Avoid These Mistakes When Planning to Retire From Your Federal Career
Author : My Federal Retirement Help | Published On : 06 Oct 2021
If you are planning to retire from your federal career, here is something beneficial for you. After all, if you are a federal worker, you should retire with proper planning to make the most out of FEGLI life insurance after retirement. Also, note that your retirement planning should be according to one of these things: the Civil Service Retirement System (CSRS), CSRS-Offset, or the Federal Employees Retirement System (FERS) and FERS-Transfer.
Moreover, this article will include some mistakes you might make while planning to retire as a federal employee. Without any delay, let’s have a look at them.
You think of skipping your pre-retirement seminar five years in advance
It is good to take advantage of your pre-retirement seminar before planning to take retirement at least five years before your planning. In that way, you will be able to maximize your retirement benefits in addition to making the most out of your retirement annuity. It will also help you to know the best health and life insurance options for the future. After all, you can consult a federal retirement planning service for the best federal retirement calculator and guidance.
You take TSP or Thrift Savings Plan for granted
Avoid considering thrift savings plans for granted. You need to take it seriously. With TSP, you can make the most out of your tax-deferred contributions along with government contributions. If you are a part of FERS, you should start contributing as early as possible. Also, you should know that the TSP alone contributes one-third of your total retirement income. It is a great way to use FEGLI life insurance after retirement.
You avoid buying long-term care insurance coverage
If we talk about long-term care, it can cost around $7,698 monthly if one uses a private room in a nursing home. It is only an example of the potential cost, whether in a nursing home, in-home care, or an adult health center. Long-term medical care is going to be expensive no matter which medical support service you need. Moreover, you can also go with the best federal retirement calculator offered by a professional.
Not having a record of your accrued leave time
You should know that you can take credit for unused sick leave. But you should have information about all unused leave. After all, if you want to take advantage of federal disability retirement, you will have to consider your sick leave with full impact. After all, federal employees can take 240 hours of limited annual leave. Therefore, you need to make sure of it at least a year before you retire.
Moreover, if you are a federal employee, you will have an Official Personnel Folder or OPF Form SF 50 (Notice of Personnel Action). So, you need to check if the form has your correct designation. Here, if you made a single mistake, your retirement will suffer through complicated issues. That’s all. These are some mistakes you need to avoid while planning to retire from your federal life to make the most out of your FEGLI life insurance after retirement.