As a federal employee, you enjoy a comprehensive package of retirement options. But because the decision to retire is a complicated one, and involves significant sums of money, you shouldn’t leave anything up to chance. While you should think about retirement throughout your career, there are three major milestones you should pass on the way to your target retirement date.
About seven years before your expected retirement date. Attend your agency’s informational retirement seminar, if they offer one. Some agencies offer these retirement seminars online, so remember to look for that option as well. Most agencies who hold these seminars offer them about twice per year, to teach employees various facts about retirement such as:
- how your retirement annuity is computed
- how your Thrift Savings Plan will provide retirement income
- how Social Security will provide a supplement to these other two forms of income in retirement
Attending this seminar about seven years prior to retirement can help you to ward off any surprises, and gives you plenty of time to make any necessary adjustments to your plan.
Three years before your expected retirement date. Attend your agency’s retirement seminar, if one is offered, once again. Update your information, and check to be sure your retirement plans are on the right track.
One year prior to retirement. At this point, you probably have a good idea of whether you’ll be ready to retire in the next year or so. Now it’s time to iron out the details.
Check to be sure that your work history is complete; mistakes are rare, but they do happen, and you want to be sure that you receive credit for all of your service. Once you’re satisfied, use a retirement calculator to calculate your expected retirement income. At this point, it’s a good idea to call us for help, because you will be confronted with questions on how to manage your Thrift Savings Plan and other retirement benefits. We can help you make these important decisions that will last the rest of your life.
Some agencies don’t offer retirement seminars, or the dates and times might not be convenient for you. Give us a call, and we can help you review your retirement options. We also periodically offer open seminars, and we we will be happy to extend an invitation to you.
Once you are satisfied with the final numbers, have made a decision about filing for Social Security, and have analyzed your lifestyle options, you are probably ready to retire. Get ready to mark that date on your calendar, and enjoy the countdown! In the meantime, sign up for our newsletter, and we will keep you updated on information that concerns you.
