The good news is that you enjoy one of the most comprehensive retirement systems in the country! But the “bad news” is that its complexity can leave you feeling confused, or cause you to miss out on important information. That’s why we work hard to communicate with you, and keep you informed about your benefits.
Typical retirement blogs might sometimes apply to your situation, but not so much at other times. For federal employees, it’s important to learn how your retirement system differs from the norm, so that you can navigate your options.
You might be able to retire earlier. Federal employees are often able to retire a bit sooner than the average, thanks to the three-tiered retirement income system. But, this also means you will shoulder a bit more responsibility in planning for that retirement. Federal workers should keep track of their service records and check up on the details every few years. We can help you analyze your potential benefits and help you set a target retirement date.
Most retirement calculators won’t work for you. Many people use retirement calculators to compute their income, choose a retirement date, and set savings goals. Your situation is a bit more complex, because your retirement benefits can begin at different dates and even change over the course of your retirement. Working with a financial planner who is intimately familiar with the FERS system can help you understand all of these options.
Your Thrift Savings Plan offers unique opportunities. The expense ratios offered through the TSP are some of the lowest of all retirement savings plans. You also have the ability to invest in some funds that are not available elsewhere. But, again, working with a financial planner who is familiar with TSPs can help you to fully utilize these options.
These are just some of the ways that your retirement system differs from the typical. As you can see, seeking specialized advice on federal employee retirement benefits is probably better than receiving generalized advice. Give us a call, and we’ll be happy to answer any questions that you might have about your benefits.
