Sharing Information

~~Sharing Information

Pension systems and retirement plans often have many provisions that can be challenging to navigate and understand, the Federal Retirement Systems are no different. However, sharing information and provisions of your retirement system with spouses, partners and family members are important.

There are questions to be considered when putting plans in place for retirement, be it at the end of one’s career or at the beginning. Sharing information is key to proper planning.

• Are the people involved in your life appropriately aware of your financial picture (your Thrift Savings Plan, FEGLI selections, Last will, etc.)?

• Do they share the same financial values, objectives and goals as you?

• How will the loss of your income impact their ability to independently handle finances?

• If you’re a postal employee – have you printed out and saved copies of your LiteBlue.usps.gov information?

• Has there been a discussion as to the location of important documents and files including any TSP withdrawals?

• Do they know who to contact in the event of a tragedy at your place of employment and what action to take concerning your benefits?

• Have you talked with them about your Thrift Savings Plan , your Annuity, how much they might receive from your (FEGLI) life insurance and who your beneficiaries are if you were to pass?

Whether you are single or married everybody needs someone they trust to know these things. Sharing information with these trusted individuals ensures fewer details are missed. Everybody needs a partner when it comes to planning the business of our lives and for planning for the safety and security of retirement.