Getting ready for federal retirement means putting plans in place for perhaps one of the biggest transitions you will make in your life. Some things you should consider if you are planning to retire in 5 years.
• Have a Federal Employee Benefit Analysis performed.
• Ask your employer exactly what they can do in terms of helping you with your retirement planning. If they can’t do what you need – find a
- Also Read: FAA, Law Enforcement, and Special Federal Employee Categories—Here’s What Makes Their Retirement Unique
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- Also Read: The Silent Shift in Postal Service Retirement Benefits That Could Change Everything by 2026
• Begin a planning process.
• Find out the process for keeping your FEHB (health benefits) after you retire. Make sure that any FERS or CSRS Annuity decisions that you might be comtemplating won’t negatively impact your spouses FEHB eligibility.
• If you have not met the 5 year requirement to take your health insurance into retirement, check with OPM to see if the requirements can be waived.
• Compare the costs of your FEGLI (life insurance) against the cost of an individual policy (you might be pleasantly surprised how much you can save).
• Review your electronic official personnel folder (eOPF) to make certain all military and civilian service is recorded.
• You should also ask for a ‘Request for Earnings and Benefit Estimate Statement (Form SSA-7004-PC) – Social Security.
• Read up on the provisions of the Government Pension Offset.
• Make certain you are well briefed on the Windfall Elimination Provision.
P. S. Always Remember to Share What You Know.
