What You Should Know About DoD Civilian retirement
Federal employees, who work alongside active-duty personnel to keep the mission going, eventually reach the age where they can retire. But it’s critical to ensure that a worker is physically, financially, and intellectually prepared to retire.
The Office of Personnel Management‘s (OPM) website includes resources and tools for potential retirees on the three components of financial retirement planning: Social Security, government pensions, and the Thrift Savings Plan (TSP).
The Benefits and Entitlements Service Team (BEST) manages Offutt’s civilian retirement program. BEST is in charge of providing customer service and up-to-date benefits information to Air Force civilian workers.
BEST’s customer service section advises persons considering retirement to know how many years of service they have, how many years of creditable civilian service they have, and their minimum age and years criteria. Those who retire before the required number of years and at the required age may be penalized.
Due to the large number of retirement claims submitted in 2021, processing times were delayed. People can apply for retirement six months before the proposed retirement date and 60 days before the requested retirement date. The retirement application can be completed in 30 days if there are no problems.
BEST advises maintaining a copy of all submitted documents. While their office can answer broad inquiries about the retirement process, they will refer them to a counselor if a caller requires assistance with the whole application.
According to a BEST representative, the regular leave will be paid directly to the employee, and sick leave will be added to your credited time in service in one-month increments. She advised employees to save for a few pay weeks if the initial retirement payout is delayed due to processing issues.
Remember that federal taxes will be deducted automatically from your retirement pay, and state taxes will vary depending on where you retire.
Because the retirement dashboard is tailored to the employee’s job profile, BEST advises using the Government Retirement and Benefits Platform. The site has a wealth of information, and employees can also request precise projections of their expected annuity and premium deductions.
The GRB Platform gives you the tools you need to change your perks and other information. It connects to personnel and payroll systems, online benefits enrollments and updates, and online retirement applications. Health and life insurance, social security, the Thrift Savings Plan, long-term care insurance, flexible spending accounts, retirement, and workers’ compensation are all covered.
The GRB Platform can also calculate an estimated Federal Employees Retirement System (FERS) retirement salary, which can be factored into future planning. Other items to think about and plan for include life and medical insurance and when to collect Social Security.
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Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with
helping them pursue the most comfortable financial life possible.
Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.
Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.
Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.
Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.
With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.
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Disclosure:
Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice has been filed, or is excluded from notice filing requirements. This information is not a complete analysis of the topic(s) discussed, is general in nature, and is not personalized investment advice. Nothing in this article is intended to be investment advice. There are risks involved with investing which may include (but are not limited to) market fluctuations and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making any investment decision. You should consult a professional tax or investment advisor regarding tax and investment implications before taking any investment actions or implementing any investment strategies.
