If you’re a federal employee looking to retire you have a lot to do! You need to take the proper steps to make sure your goals are met. Whether that’s maintaining your quality of life, planning for the next generation, or even just keeping some financial security for unforeseen expenses. All of our classes are designed to educate the Federal Employees and give them the tools they need to get started. However, a classroom setting isn’t really the best place to discuss in-depth personal finance issues. Each employee attending our class is eligible to receive a series of reports that will summarize their very own personal benefit plans. These reports can be crucial in providing the necessary information to plan for a successful retirement.
Gap Analysis
The GAP analysis shows an employee how much his/her retirement pay will be. It also gives them a year by year comparison for 5 years. This helps them know how much their retirement pay will increase each year if they continue to work and put off retirement just a little longer. On the GAP report they can also see how much their Federal Employee Group Life Insurance (FEGLI) will cost and when the cost increases. Among other things, the report also shows how much the Survivors Annuity will cost and how much it will pay the surviving spouse each month after the death of the employee.
Social Security Maximization
The Social Security Maximization report shows when an employee should apply for their Social Security benefit in order to get the highest possible lifetime benefit (based on standard mortality tables). It explains what happens to Social Security Benefits if the employee passes away and how much their spouse may continue to receive.
The Compass report is truly the granddaddy of them all! Many employees will retire with multiple sources of income. The CSRS or FERS annuity, Social Security, Military Retirement, Rental Income, VA Disability, TSP, ROTH TSP, 401K, and IRAs are just a few examples. The big question on everyone’s mind is: In which order do I use these? How do I structure my accounts so that I will have enough money to live on? How do I make sure that I don’t take too much too early and run the risk of running out of money? The Compass report is individually unique enough that it can be altered for every individual situation. Each account or income source is individually entered in and the report shows which account to use and when to start using it!
After receiving the reports each employee has the option to meet with one of our federal benefits educators. These meetings are designed to help the employee understand each report and how to use it.
To get your report and get started for your future, click the link below.