If you want to retire at the time you have always planned to, and with a sufficient pension amount so that you can live the rest of your retirement life comfortably, the last five to ten years of your service are crucial. You can also take a financial advisor’s help to calculate the FERS benefits, understand how to boost up the perks, and what would be the perfect age for your retirement.
When you contact a FERS advisor, they will use the federal government pension plan calculator to calculate the benefits that you may receive. Meanwhile, they will also offer you a federal employee retirement planning checklist that will assist you in planning a comfortable retirement. The checklist contains numerous factors.
The accuracy of SF 50 form
It is one of the important factors of the federal employee retirement planning checklist. You should ensure that all the details in your form are correct, especially box 30 and box 31 for retirement plan and service computation date, respectively. Box 30 is for the retirement plan you are covered under, and box 31 determines annual leave for full-time employees.
Federal Employee Health Benefit (FEHB) coverage
Suppose you are enrolled under FEHB insurance through yourself or through a spouse who is also a federal employee and if you want to retain the benefit of FEHB through your retirement years. In that case, you must ensure that you have the FEHB coverage for at least five years on the day of your retirement.
Thrift Saving Plan Contributions
Use a federal government pension plan calculator to calculate how much you must contribute to the thrift saving plan. If you want to have a good amount in your thrift saving, you must also contribute the maximum amount to TSP. Unless you want to withdraw the amount as soon as you retire, you should allow for its long-term growth.
Examine social security benefits
It is another factor of the federal employee retirement planning checklist. The social security benefit would be paid to the individual in the case of death, disability, or retirement. You must ensure that your earning history is mentioned correctly.
These are some of the important checklists of the federal employee retirement plan. However, one of the mistakes an employee can make is not updating his estate plan. The important estate plan includes beneficiaries’ details, a living will, and establishing a trust to cover inheritance taxes.