In last week’s article, we reviewed the benefits of making a military service deposit or “buy back” and when it could make sense to do so. We saw that although every situation is different, for most buying back military time makes sense since it can reduce the time until retirement eligibility and increase the FERSContinue reading “What Military Service Can Be Bought Back?”
Author Archives: Jose Armenta, MsBA, CFP®, ChFC®, CLU®, EA
Should You Buy Back Your Military Time?
If you’re a veteran, then you have likely heard the phrase “buying back your military time” on more than one occasion. But what exactly does that mean, and why is it important? In this article, we’ll discuss the answers to those questions, plus some key factors to consider when deciding whether you should buy backContinue reading “Should You Buy Back Your Military Time?”
3 Reasons Why Federal Employees Retire At 57
An important part of establishing your retirement plan is choosing the best age to retire. While the average retirement age for federal employees is 62 (61.8 according to OPM), there is no magic age that works for everyone. Hence, it could make sense for some to retire earlier or later, and the right age willContinue reading “3 Reasons Why Federal Employees Retire At 57”
Should Federal Employees Elect A Survivor Benefit?
When you retire, you’ll have the option of providing a survivor annuity for your beneficiaries (aka the Survivor Benefit). This benefit allows your spouse or someone with an insurable interest (depends on you financially) to receive a portion of your pension every month after you die. This is such an important decision for federal employeesContinue reading “Should Federal Employees Elect A Survivor Benefit?”
What To Consider Before Transferring Your TSP To An IRA
When you separate from federal service, you will have an important decision: should you leave your money in the Thrift Savings Plan or transfer it out (presumably to an IRA)? The bad news is there is no right answer for everyone, and it depends on your preferences and situation. But the good news is thatContinue reading “What To Consider Before Transferring Your TSP To An IRA”
4 Reasons Why Federal Employees Retire At 62 (VIDEO)
In this video, Jose Armenta, CFP®, reviews the four reasons why many federal employees retire at age 62. For more on this topic read the related article here.
4 Reasons Why Federal Employees Retire At 62
When federal employees are trying to choose a time to retire, they often hear that age 62 is the “magic” age for FERS employees. But why that? Well, although there is no magic retirement age that works for everyone, there are four significant incentives for FERS employees to wait until 62 to retire. So, let’sContinue reading “4 Reasons Why Federal Employees Retire At 62”
Will Your Spouse Keep FEHB If You Die? (VIDEO)
In this video, Jose Armenta, CFP®, reviews the requirements that must be met for your spouse to maintain Federal Employees Health Benefits (FEHB) coverage if you predecease them. If you’d like to learn more about carrying FEHB coverage into retirement, read this article.
What Happens To Your Federal Employee Health Benefits In Retirement?
As a federal employee, you know that you have a robust employee benefits package, and your likely aware that your Federal Employees Health Benefit (FEHB) coverage is a critical part of that package. But what happens to your FEHB coverage when you retire? Can you keep your coverage? Do your premiums increase? There is aContinue reading “What Happens To Your Federal Employee Health Benefits In Retirement?”
How To Calculate Your FERS Pension (VIDEO)
In this video, I’ll review how to calculate the FERS annuity and why it’s important to know. If you want to learn more about the FERS pension, read this article.