When it comes to saving for retirement as a federal employee, one of the options at your disposal with the widest variety your TSP, or Thrift Savings Plan.
DO YOU HAVE A WRITTEN BUDGET AND A PLAN!?
As a federal employee preparing for retirement, there are several things that you need to be concerned about. The key to making sure that everything goes smoothly is to have a budget and a plan. You wouldn’t go on a road trip or board a plane without knowing where you’re headed or preparing enough resources to make it there, right?
What is Life Insurance? Life Insurance is an Insurance Policy in which you pay a small premium amount at a certain frequency and in return the insurance carrier agrees to pay a large sum to your beneficiaries in the event of your death. This tax-free lump sum will assist your beneficiaries in covering your final expenses, provide income protection, assist in estate planning and mortgage protection and will also assist in legacy purposes for your family and beneficiaries. There are Three Main Types of Life Insurance Policies which all offer unique strengths and benefits.
Whenever retirement in the United States is discussed in any capacity, even by non-federal employees, Social Security always comes up. Many people have arranged their retirement plans with Social Security assumed as part of it…but many times they are unaware of what Social Security will actually look like and how it works.
The cost of your Federal Employee Group Life Insurance and the amount of coverage you receive from it are difficult to understand unless you know how it’s calculated.
While not always common, it’s important to understand what might happen if you’re ever going through a RIF: a reduction in force. If you’re a federal employee that’s losing your position, or the position is moving to another area where you cannot relocate, then you may find yourself applying for VERA/VSIP.
The Civil Service Retirement System is a defined benefit contributory pension plan. It was established August 1st, 1920, and was later replaced by FERS in 1987.
Retirement under the Federal Employee Retirement System doesn’t affect government workers alone. If you’re a federal employee, you’ve probably also been choosing and arranging your coverage to provide for your family under FERS as well.
Several different government agencies are covered under Special Provision Retirement, which differs slightly from the traditional Federal Employee Retirement System. In short, a number of government careers which involve more physical or mental stress are provided with options for earlier retirement.