Stay ConnectedFinancial Planner and benefits professional discuss the intricacies of
the Federal Employee Retirement System. This real world experience allows these benefits professionals to address questions they are most frequently asked by Feds as well as Human Resource departments on how benefits work.
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Hi! Love your podcasts and videos! I'm having a hard time figuring out my best dates and options for retiring soon. I'm trying to determine when the best time would be to leave federal service with the USPS. I'm retired military, but never "bought back" my time. I've just began receiving my retirement pension at age 60 (retired 26 years reserves). I currently have 28 years and 3 months with the USPS and 60 years old. Should I wait until the possible 4.7% pay increase takes effect signed by Biden, wait til 62 (April 15, 2025), wait til my 30th year date (10 June 2025) and does the 1.1% only apply to me upon reaching age 62 or upon my MRA with qualifying years? - James.
Federal retirees face unique challenges, from income replacement to tax considerations. But what about life insurance needs and survivor benefits?
In this episode, our experts, Micah and Tammy, dive into the importance of tailored life insurance planning to address individual circumstances effectively. Is life insurance necessary, or how much coverage is sufficient? How do you determine the appropriate amount of life insurance? And what about planning for the future and establishing the right goals for survivors' benefits?
Discover the significance of proper beneficiary designations to avoid complications and ensure assets are distributed according to your wishes. Whether you're married or single, grasping the financial impact of life insurance is paramount for retirees.
Tune in and uncover practical strategies that will guide you through this critical aspect of financial planning. Your journey towards financial security begins here.
"In mid 2025, I will turn 62, therefore my FERS supplement will stop. I currently work PT not to exceed 2013 earnings limit. However, in 2024 I'm thinking about going fulltime to be prepared financially for when I lose the FERS supplement. What happens if I exceed the earnings limit in 2024? Will there be a penalty? Will it reduce my SSA pension whenever I decide to receive it? Thank you." - L. Reinhart https://zurl.co/pfLi
There are a lot of complexities in federal retirement benefits and retirement planning. Let's unravel the key aspects and pitfalls associated with them!
In today's episode, Micah and Christian discuss the importance of understanding federal retirement benefits and avoiding common mistakes. They highlight the significance of understanding cash flow as the heartbeat of retirement planning and explain the FERS annuity benefit formula, breaking down how factors like creditable service, high-three salary, and pension multiplier converge to determine your gross unreduced benefit.
Tune in to find out the common mistakes and get actionable insights on how to navigate your federal retirement planning with confidence.
"Hello, Will OPM issue me a personal FERS Benefits Summary upon request (i.e., similar to the personalized benefit summary issued by Social Security) based on my VA creditable service and High-3 salary or do I have to wait until 60 days prior to my pension benefit start date to find out the amount of my FERS pension benefit??? By the numbers, I qualify for a VA FERS Deferred retirement, but I would like to confirm the amount of my pension benefit now. Thank you." - Cory
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