Summary and Objectives:
Retirement planning for FERS/FERS Transfers and new federal employees and those that are near retirement.
Our comprehensive Analysis is tailored to assist employees who are new and close to retirement. we help federal employees understanding the three components of the FERS retirement system and fundamental financial planning principles. The goal is to empower individuals to make well-informed retirement and financial decisions throughout their careers.
By the end of this course, participants will gain the following skills:
Identify Eligibility and Benefits: Understand the eligibility requirements and basic benefit calculations for FERS retirement.
Social Security Planning: Learn how to obtain your Social Security Earnings Record and Benefit Estimate from SSA.gov.
TSP Importance: Recognize the crucial role of the Thrift Savings Plan (TSP) in supplementing FERS basic benefits and Social Security benefits, contributing to a comfortable retirement.
TSP Management: Understand TSP investment options and gain insights into managing contributions and investment allocations effectively.
Financial Planning: Develop a personal financial plan to organize and prioritize expenses. Additionally, understand the appropriate use of debt in your financial journey.
At Appalachian Federal Benefit Resources, we are committed to providing you with the knowledge and tools necessary to navigate your federal retirement with confidence. Feel free to reach out if you have any questions or need further assistance.
FERS and FERS Transfer Employees
Appalachian Federal Benefit Resources, crafted for FERS employees and CSRS/FERS transfer employees at mid-career or nearing retirement eligibility. Our Retirement Report is designed to enhance your understanding of federal benefits, empowering you to make informed retirement and financial planning decisions. Upon completion of this course, participants will be able to:
Determine eligibility for retirement.
Identify the types of service credited in the retirement and how the retirement benefit is calculated.
Identify periods of temporary service before 1989, determine how deposits will impact the retirement benefit and identify the procedures for payment.
Identify creditable military service, the impact of paying a military deposit on the FERS retirement benefit and the procedures for payment.
Determine the reduction in your annuity if survivor benefits are elected and determine the amount of survivor annuity payable.
Confirm that all service has been documented in the Official Personnel Folder (OPF).
Insurance Programs:
the participant should be able to:
Determine eligibility to continue Federal Employees’ Health Benefits(FEHB) into retirement.
Identify types of Medicare coverage, enrollment periods and coordination of benefits with FEHB
Determine eligibility to continue Federal Employees’ Group Life Insurance (FEGLI)into retirement and identify the costs and reductions that may occur in life insurance at age 65.
Thrift Savings Plan:
Included In Retirement Report, the participant should be able to:
Recognize annual limits on employee contribution to TSP.
Describe options for withdrawing money from the Thrift Savings Plan after retirement.
Identify calculators and publications available in the TSP web site to assist employees in selecting withdrawal options.
Social Security Benefits:
In the Retirement Report the participant should be able to:
Determine eligibility for Social Security benefits.
Recognize the effect of Windfall Benefits Elimination Provision, if any, on your Social Security Benefit.
Identify your Social Security Full Retirement Age (FRA).
Determine the reduction in your Social Security benefit by collecting Social Security benefits prior to full benefit age.
Determine the impact on Social Security benefits by delaying receipt of Social Security past full benefit age.
Determine if your spouse may be entitled to Social Security family benefits based upon your work record.
Determine if you will be entitled to Social Security family benefits based upon your spouse’s work record.
Recognize the impact of Government Pension Offset and the Dual Entitlement Provision on Social Security family benefits.
Financial Planning:
At the end of the Analysis, the participant should be able to:
Create and monitor financial goals and objectives.
Identify investment options to achieve for financial goals.
Determine level and type of debt appropriate for retirees.
Determine appropriate withdrawal strategy for TSP, IRA and 401(k) distributions.
Recognize the differences in the following legal documents and what they can accomplish:
Will
Power of Attorney
Health Care Power of Attorney (or Directive)
Revocable Living Trust
Living Will
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