and when it automatically stops
- Social Security — Request a benefits statement at SSA.gov to understand your estimated monthly benefit at various claiming ages → age 62 Benefits vs Full Retirement Age (FRA) payment.
- FEHB (Federal Employees Health Benefits) — Confirm you’re eligible to keep your coverage in retirement, which usually requires five continuous years of enrollment
- FEGLI (Federal Employees’ Group Life Insurance) — Review your current coverage and understand how the 75% reduction option and cost of coverage works in retirement
Reviewing your most recent benefits statement is a great starting point. A Fed-focused advisor can help you interpret what you find and identify any gaps in your planning.
Run the Numbers: Your Retirement Financial Assessment
A strategic review of your finances is essential before you set a retirement date. This step helps you understand whether your projected income can support your lifestyle — and what adjustments, if any, may be needed.
Consider the following:
- Monthly income sources — Pension, TSP withdrawals, FERS Supplement or Social Security, and any other income
- Fixed expenses — Housing, healthcare premiums, insurance, and debt obligations
- Variable expenses — Travel, entertainment, and other lifestyle-opportunity costs in retirement
- Healthcare costs — These can increase significantly, especially before Medicare eligibility at age 65, be familiar with how FEHB and Medicare work together
- Debt — Prioritize paying down higher interest debt first, consider the future growth potential of investment funds used to pay down low interest debt.
Creating a realistic budget now — before you retire — can help you make the most informed financial decisions possible and avoid surprises later.
Build Your Retirement Document Checklist
One of the most practical steps in the retirement process is gathering your documents early. HR departments typically request retirement paperwork at least 90 days before your intended date, so starting this process ahead of time is critical for a smooth transition.
Here are eight key documents to collect:
- Copy of a recent Leave and Earnings Statement
- Retirement estimate or FERS Benefits Statement (available through Employee Express, myPay, or the GRB Platform)
- Most recent TSP statement
- Statements for any other retirement or investment accounts
- Details on life insurance and long-term care policies (coverage amounts, premiums)
- Social Security benefits statement (available at SSA.gov)
- Divorce decree, if applicable, while still a federal employee
- Your spouse’s benefits information, if you are developing a joint retirement plan
Having these documents ready before your first planning meeting can help streamline the entire process.
Decide When: Choosing Your Retirement Date
Your retirement date is one of the most consequential decisions you will make. It affects your pension calculation, your eligibility for certain benefits, and your income gap strategy.
Factors to consider when choosing your date:
- Minimum Retirement Age (MRA) — Under FERS, this ranges from 55 to 57 depending on your birth year
- Years of service — More years of service generally mean a higher pension
- FERS Supplement eligibility — This benefit may apply if you retire before age 62 with at least 30 years of service
- TSP withdrawal timing — Age matters for penalty-free access to your TSP funds
- Leave balances — Unused annual leave is paid out as a lump sum; this can factor into your timing
Once you’ve chosen a date, notify your HR department promptly. They can help you obtain pension estimates and initiate the paperwork.
Don’t Overlook Investment Management
Many federal employees retire without a clear plan to manage their TSP and other investments once contributions stop. In this stage, having the right strategy matters.
Some retirees can manage their portfolios on their own, but balancing withdrawals, taxes, and income timing across a diversified portfolio is often more complex than expected. Market swings, tax law changes, and shifting income needs can make ongoing professional guidance valuable.
A fee-based, Fed-focused advisor can help you develop a withdrawal strategy that may help your assets last throughout retirement.
Address Your Legal and Estate Planning
Financial preparation is only part of the picture. Ensuring your legal affairs are in order is equally important for a smooth transition.
Review and update the following:
- Will or trust — Make sure it reflects your current wishes
- Beneficiary designations — Check all accounts: TSP, FEGLI, bank accounts, and retirement accounts
- Power of attorney — Designate someone to act on your behalf if needed
- Healthcare directive/living will — Document your medical preferences
- FEHB survivor benefit elections — Ensure your spouse is protected if something happens to you
An estate planning attorney can help you address these items and ensure your assets transfer to your beneficiaries as intended.
Bringing It All Together
At Benchmark Financial Group, we specialize in helping federal employees navigate the retirement process with clarity and confidence. From building your retirement checklist to developing income strategies that may help you maximize benefits, we’re here to help you make informed financial decisions every step of the way.
If you are within five years of retirement, a strategic review of your benefits, budget, and investment plan can make a meaningful difference in your outcome. Planning now can help ensure a smooth transition — and a retirement that reflects the career you’ve built.
Call David Raetz at 913-534-8256 or visit bfgkc.com/schedule-appointment to schedule your retirement planning consultation.
Your federal career was built with discipline and service. Your retirement deserves the same level of strategy.
Want to learn more? Attend our free online webinar led by David Raetz on Thursday, June 18, 2026.
Countdown to Retirement:
The 6-Step Playbook for Federal Employees
*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.
“*Annuities contain limitations including withdrawal charges, fees and a market value adjustment which may affect contract values. Annuities are products of the insurance industry; guarantees are backed by the claims-paying ability of the issuing company. Guaranteed lifetime income available through annuitization or the purchase of an optional lifetime income rider, a benefit for which an annual premium is charged.”
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