Retirement is different for everyone, and many factors need to be considered. Image: fizkes/Shutterstock.com
By: Abraham GrungoldIf you are a Federal Employment Retirement System, (FERS) employee, you need to think about many issues before you submit your SF-3107 retirement application. However, there are bad choices that employees make when it comes to basic decisions with employee benefits and retirement, but you can avoid them. So, for your consideration, here are the top 10 things that any federal employee may want to think over before making their decision.
1. Do you know all the dates of your employment?
2. Will you continue to work in retirement?
3. Will you select the Joint Survivor Annuity option for your spouse?
4. How much life insurance will you continue to pay for in retirement?
5. Will you continue to take long term care in retirement.
6. If you are 65, will you sign up for Medicare Part B or continue with your FEHB plan?
7. Will you continue with your TSP or transfer out to an IRA?
8. What will you owe an ex-spouse?
9. Have you updated all your beneficiary forms?
10. When are you going to elect taking Social Security?
As a financial coach, many federal employees contact me relative to their retirement decisions. Each person has their own individual needs and fears. Many of these decisions can make the difference of hundreds and thousands of dollars in your retirement. Do not postpone tackling these topics. Retirement is different for everyone, and many factors need to be considered.
Abraham Grungold is a retired federal employee with 36 years of federal service, and through his company AG Financial Services he helps federal employees with their TSP and federal retirement planning and decisions. Mr. Grungold has written over 50 articles regarding the TSP and FERS retirement and been a guest on several podcasts with the Federal News Radio and Government Executive Magazine.
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See also,
Calculating Service Credit for Sick Leave At Retirement
FERS Supplement vs The 10% Pension Bonus
How Your FERS, Social Security and TSP Payments Get Taxed
