Getting A Head Start For Retirement Plan

Long-term planning is the most effective method to ensure a prosperous retirement. However, only some have years to prepare for their retirement.

Steps You Should Take When Your Retirement Is Near

There are numerous things to consider before retirement. We have gathered a few of the most important steps for your retirement planning to save you from panic after seeing a lengthy planning procedure. But to avoid end-moment problems, take the suggested action two months before your retirement. 

1. Confirm when you’ll be eligible for retirement benefits

The first step is to determine your eligibility. You can begin collecting retirement benefits when you turn 62. However, you are eligible for all benefits once you reach full retirement age. Your benefit amount will rise if you postpone claiming your benefits from full retirement age until age 70.

2. Decide when you want to retire

It can be complicated to determine whether it is time to retire. Some people find it easy to make a decision. They know they are ready to retire from their careers and embrace their golden years. Others, though, may find it more difficult.

• Do you have a strong desire to try something new?
• Do you feel sluggish going to work daily but are frightened to quit a successful position you’ve worked hard to obtain?
• Or do you simply not feel as happy or content as you once were?

If any of these apply to you, it may be time to retire.

3. Request an annuity estimate from your agency’s HR office

After deciding that it is time to retire from your work, request an annuity estimation. You can also check your annuity statement through OPM’s Online Retirement Service. All you need to do is sign in with your account on their website, and you can easily access your annuity statement. 

4. Get information about other benefits you may be eligible for

The next stage is determining eligibility for additional benefits such as Thrift Savings Plan (TSP) payment alternatives or other entitlements such as Foreign Service, Social Security, Medicare coverage, private company pensions, and Individual Retirement Accounts (IRA). You should consider boosting your investments in the Thrift Savings Plan to provide some more muscle for your retirement income.

5. Attend a pre-retirement counseling seminar

After learning about your eligibility for various benefits, you should have a complete picture of all sources of retirement income and when they are payable. Then try to look for pre-retirement seminars around you. Attending pre-retirement workshops and courses can offer you the knowledge to assist you in becoming more confident in your retirement plan selections.

6. Review and reconfirm the benefits and their values

Check your OPF to ensure that your Designation of Beneficiary forms are accurate and validate your retirement eligibility date (as well as your ability to maintain your FEHB) FEGLI coverage into retirement) as your retirement date gets closer. Review the retirement process in person with the HR department of your company. Verify that they have recorded all the information about your health and life insurance coverage.

7. Decide a schedule and submit final papers

As your retirement date approaches, you’ll need to update those dollar figures, investigate your TSP options, and verify your retirement applicants’ date and OPF to ensure your Designation of Beneficiary forms are up to date. If you’re married, you should also consider your possibilities for death benefits.

Finally, you must set the schedule, complete the documentation, and submit it to your personnel office to ensure everything is in order. It should be done around two months before retirement in case complications develop, such as your candidacy for retirement or any other problem. 

Final Words

FERS provides federal employees with many retirement alternatives. The conditions for each form of retirement and the rewards provided differ. Workers may generally begin collecting benefits when they satisfy specific standards and complete the necessary paperwork.

However, you need to be well prepared for your rainy days. Retirement means that you will no longer receive your monthly income. Your income will be the TSP funds you saved and FERS retirement benefits only. Besides, the rate at which inflation rises will be challenging to survive on a lesser income and wholly depend on your retirement funds. Therefore, you must get a head start on retirement planning long before retirement. 

Contact Information:
Email: [email protected]
Phone: 8007794183

Bio:
For over 20 years, Jeff Boettcher has helped his clients grow and protect their retirement savings. “each time I work with my clients, I’m building their future, and there are few things that are more important to a family than a stable financial foundation.”

Jeff is known for his ability to make the complex simple while helping navigate his clients through the challenges of making the right investment decisions. When asked what he is most passionate about professionally, his answer was true to character, “Helping my clients – I love being able to solve their problems. People are rightfully concerned about their retirement income, when they can retire, how to maximize their financial safety and future income.” Jeff started Bedrock Investment Advisors for clients who value a close working relationship with their advisors.

A Michigan native, Jeff grew up playing sports throughout high school and into college. While Jeff is still an ‘aging’ athlete, Jeff will take more swings on the golf course than miles running these days. He creates family time, often with weekly excursions to play golf, a hobby he shares with his three young children.

Disclosure:
Investment Advisory Services are offered through BWM Advisory, LLC (BWM). BWM is registered as an investment advisor and only conducts business in states where it is properly registered or is excluded from registration requirements. We are currently either state or SEC-registered in the following states: Arizona, Florida, Illinois, Kansas, Louisiana, Michigan, New York, Oregon, Texas, and Washington. Registration is not an endorsement of the firm by securities regulators and does not mean the advisor has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting. Always consult an attorney or tax professional regarding your specific legal or tax situation.
Although we make great efforts to ensure the accuracy of the information contained herein, we cannot guarantee all information is correct. Different types of investments involve higher and lower levels of risk. There is no guarantee that a specific investment or strategy will be suitable or profitable for an investor’s portfolio. There are no assurances that a portfolio will match or exceed any particular benchmark. Any comments regarding guarantees, safe and secure investments, guaranteed income streams, or similar refer only to fixed insurance and annuity products. They do not refer, in any way, to securities or investment advisory products. Fixed insurance and annuity product guarantees are subject to the claimsâ€paying ability of the issuing company and are not offered by BWM Advisory, LLC. Guaranteed lifetime income is available through annuitization or the purchase of an optional lifetime income rider, a benefit for which an annual premium is charged. Annuities are long-term products of the insurance industry designed for retirement income. They contain some limitations, including possible withdrawal charges and a market value adjustment that could affect contract values. Annuities are not FDIC-insured. Not affiliated with the U.S. Federal Government or any government Agency.