- Federal Employee's Retirement Planning Guide - https://fedretire.net -

The Ultimate Retirement Planning Guide – Start Now!

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Retirement is more of a destination unlike a planned vacation where you return to work a few days after the trip is over.  Whether you are going on vacation or planning your retirement you have to research and prepare to make the event truly remarkable.

Carole, one of our newsletter subscribers, asked if I had any suggestions on what she should be looking at to plan her retirement. There are many things to consider and I sent her a list of articles and resources that will take her step-by-step through the process. If you are considering retiring it is never too early to start planning your exit, the more time you put into the effort the better off you will be when you walk out the door.

I expanded the list I sent Carole and it should help anyone planning their retirement to understand their options and the path forward.  Please forward this to anyone in your organization that is at or approaching retirement age, it can help them avoid delays and problems that can be encountered when preparing for retirement.  You can also download this guide [2]in PDF format to add to your desktop and also forward to others in your organization.

NOTE: A number of federal agencies disable links that arrive in email messages. You will find this article in PDF format and online on our blog at www.fedretire.net [3], the links will be active there.

Retirement Planning:

A Year or More Before Leaving

Medicare – What to do when you turn 65

If you are retired and receiving Social Security you will automatically be enrolled in Part A and B and should receive your Medicare card three months before your 65th birthday. If you decide not to take Part B follow the instructions that you receive with your enrollment package. If you aren’t receiving Social Security you have a 7-month Medicare enrollment window that starts 3 months before your birthday.  You can sign up online at https://www.socialsecurity.gov/medicare/apply.html [29] or you can visit your local Social Security Office to apply. Call 1-800-772-1213 for additional information and assistance. You can also sign up for Medicare at https://www.medicare.gov [30] under the “New to Medicare” section. It takes about 15 minutes to register and sign up online.

If you are retired but covered under a working spouse’s medical plan or you are still working, sign up for Part A and then advise them that you do not want part B because you are covered by your employer or under a working spouse plan as the case may be.  All current federal employees and those retirees with new employer health care coverage or are covered under their spouse can elect this when they turn 65 to delay Part B without penalty until their working spouse retires, or they leave federal service, or their new employer.

Retirement Planning Information – Find the retirement planning information you need.

After Retirement – What to expect from OPM.

Request a Federal Retirement Report

Retirement planning specialists provide a comprehensive Federal Retirement Report™ including annuity projections, expenditures verses income, with a complete benefits analysis. This comprehensive 27-page benefits summary will help you plan your retirement.

Find answers to your questions: The best time to retire, retirement income vs expenditures, FEGLI options and costs, TSP risks and withdrawal strategies, and other relevant topics. Determine what benefits to carry into retirement and their advantages. You will also have the opportunity to set up a personal one-on-one meeting with a CERTIFIED FINANCIAL PLANNER.

This information should help you prepare for your retirement. I personally developed our Retirement Planning Guide [44] for personal reasons. When I retired from federal service in 2004, I couldn’t find the information I needed to make informed decisions. If you are planning your retirement subscribe to my Federal employees Retirement Planning Newsletter [45] to better understand your retirement options and benefits. I send out monthly email newsletters discussing federal benefits and retirement planning issues.

Use all of the resources available including the retirement specialist in your agencies HR office. They can help. You can print out this guide plus I converted the article to a PDF format that you can download and place on your desktop. Send the PDF file [2] to others in your group to use and place on their desktop while planning their retirement. Just open the PDF file and click on each link of interest to explore your options.

Dennis V. Damp [46], retired
Copyright 2019, Bookhaven Press LLC [47]

Helpful Retirement Planning Tools / Resources

Disclaimer: Opinions expressed herein by the author are not an investment or benefit recommendation and are not meant to be relied upon in investment or benefit decisions. The author is not acting in an investment, tax, legal, benefit, or any other advisory capacity. This is not an investment or benefit research report. The author’s opinions expressed herein address only select aspects of various federal benefits and potential investment in securities of the TSP and companies mentioned and cannot be a substitute for comprehensive investment analysis. Any analysis presented herein is illustrative in nature, limited in scope, based on an incomplete set of information, and has limitations to its accuracy. The author recommends that retirees, potential and existing investors conduct thorough investment and benefit research of their own, including detailed review of OPM guidance for benefit issues and for investments the companies’ SEC filings, and consult a qualified investment adviser. The information upon which this material is based was obtained from sources believed to be reliable, but has not been independently verified. Therefore, the author cannot guarantee its accuracy. Any opinions or estimates constitute the author’s best judgment as of the date of publication, and are subject to change without notice. The author explicitly disclaims any liability that may arise from the use of this material.

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