Do you understand your
Federal Retirement Benefits?
Whether you are thinking of retiring within the next 5yrs or 20yrs...
find out if you're maximizing your federal retirement benefits.
Take the mystery out of your financial retirement.
Understanding the Federal Employee Retirement System
A RETIREMENT BENEFIT ANALYSIS will provide you a personalized snapshot of your federal retirement benefits.
FERS Pension
How much will it be, and when can you retire without penalties?
For many federal employees, the FERS pension is a critical part of retirement planning, but understanding how it works can be overwhelming. Your pension amount depends on your years of service and your "high-3" salary average, but knowing exactly how much you’ll receive – and when you can retire without early penalties – isn’t always clear. If you retire too early, penalties can significantly reduce your benefits, leaving you financially short. We help federal employees like you cut through the confusion and map out a clear retirement timeline so you don’t leave money on the table.
TSP
Are you maximizing the available matching? Do you understand the advantages of contributing to the ROTH TSP?
The Thrift Savings Plan (TSP) is one of the best retirement tools available to federal employees, but many aren’t taking full advantage of it. Did you know that if you’re not contributing at least 5% of your salary, you’re leaving free money on the table in matching contributions? Or that choosing the ROTH TSP can provide tax-free growth for your retirement savings? We’ve met too many employees who miss out on these benefits simply because they don’t fully understand their options. Let us help you optimize your TSP strategy so your retirement savings work harder for you.
Health and Life Insurance
What follows you into retirement, and at what cost?
Health and life insurance are essential, but not all benefits automatically continue into retirement. For example, while FEHB can follow you into retirement, you must meet eligibility criteria to keep it, and the costs may differ from what you pay as an active employee. Similarly, FEGLI life insurance premiums often increase dramatically with age, leaving some retirees blindsided. These changes can have a significant impact on your budget. We’ll guide you through what benefits you’ll retain, what they’ll cost, and how to plan accordingly.
Military Buyback
Does it make sense to buy back your military time?
If you’re a federal employee with military service, you may have heard about the option to "buy back" your time – but is it worth it? Buying back military time can increase your years of creditable service, boosting your FERS pension. However, the decision isn’t straightforward. The cost depends on how much you earned during your military service, and whether the increased pension justifies the buyback. We’ll walk you through the calculations to help you decide if this is a smart move for your future.
Social Security Benefits in Retirement
What is your full retirement age, and should you start benefits at 62?
Deciding when to claim Social Security is one of the biggest questions retirees face. While you can start benefits as early as 62, doing so results in a permanent reduction in your monthly payments – up to 30% less than waiting until your full retirement age. On the other hand, delaying benefits past full retirement age can increase your payments by 8% per year until age 70. Balancing this decision with other income sources, like your FERS pension and TSP, is key to making the most of your retirement. We’ll help you weigh the pros and cons and make the best decision for your situation.
© 2022 Puget Sound Retirement All Rights Reserved
253-465-2622