Immediate Retirement
What is an Immediate Retirement under FERS? The Immediate Retirement under FERS is the main way of qualifying for the pension. Sometimes it’s referred to as the full, normal, or voluntary retirement under FERS. The Immediate Retirement sets the requirements for how to qualify for the pension immediately upon retiring without incurring a penalty […]
Postponed Retirement
What is a Postponed Retirement under FERS? A Postponed Retirement is another alternative option of federal retirement that is similar to the Deferred Retirement option. Both options are for those who do not meet both the age and/or the years of service requirements to qualify for the Immediate Retirement under FERS. The Postponed Retirement is a lesser-known […]
FERS Benefit Formula
How is my benefit calculated? In order to calculate your FERS pension, you will need to know your creditable years of service as well as your “High-3” average salary. Your creditable years of service include the years, months, and days rounded down to the nearest month of how long you’ve been working as a federal […]
Ep #20: Phase of Retirement – The Year of Retirement
When it comes to your retirement, it can be a very stressful time—or it can be a very smooth transition. It really comes down to what planning you have put in place to set yourself up for success. In this episode, Micah and Tammy will be sharing the practices you must have in place the […]
Creditable Service
What is a Creditable Service? Simply put, the Creditable Service is the amount of time a federal employee has worked for the federal government that counts towards their retirement, or FERS. Specifically, this is the sum of the years, months, and days of all civilian time, “bought-back” military time, and any unused sick leave rounded […]
FERS Terminology
FERS Retirement Information The Federal Employee Retirement System (FERS) is one of the most comprehensive (and sometimes complicated!) retirement programs to navigate. Your benefits as a FERS Employee are PACKED full of opportunities for retirement income planning, investing, health care, life insurance, long-term care insurance, survival benefits, and more! It can be a lot to […]
Voluntary Contribution Program
What is the Voluntary Contribution Program? The Voluntary Contribution Program was developed for employees who are part of the Civil Service Retirement System (CSRS). It allows those employees to contribute their own money into an account which can later be used to increase their annuity they receive when they choose to retire. Contributions are not […]
Types of FERS Retirement
What is the difference between an Immediate Retirement and an Early Retirement? Let’s first define what an Immediate Retirement is, and what you need to do in order to qualify for it. Like the name suggests, an immediate retirement would mean that upon retirement, you immediately take the annuity, AKA the pension. Not everyone is […]
Special Retirement Supplement
What is the Special Retirement Supplement? FERS consists of 3 different components: the FERS annuity (pension), Social Security, and the Thrift Savings Plan (TSP). The Special Retirement Supplement (SRS), AKA the FERS Supplement, was designed for federal employees who retire before they can start taking out from Social Security, which is age 62. It is […]
Minimum Retirement Age (MRA)
What is my Minimum Retirement Age (MRA)? Your MRA is what FERS uses to determine when a person is eligible to receive their annuity, or as we like to call it, their pension. A person can work and retire earlier than their MRA, but they have to at least wait until their MRA to receive […]
Military Buyback Program
What is the Military Buyback Program? The Military Buyback Program is a program for veterans to retroactively “buy back” their time spent in the military where they weren’t contributing to FERS or CSRS, or if they had received a refund of their retirement contributions. The purpose of buying back this time is so that they […]
How to apply for FERS Supplement
Where do I apply? You’ve finally decided it’s time to retire. Maybe this day came sooner than expected, or maybe it couldn’t come soon enough. You’ve heard about the supplemental income given to FERS retirees who retire with enough creditable service before 62 to bridge the gap between retirement and being eligible for Social Security. […]
FERS Supplement
Once your FERS Supplement ends, should you take Social Security benefits? This really comes down to a case by case basis. As you probably know by now, the additional income from the FERS Supplement ends once you turn 62, reverting to the regular pension that you normally would have received. We are fans of delaying […]
FERS MRA
What is MRA? Minimum Retirement Age is a threshold that was created for FERS and CSRS to determine a federal employee’s eligibility for retirement. Depending on the year someone is born, the MRA for that person can range between ages 55 and 57. In addition to age, a federal employee’s years of service also determine […]
FERS Contributions
What is my FERS contribution? Depending on your start date, your contribution will be either be 0.8%, 3.1%, or 4.4% to FERS. The chart below breaks this down based on your start date, to show how much is going to the FERS Basic Benefit Plan and how much is going to Social Security: [table id=3 […]
FERS Benefit Formula
How is my benefit calculated? In order to calculate your FERS pension, you will need to know your creditable years of service as well as your “High-3” average salary. Your creditable years of service includes the years, months, and days rounded down to the nearest month of how long you’ve been working as a federal […]
FERS Basic Benefit Plan
What is the FERS Basic Benefit Plan? As a Federal Employee, your retirement consists of three components: your Basic Benefit (also called your annuity or your pension), social security, and the Thrift Savings Plan. The FERS Basic Benefit plan is a defined benefit plan for Federal Employees that allows you and your agency to contribute […]
Federal Employee Retirement Planning
“I am 60. I plan to work till 70. All bills will be paid off including house sept 2021. House value now 431,000. Tsp 300,000 , 31 years in postal service Should have 41 at 70 years old. Should I stay until 70 or retire sooner? What considerations should I factor in?” -Dave When […]
FERS Annuity Supplement Reductions
“… I recently went over the max earnings on my supplement and when I filled the form out in early June it is expected I was appx 2,500 over. Two questions: 1. If I go over again is it subtracted from the original amount of the supplement or the adjusted amount? 2. How do […]
Ep #8: Q&A
Today Micah and Tammy are opening up the mailbag to answer your most burning questions about federal retirement. A few people wrote in asking about their retirement dilemmas, from accessing TSP and early retirement to Roth conversions, social security, widow’s benefits, and more. Listen in as Micah and Tammy share their insight in these areas […]
FERS Annuity Calculations
“My husband wants to retire and he has been at the USPS and was always told he gets 60% of his basepay and the more we look into its like we will only get 1400 a month? This is with FERS.He is 70 and has been there 24 yrs.” – Tonia What if you retired […]
Ep #7: The Myth of 80% Retirement
Today Micah and Tammy are setting the record straight and dispelling some myths about what you actually need to retire with. There’s a lot of water-cooler talk about the rules of retirement, but do you know how to make the best decisions for your unique situation? Listen in as Micah and Tammy share where to […]
Ep #6: Social Security Claiming
We hear a lot of people say they want to turn on their social security as soon as possible in order to capitalize on the benefits while they are still available. So today, Tammy and Micah are discussing the misconceptions that lead to this idea, as well as the history of the system and how […]
Ep #5: What Does Retirement Really Look Like??
Everyone looks forward to retirement and the freedom that comes along with no longer being locked down to a job, but what if it isn’t all it’s cracked up to be? Today Micah and Tammy are discussing the common misconceptions of retirement. In this episode, they share the importance of keeping your cash flow consistent […]
Department of Interior Employees
Answering Retirement Questions If you have questions about your retirement from Federal Service, we can help! Our FERS Federal Fact Check for Federal Employees who work with the Department of Interior and respective bureaus like NPS, USFWS, NOAA, IHS, BIA, and USGS helps shed light on complex, tough questions that Federal Employees have. We gather […]
Ep #4: Looking at Insurance in Retirement
Micah and Tammy have shared their thoughts and experiences with credible services, agency estimates, and other incomes, but what about risk management? In this episode, they will be discussing the different insurance options you have as a federal employee and how to keep that health insurance into retirement. It’s so important to understand your benefits […]
Ep #3: Other Income
When you retire, it’s not just about having the time to do everything that you want to do—it’s also about having the money to make these dreams come true. So in this episode, Tammy and Micah will be focusing on the “other incomes” that you have access to and discussing the important decisions surrounding these […]
Ep #2: What’s NOT On Your Retirement Estimate?
To have a comfortable and enjoyable retirement, you need a financial safety net to fund it all. So when you are planning for the rest of your life, how much money are you actually going to have? Today Micah and Tammy are discussing retirement estimates and how to accurately calculate what your pension will be. […]
Ep #1: What’s On Your Retirement Estimate?
Welcome to the Plan Your Federal Retirement Podcast, where Certified Financial Planner Micah Shilanski and Principal Retirement Specialist Tammy Flanagan come together to ensure you are making informed decisions as you plan for your retirement. Each week, you will hear them share the unique financial planning considerations that federal employees have that may not be […]
FERS Retirement Questions? Videos with Answers!
Do you have FERS Retirement Questions? You’re not alone. Federal retirement benefits are complex. Micah Shilanski, CFP®, is a financial planner who specializes in helping Federal Employees get the most out of their benefits. Micah has seen the mistakes people (and even some professionals!) make – and he wants to help you avoid them. Over […]
“Should I start my Social Security at age 62 when my FERS Supplement Stops?”
If you were eligible to retire from the Federal Government as a FERS Employee and receive a FERS Supplement, then you are probably aware that the supplement will cease when you turn age 62. The reason that the FERS Supplement stops at age 62 is that that is the first time that you are eligible […]
FFFC: Are HSA Plans Use or Lose?
FERS Federal Fact Check! We love answering questions from Federal Employees about their benefits. Our passion for financial planning with Federal Employees has provided us with a unique insight into questions that are often times top of mind for Federal Employees. When Federal Employees ask us questions we take note of them. Often, we […]
Using TSP to Pay Off Your Mortgage
FERS Federal Fact Check! We love answering questions from Federal Employees about their benefits. Our passion for financial planning with Federal Employees has provided us with a unique insight into questions that are often times top of mind for Federal Employees. When Federal Employees ask us questions we take note of them. Often, we find […]
FEHB in Retirement
Is your spouse eligible for FEHB into your retirement from Federal Service? The Federal Employee Health Benefit (FEHB), is one of the best benefits that federal employees have. If you do not think so, ask anyone who does not have FEHB, they will be happy to tell you how great your FEHB insurance is. One […]
FERS Federal Fact Check: Deferred v. Postponed Retirement for FERS
Are Postponed and Deferred Retirement the same? Recently, when we met with a group of Federal Employees under the FERS system, they used the words “deferred” and “postponed” interchangeably to talk about electing to retire before they had reached their Minimum Retirement Age (MRA). A deferred and a postponed retirement under FERS are N-O-T the same. It […]
Understanding Your FERS Retirement
When we talk about your FERS Retirement, we’re really talking about several different benefits. FERS (Federal Employees Retirement System) has three main components: Basic FERS Retirement Pension Social Security Thrift Savings Plan (TSP) Your FERS pension and Social Security will be fixed dollar amounts. But the money you get from your TSP will depend on […]
FERS Federal Fact Check – Tax Cuts and Jobs Act as a Federal Employee
As a Federal Employee, how will the passing of the Tax Cuts and Job Act impact you? This is a great time of year in which most FERS employees are thinking about Federal Income Taxes. However, what I find is that most people are busy thinking about LAST years taxes instead of taking a few […]
Q&A The Difference Between Postponed and Deferred Retirement
Hi. I’m Micah Shilanski from Plan Your Federal Retirement. Welcome to our video. We just finished teaching two days of federal benefits classes. They were eight hours a day, and we had a lot of great questions that came up, so we thought we’d share one of those with you. One of the questions was, […]
Privacy Policy
Plan-Your-Federal-Retirement.com’s Privacy Policy We recognize that your privacy is important. This document outlines the types of personal information we receive and collect when you use Plan-Your-Federal-Retirement.com, as well as some of the steps we take to safeguard information. We hope this will help you make an informed decision about sharing personal information with us. Plan-Your-Federal-Retirement.com […]
New Book on CSRS Voluntary Contributions Program
The Best Kept Secret in CSRS eBook Only $7.97 Available for Instant Download CSRS and CSRS Offset Federal Employees have a unique benefit called the CSRS Voluntary Contributions Program. The big deal with the CSRS VCP is that you can use it to max-fund a Roth IRA. But not very many people have heard of it. […]
Federal Retirement Pension Reductions
When planning your federal retirement – it’s important to remember that your pension will be reduced. There are seven main pension reductions that affect federal employees in retirement. Most federal employees will be affected by at least three reductions. Let’s take a closer look at the most common reductions to your federal pension… Reduction #1) […]
CSRS VCP to Roth IRA
CSRS Voluntary Contributions Transfer to a Roth IRA While the CSRS VCP program was originally designed to allow CSRS to put more money in and buy an additional retirement annuity, the big deal about the CSRS VCP program these days is that you can use it to max-fund a Roth IRA. This is a fantastic […]
Financial Planner for Federal Employees
Micah Shilanski, CFP® Micah Shilanski is a CERTIFIED FINANCIAL PLANNER™ professional who specializes in helping federal employees get the most out of their federal retirement benefits. What is Different about Micah? Micah has unique experience in federal retirement benefits. Micah teaches FERS pre-retirement classes. But he more importantly – as a financial planner for federal […]
FERS Retirement Eligibility
“When Am I Eligible to Retire?” There are many different sets of rules for FERS retirement eligibility. Many federal employees start planning their retirement by calculating their pension. But before you try to calculate your FERS pension – the first question to ask yourself is “Am I eligible to retire?” What age? …And how much […]
Your FERS MRA (Minimum Retirement Age)
You need to know your FERS MRA to find out if you are eligible for different types of FERS retirement. Your Minimum Retirement Age will range between 55 and 57, depending on the year you were born. Take a look at the list below to find your MRA for FERS Retirement… Choose the year you were […]
FERS Immediate Retirement
Sometimes this is simply called regular FERS Retirement or Voluntary Retirement. FERS Immediate Retirement is the most common type of retirement under the Federal Employee Retirement System (FERS). You are eligible for an immediate voluntary FERS Retirement if you have the right combination of age and years of creditable service. There are three combinations of […]
FERS Retirement 62 and 20 Bonus
FERS Retirement with 10% Bonus:Higher Pension for Age 62 & 20 Years Some people who qualify for regular FERS retirement will also qualify for a special 10% bonus. If you retire with at age 62 (or older) and with at least 20 years of creditable service – your pension gets a 10% bonus. Your FERS […]
FERS Supplement
Special Benefit for Some FERS Who Retire Before Age 62 Have you heard about the FERS Supplement? It’s an important benefit for FERS planning to retire before age 62 – but it’s so unknown, it’s practically a secret. The FERS Supplement is also called the Special Retirement Supplement or SRS. It is designed to help bridge […]
FERS Supplement for Special Provisions
Understanding the FERS Supplement for Special Provisions The FERS Supplement is an important benefit for FERS planning to retire before age 62. Since so many Special Provisions (ATC, LEO and FF) federal employees retire before age 62, it’s important to understand who gets the Supplement and how it is calculated. The Supplement also has a […]
Your TSP Retirement Choices
When you are ready to retire, you have several TSP retirement choices. You can… Leave your money in the TSP Take monthly TSP withdrawals Annuitize your TSP with Met-Life Transfer your TSP money to an IRA Let’s take a closer look at each option… 1. Leave Money in the TSP You can leave the money […]
FERS Early Retirement: MRA+10
There are two main types of FERS Early Retirement. One is MRA+10 Retirement – which we’ll be discussing here. Another type of Early FERS Retirement is when your agency is going through a RIF – and they offer employees a chance to take an Early Out. On this page, we’ll be talking about MRA+10 Retirement. […]
FERS Early Out Retirement
There are two main types of FERS Early Retirement. One is MRA+10 Retirement which is available to anyone who is eligible. The other type of Early FERS Retirement is when your agency is going through a RIF – and they offer employees a chance to take an Early Out. On this page, we’ll be talking […]
FERS Survivor Benefits
When most people think of FERS survivor benefits – they think of the survivor annuity. But you should know that there are actually many different survivor benefits in the Federal Employee Retirement System (FERS). FERS has several items with survivor benefit options or important beneficiary designations that you should know about, including: FERS Survivor Annuity […]
CSRS Survivor Benefit
When we talk about CSRS Survivor benefits – most people think of the survivor annuity. But Civil Service Retirement System employees have several choices when it comes to survivor benefits. The following items have important survivor benefits or beneficiary designation options that you should know about: CSRS Survivor Annuity or Pension FEHB Health Insurance FEGLI […]
Taxation of Federal Retirement Benefits
How Will Your Federal Retirement Benefits Be Taxed?Many people simply forget – or perhaps just don’t understand the taxation of federal retirement benefits. Taxes will have a big impact on your federal retirement. And if you forget to factor taxes into your retirement plans, you could be in for a shock. Taxes and Your Federal […]
FERS Postponed Retirement
A FERS Postponed Retirement is when you separate from service with at least 10 years of creditable service, and you have at least reached your MRA (Minimum Retirement Age). But instead of drawing your pension when you separate from service – you postpone it until later. Why would you postpone drawing your FERS retirement pension? […]
FERS Deferred Retirement vs. FERS Postponed Retirement
You may have heard of FERS deferred retirement – where you separate from service now, but start your FERS pension later. But you might also be eligible for a Postponed FERS Retirement. If you’re thinking about leaving federal service – it’s important to understand your options *before* you leave. In the FERS Pre-retirement classes I […]
FERS Retirement Seminars – Anchorage, Alaska
Looking for in-person FERS Retirement Seminars in Alaska? Shilanski & Associates, Inc. offers live, in-person FERS retirement classes in Anchorage, Alaska. At our full-day workshop, you will learn about your FERS retirement benefits and what you need to consider before retiring from the Federal Government. April 2019 Classes have Sold Out Our April 3 and […]
FERS Deferred Retirement
You might be eligible to do a FERS Deferred Retirement if you separate from service before you are eligible to retire on regular FERS Retirement rules. Even though you don’t ‘retire from’ your federal job – you may still be able to draw a pension later. But only if you meet the requirements *before* separating from service. Let’s walk through the basics of FERS Deferred Retirement… FERS Deferred Retirement Rules: If you have at least 5 […]
The Importance of Your SF 50
The SF 50 is the official form the government uses to determine your retirement eligibility and to calculate your federal retirement pension. If there is a mistake or a typo on an SF-50, it will affect your federal retirement. Or if one of your SF-50s didn’t make it into your OPF, Official Personnel File, or […]
Your FERS Retirement Pension
When you take a FERS Retirement – you’ll receive a monthly pension for the rest of your life. How do you calculate this amount? First – we need to calculate your ‘gross’ pension – then we’ll take a look at your ‘net’. Your gross FERS pension is calculated based on three things… Your High-3 Salary […]
Your High 3 Salary
Your High 3 Salary is an important part of your pension calculation for federal retirement. Your High 3 Salary is the highest average basic pay you earned during any 3 consecutive years of Federal service. You should also know that your High 3 Salary is calculated based on three *consecutive* years, NOT calendar years. So […]
Q&A RIF Need to Know
Video Transcription: Hi, I’m Micah Shilanski from Plan Your Federal Retirement. We just wrapped up a wonderful two days of teaching an eight-hour class about federal benefits. When we went through the class, the participants had some great questions on how your benefits work, and I thought I’d share several of those. Number […]
Your Retirement Savings: Questions about Your ‘Cash Bucket’
Your Retirement Savings: Questions about Your ‘Cash Bucket’ A portion of your retirement savings needs to be in a ‘Cash Bucket’. A well-funded Cash Bucket is an important part of your retirement plan. And it serves as the foundation for your other ‘Buckets of Money’. The idea of a Cash Bucket is new to many Federal […]
COLA Locality Pay Transition
What it Means for Federal Employees in Alaska, Hawaii & US Territories The COLA Locality Pay transition is in progress. It started in 2010, and will be complete in 2012. The Non-Foreign Area Retirement Equity Assurance Act of 2009 outlines the timeline for the COLA to Locality Pay change for Federal Employees in… Alaska Hawaii […]
Alaska COLA and Alaska Locality Pay Rates
New legislation means that Alaska COLA is being phased out, and the New Alaska Locality Pay Rate is being phased in. Federal Employees in Non-Foreign Areas are going from receiving COLA to Locality Pay. This change is taking place in 2010, 2011, and 2012. As Locality Pay is phased in, COLA is phased out. But […]
COLA to Locality Pay
Take Home Pay Concerns & Hidden Tax Increases The transition from COLA to Locality Pay for Federal Employees in Alaska, Hawaii and U.S. Territories brings concerns about take home pay and higher taxes. While the transition was designed to ‘protect take home pay’… many Federal Employees will see their take home pay going down. Why? […]
The Non-Foreign AREA Act of 2009: COLA to Locality Pay
The Non-Foreign AREA Act of 2009: COLA to Locality Pay The Non-Foreign AREA Act of 2009 spells out the transition from COLA to Locality Pay for Federal Employees in Alaska, Hawaii, Puerto Rico, Guam, US Virgin Islands, American Samoa and the Northern Mariana Islands. The shift has a big impact on your federal retirement plans, […]
Hawaii COLA and Locality Pay Rates
New legislation means that Hawaii COLA is being phased out, and Locality Pay is being phased in. Federal Employees in Non-Foreign Areas are now being transitioned from receiving COLA to Locality Pay. This change is taking place in 2010, 2011, and 2012. Locality Pay is being phased in, and COLA is being phased out. But […]
Financial Planning for Retirement
Retirement Planning for Federal Employees is Different Retirement planning for federal employees is unique. As a Federal Employee, you know you have one of the most complex benefits systems around. I also think it’s one of the best, if you can learn to navigate all of the rules, regs and unique twists and turns. Over […]
Your Federal Retirement Income Changes in Unique Ways
Planning your federal retirement? You need to know that Federal Employees have unique financial planning needs that most generic financial planning doesn’t address. One of those unique needs has to do with your retirement income. It will start, stop and change in ways that will not compute in most financial planning calculators. But understanding *how* […]
CSRS Voluntary Contributions
*The Best Kept Secret in CSRS* The CSRS Voluntary Contributions Program (VCP) is a special component of the Civil Service Retirement System. eBook Only $7.97 Available for Instant Download While the CSRS VCP program was originally designed to allow CSRS to put more money in and buy an additional retirement annuity, the big deal about […]
Some Federal Retirement Benefits Give You a Head Start
Some federal retirement benefits give Federal Employees a head start on retiring earlier than most. As a Federal Employee, you know that you have one of the most complex benefits systems around. But I believe that you also have one of the best. And there are a few federal retirement benefits that really do give […]
Investing for Retirement
Learn about ‘Buckets of Money’ When you’re investing for retirement, it’s easy to get caught up in all of the details. Most federal employees make investment decisions on an account-by-account basis. But is that really the best idea? Before you get caught up in making specific investment choices – you need to take a […]
Your Retirement Savings
How Much Money Should be in Your ‘Cash Bucket’? Thinking about your retirement savings and investing for retirement? You should consider putting some of your retirement savings into your ‘Cash Bucket’. Your ‘Cash Bucket’ is the first and most important of your three ‘Buckets of Money’ when it comes to investing for retirement. But it’s […]
Your Retirement Savings and the 4 Phases of Your ‘Cash Bucket’
The amount of retirement savings you need in your ‘Cash Bucket’ will change as your fixed income changes in retirement. If you’re not familiar with the ‘Cash Bucket’ or ‘Buckets of Money’ – you might find it helpful if you start by visiting our page explaining the ‘Buckets of Money’ concept first. There are four different phases […]
Military Buyback 101
Military Buyback for Federal Retirement Getting ready for federal retirement? Could a military buyback towards your federal creditable service make sense for you? Lots of Federal Employees have had prior military service. When we talk about buying back military time in my federal retirement classes – most federal employees want to know, “Does it make […]
Your Federal Pension Check
Be prepared! Your Federal Pension check is usually delayed. Even if you have turned in all of your paperwork on time – in does not guarantee that you will immediately receive your Federal retirement check. How Long Before I Get My First Retirement Check? In my experience, most Federal Employees will not receive their first […]
FERS Disability Retirement
FERS Disability Retirement You may be eligible for a FERS Disability Retirement at any age if you… Have at least 18 months of creditable FERS service You became disabled while performing your government job You can prove that the disability will last longer than one year Your agency certifies that they are not able to […]
FERS Federal Fact Check – TSP taking money out
TSP – “I can take my money out, however I want to in retirement!” Hi, I’m Micah Shilanski from Plan Your Federal Retirement. Welcome to the FERS Federal Fact Check. I want to talk about everyone’s favorite savings plan…the Thrift Savings Plan (TSP)! I love the TSP for accumulation. I think it’s one of the […]