Federal employees enjoy one of the most comprehensive retirement plans in the country. But along with that great plan come many complex decisions. As you continue planning for your eventual retirement, you should pass these milestones along the way.
Attend your agency’s informational retirement seminar. If your agency offers this opportunity, take advantage of it about seven years before you expect to retire. Sometimes these seminars are conducted in person, but many are now offered online as well. During your seminar you will learn:
- How your annuity will be computed
- How Social Security will be calculated, along with information on claiming it
- How your Thrift Savings Plan can provide additional retirement income
You might learn some things that surprise you! If you attend this seminar several years before your target retirement date, you will have more time to make necessary adjustments to your plan.
Attend the seminar again. About three years before you expect to retire, take a refresher course to update your information and expectations. You still have time to adjust your retirement plan, if needed.
If your agency doesn’t offer these seminars, we can also review this information with you.
Iron out the details. About one year before you expect to retire, it’s time to check your plans one last time. Check with your agency to be certain your work history matches your records (mistakes do happen, and you don’t want to be stuck debating these issues at the last minute). Use a retirement calculator to calculate your expected income from all sources, and make a plan regarding TSP distributions.
Meet with a Financial Planner that specializes in working with Federal Employees. We can help with all of these issues, especially the fine details. Just give us a call, and we’ll help you analyze your future budget and make decisions regarding your retirement income.
