Prepare Federal Employee Retirement Planning Checklist before Your Retire

1. Prepare Federal Employee Retirement Planning Checklist before Your Retire The phases of federal employee service are essential as the last 5-10 years arevital. The federal employee needs to make the retirement planning checklist as he/she wants to have sufficient income after retirement in the form of pension and avail benefits that will help them sustain after signing off from the services. As many of them are not aware of what tasks need to be fulfilled before the retirement date, there is a checklist that they need to complete during the last 10 years of federal employee service to have safe and secure retirement life. •Scrutinize SF 50 Form for Accuracy This form is essential to be filled up by every federal employee 10 years before when he plans the retirement date. They need to check the retirement plan and tick box 31 to check the service computation date. By checking box 30, one can go through the chart summarizing the code that OPM specifies which federal retirement plan employee must cover. If the employee is assigned to the wrong plan, he/she needs to connect with the concerned person in his office and get everything rectified. •Evaluate FEHB programs in which employee is enrolled The federal employee is enrolled with the FEHB program as it’s the protocol to add every employee and family member. In such a case, that person should retain coverage atleast five years of federal employment ending on the date of retirement. The federal government will keep paying a share of the FEHB premium for the retired employees how it was used to be done when they were in service. •Check Group Life Insurance Program As the time of retirement comes closer, the employees show less interest in life insurance. Those who want to retain the insurance; they aimed to pay off the mortgage if they die. For this, a Federal employee needs to be covered in FEGLI coverage, and he/she need to be covered on FEGLI during the last 5 years till the date of retirement to avail of benefits. As the FEGLI premium can prove to be costlier to the retirees, they can evaluate their needs for life insurance once they retire from the services, and this can be done by filling the form SF 2817. •Have a look at Thrift Safety Plans and Withdrawal options Being a federal employee nearing the retirement age, if you expect a sufficient amount in the Thrift saving plan within the stipulated time, it’s better to invest the maximum possible in TSP. Regular contributions and catch-up contributions can be prettypractical for employees. One should allow long-term growth of their TSP accounts if there is no such necessity to withdraw everything after retirement from federal service.

2. •Enrolment in Long term care insurance Federal employees should opt for long-term care insurance as the individuals live longer in retirement due to advancement in health and medical facilities, which enable them to stay fit for along time. Employees are suggested to buy LTC insurance within 5-10 years of retirement. All you need to fill the federal long term care insurance program •Assess Social Security Benefits for the Future Years A social security account needs to be created by an employee to check the contribution made by the government, and it’s possible when they take a printout of the statement, which includes social security and medical earning and taxes paid by the federal government serviceman. The employee is eligible to use the social security benefits only in retirement, disability, or death. Being a federal employee, you need to check whether the earning history is correct. Suppose social security wages are misreported for any specific year. In that case, they need to be rectified and timely action has to be taken for rectification as the wrong details can hamper your benefits during retirement from federal services. •Pension Calculation It’s the most vital aspect, and every federal employee having 5-10 years left in their retirement should consider this aspect on a serious note. As there are several federal pension plans on offer, you need to use the national pension plan calculator to get things right to give an idea of what you deserve to get upon retirement. Though you have created a checklist for federal retirement planning, you must take help from the professionals of a certified company like myfedralretirementhelp. The certified financial experts are well aware of what to do to reap benefits during federal service retirement. They won’t leave any stone unturned in guidance and suggestthe best ideas to turn everything in your favor.