Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

Retirement Planning – One Year Out

retirement planningIf you are conducting your retirement planning in ONE year think about concentrating on a few things that might help to keep you on track and make certain you don’t miss out on anything.

• Confirm when you will be eligible to receive your full retirement benefit.

FERS Eligibility

CSRS Eligibility

• Have a benefit analysis run on your federal retirement – This is a MUST.

• Decide when you want to retire – make sure you are considering your best days to retire.

• Tell your manager about your proposed retirement date.  It would be professional protocol to give sufficient notice to allow for planning for someone to take your place.

• Get information about other benefits to which you may also be eligible, such as TSP withdrawal options and any other entitlements based on employment such as Social Security, pensions from private industry and Individual Retirement Accounts (IRAs).

• Document all military service time.

• If you find that there is a conflict about time or missing documentation, contact your human resources officer immediately.

• Check your FEGLI – specifically any Optional coverages and make sure you have compared your FEGLI against the costs of individual policies – the savings can be fantastic.

• Document and keep a record of periods worked intermittently or when actually employed.

• Make an appointment with your human resources officer to review your personnel folder to make certain all your records are complete and accurate.  Also make sure all service is verified and your insurance coverage is documented.

• Make sure that the beginning and ending dates for each period of employment is properly documented for benefit computation.

• Ensure effective dates for each promotion or within-grade increase is also properly documented during the period that will be used to compute the high-3 average salary.

• Make certain the dates of pay changes or earnings and the pay rate during employment periods when retirement deductions were not withheld from your salary are properly documented.

• Capture the tour-of-duty during any part-time employment.  Also document any hours worked beyond the official tour of duty as actual hours worked.

P. S.  Always Remember to Share What You Know.

 

For more information on what to do one-year before retirement click here

A retirement cost analysis is an important subject and should be considered.

Here is my Bio details:
Prospective clients will hire the best,
most credible professional they can find.

The more Expertise and Authority you demonstrate,
the more Trust you will earn, the more business you will win.

John Faith Disclaimer

Contact John Faith

Search for Public Sector Retirement Expert.

Receive the Best advice.

PSR Experts can help you determine if Public Sector Retirement is right for you or if you should look for alternatives.

The Best Advice creates
the best results.

Recent Articles

More Articles by John Faith

ORGANIZATIONS THAT GIVE DISCOUNTS TO VETERANS

ORGANIZATIONS THAT GIVE DISCOUNTS TO VETERANS – by Dianna Tafazoli We can never think of enough ways to honor Veterans...

New Orleans

NEW ORLEANS IS CLEANING HOUSE – by Dianna Tafazoli

Image Credits New Orleans Mayor Mitch Landrieu decided with a vote from the New Orleans City Council on December 17,...

retirement benefits

INTRODUCING MR. CYBER SECURITY by Dianna Tafazoli

Clifton Triplett is the Cyber Advisor in the Office of Personnel Management. Mr. Triplett comes from SteelePointe Partners, a global...

Search For Public Sector Retirement Expert

Receive the Best advice.

PSR Experts can help you determine if
Public Sector Retirement is right for you or if you should
look for alternatives.

The Best Advice creates

the best results.

Subscribe to our Newsletter

"*" indicates required fields

Our Readers Deserve The Best PSHB and USPS Health Benefits Guidance

Licensed insurance agents who understand PSHB, Medicare, and USPS Health Benefits Plan are encouraged to apply for a free listing.

This field is for validation purposes and should be left unchanged.

Book Phone Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Get In Touch

Stay up to date on the latest information about Public Sector Retirement.

The Best Advice Creates The Best