Federal Benefits
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Your Benefits & Retirement Explained
Want to learn more about your federal benefits?
Check out our resources and frequently asked questions section to learn more!
Federal Employees Retirement System (FERS)
As a federal retiree, your Federal Employees Retirement System (FERS) benefits provide a solid foundation for your future, but understanding the details is key to maximizing your retirement income. From your pension and Thrift Savings Plan (TSP) to Social Security, navigating these benefits can be complex. Whether you’re planning for a seamless transition, considering a deferred retirement, or looking for ways to protect and grow your savings, expert guidance can help you make informed decisions.
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Federal Employees Retirement System Supplement
If you plan to retire before age 62, the FERS Supplement can help bridge the income gap until you qualify for Social Security. This additional benefit is automatically included in your pension if you meet eligibility requirements, but it’s important to understand potential reductions, tax implications, and how it fits into your overall retirement plan. Since the supplement is subject to income limits and taxation, proper planning is essential to avoid surprises.
VSIP & VERA: Early Retirement and Buyout Opportunities
The Voluntary Separation Incentive Payment (VSIP) and Voluntary Early Retirement Authority (VERA) programs offer federal employees the opportunity to retire early or receive a financial incentive to separate from service. These programs are typically offered during workforce restructuring and can sometimes be combined for greater benefits. If you qualify for a VERA, you can retire early with immediate annuity payments, while a VSIP provides a lump-sum buyout for those willing to leave federal service. Understanding the long-term impact on your pension, health insurance, and reemployment options is critical when considering these offers.
FEHB & PSHB
The Federal Employees Health Benefits (FEHB) Program and the Postal Service Health Benefits (PSHB) Program provide health insurance to federal employees, retirees, and eligible family members, offering a variety of plan options such as HMOs, PPOs, and fee-for-service plans.
- FEHB Eligibility
- FEHB in Retirement
- Medicare Part B
- PSHB Transition
The Thrift Savings Plan (TSP)
The Thrift Savings Plan (TSP) is a powerful retirement savings tool for federal employees, offering tax-deferred growth and a government match of up to 5% of your contributions. With a variety of investment options, including individual funds and lifecycle funds, the TSP helps you build a secure financial future. Once you reach 59.5, you can roll over your TSP into an IRA, and if you have a Roth TSP, your qualified withdrawals are tax-free. As a federal retiree, it’s important to understand the required minimum distributions (RMDs) that begin at age 73. The TSP is designed to complement your FERS benefits and provide you with the savings you need for a comfortable retirement.
Social Security
Social Security offers flexibility in when to start collecting benefits, with options beginning at age 62 and the maximum at age 70. Taking benefits early results in a permanent reduction in monthly payments, but it may be a good option if you need income before full retirement age (67) or are facing health issues. Federal retirees may also be eligible for the FERS Special Retirement Supplement if retiring before 62. Delaying benefits can result in an 8% increase per year, and for those who expect to live past the break-even age of 77, waiting may maximize lifetime Social Security earnings.
Retirement Planning
Retirement Planning is key when you’re nearing your Federal retirement. Review your Service Computation Date (SCD), confirm creditable service, and estimate your pension using available tools, like OPM’s FERS Retirement Calculator. Attend pre-retirement sessions to ensure you have all required documents, and understand your TSP withdrawal options. Determine your Social Security start date and submit your retirement paperwork to HR as early as a year before retirement to avoid delays. It’s important to give yourself enough time for processing, as it can take up to six months for final approval.
FEGLI in Retirement
FEGLI in Retirement allows retirees to keep their coverage if they were enrolled for at least five years before retiring. However, premiums will increase dramatically since the government no longer subsidizes the cost. After age 65, FEGLI becomes free, but benefits will reduce over time. Many retirees opt for supplemental plans that offer life insurance alongside coverage for long-term care, chronic, or terminal care needs. If you’re separating or on leave, you may be able to continue FEGLI coverage, with specific rules for military reservists and employees in certain circumstances.
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Testimonials
Why My Federal Benefits?
YOU SAVED US“You saved us from making the biggest mistake of our lives by retiring to soon. If we hadn’t talked with you, we would have lost half of our lifetime retirement benefits. Really, you saved us.”
RETIRE WITH MORE INCOME“I was really concerned about how our Benefits were going to work, when I should start Social Security, and I really wasn’t sure about the Medicare options. It was amazing to be able to visit with all the specialists on your team, and then retire with more income than I had when I was working. You guys made getting to retirement a fantastic experience!”
SO EASY“Thank you for helping me fill out my retirement paperwork. You made the process so easy.”
PRICELESS“I didn’t know I already had what I needed to retire. Having you show me how my retirement work was priceless. I’m already enjoying every day of my new life. Thank you.”
Resources for Federal Employees
Navigate Your Path to a Confident Retirement with Our Comprehensive Guide
Federal Employee’s Guide to Retirement
Federal Employee’s Guide to Retirement
Federal employees have the unique challenge of navigating financial systems like FERS, TSP, and FEHB. Our Federal Employee’s Guide to Retirement is designed to empower you with the knowledge and tools to turn complexity into clarity.
With actionable insights and practical advice, you’ll discover how to maximize your benefits, stretch your savings, and achieve the retirement lifestyle you deserve.
Take charge of your future – start planning today with our expert resources by downloading our guide.
