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?”
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.
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”
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.
For the most part, all Federal employees enjoy the same robust benefits, such as the Thrift Savings Plan (TSP), various insurance programs, and of course, the FERS pension. However, special category employees, namely law enforcement officers (LEOs), are eligible for enhanced retirement benefits and are governed by different retirement rules. Because these enhanced benefits andContinue reading “4 Ways Your Federal LEO Retirement Benefits Are Different”
What Is Creditable Service? You may have heard the term “creditable service,” but what exactly is creditable service, and why does it matter? Creditable service refers to the years of service when your salary was subject to FERS deductions. Which for most Federal employees will be every year of their civilian career. Now, this importantContinue reading “What Is FERS Creditable Service And Why Is It Important?”
What is the MRA? The minimum retirement age (MRA) is the earliest age at which most Federal employees may retire. Why Is It Important? Your MRA will determine when you’re eligible for different types of FERS retirement options. For example, your MRA will determine whether you are eligible for the MRA+ 10 retirement option. YouContinue reading “What Is The FERS MRA?”
In this video, I’ll cover the MRA+ 10 retirement option in under 3 minutes. If you want to learn about the MRA+ 10 option, read this article and if you want to learn about other FERS immediate retirement options, watch this video.
Your FERS pension has a survivor benefit. The survivor benefit allows your spouse (or someone else with an insurable interest) to receive a portion of your pension when you pass away in retirement. If you’re married when you retire, you’ll need to make an election. However, deciding which benefit to select can be challenging asContinue reading “What Happens To Your FERS Pension When You Kick The Bucket?”
In this video, I’ll cover the 5 things you need to know about buying back military time. Use the DFAS Military Buy Back Estimator to get your estimated buy back cost. And if you want to learn more about the FERS pension, read this article.