Mary Beth Franklin is our go-to expert for all things Social Security benefits. With over 40 years as a financial journalist and a CFP designation,...
Read MoreMary Beth Franklin is our go-to expert for all things Social Security benefits. With over 40 years as a financial journalist and a CFP designation,...
Read MoreWhen 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...
Read MoreSpecial 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...
Read MoreFERS retirement benefits are complex. It’s easy to get overwhelmed by all of the details. But it’s important to remember that federal benefits are just...
Read More“I early retired to come home to care for my sick parents. At the time of my retirement in 2017, I found out that CPOC was penalizing me 5 years, because I opted out of the NAF Retirement Plan. At the time, I had all my money going into the TSP, and was never told that I would take a hit for not contributing. Even at the group sessions, they never mentioned it. This is not fair. Now, I hear that they will stop paying my FERS Supplement in 1 year, when I turn 62. What can I do to get my full 35 years, without the penalty? Please Help…” – AnthonyWhen I come across questions like this, Anthony, I cannot help but hear my father’s calm and stoic voice saying, “It is not a matter of what you know, it is a matter of what you know that just aint so.” You are 100% right Anthony; the nuances of contributing to your Federal Employee Retirement System (FERS) are not always clearly addressed in group benefits training courses. The reason is that the classes are often speaking to the general public and not to specific, Federal Employees with unique circumstances like yours. One of the reasons that we are so passionate about educating Federal Employees about their benefits is because circumstances like yours are real. They really happen; where you are trying to do the right thing, you are trying to navigate a complex system and make informed financial decisions but weren’t able to either get the information that you needed or understand how the benefit system works when it comes to the Office of Personnel Management (OPM) calculating what qualifies as your credible service. Creditable services are not always straight forward. Throughout your working career, you may have part-time employment, temporary time or a break in service all of which could change how OPM calculates your retirement when it comes to determining your FERS pension. We are going to dive into Anthony’s situation specifically and then address how other Federal Employees could avoid making this mistake when it comes to calculating their Federal Service.
“Micah, love your videos. I’m retired (58 years old) from USPS. Very aggressive in TSP. 40% C, 40% S, and 20% I- I’m down close to 30% from all time
“Is there a reason why you did not include the MRA+10 in the group below when speaking about qualifying for FEHB? I thought that this group would also be qualified
“Next May I can retire with 35 years at the age of 62. I was considering working 10 more months to retire at 63 and get more Social Security.
“I retired on Dec 31 2019. Don’t you think I should pull all my money out of the TSP and put it in a high interest saving? Thank You, Alfreda”
Get the most out of your federal retirement benefits by taking advantage of the FERS resources created by Micah Shilanski, CFP®, and the team of independent financial advisors at Shilanski & Associates, Inc. Join the thousands of federal employees who trust us to guide them in their retirement planning journey because of our unique perspective of how your FERS benefits contribute to your comprehensive financial plan.
Year after year I see Federal Employees missing the same critical concepts in their federal retirement planning. That’s why I’ve created an online workshop to help educate Federal Employees on these critical concepts.
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7 CLASSIC RETIREMENT MISTAKES Federal Employees Make
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7 CLASSIC RETIREMENT MISTAKES Federal Employees Make
Your privacy is our top priority, and we promise to keep your email safe! For more information, please see our privacy policy.