|
FEDERAL EMPLOYEE'S
RETIREMENT PLANNING GUIDE
CSRS / FERS Federal Civil
Service Retirement
&
Estate Planning Guidance
Retirement is a
major decision in everyone's life and PREPARATION is
the key to making it a success. This site, based on
my 35+ years of federal
government service and recent retirement, will help you
make the transition from full time federal employee to a successful,
financially prepared, and
involved federal retiree.
The goal of this site is to provide visitors a nexus to
anything and EVERYTHING that will help them plan
effectively for federal retirement.
TABLE OF CONTENTS
Introduction
I started planning my federal civil service
retirement on my 53rd birthday, two years prior to my
retirement eligibility
date. There are many issues to consider prior to
retirement and one of the primary concerns is whether or not you can live
comfortably on your annuity and other income sources after you leave
government service. Other key factors are how to protect your
loved ones if you should die unexpectedly and what you will do in
retirement.
Many retirees and employees anticipating retirement
explore going back to school either to complete a degree, obtain certification
for a field of interest, or enroll in an advanced degree course. You can
research online colleges
to determine what is right for you or you can look into
graduate degrees if that interests
you. Others pursue hobbies, travel or grow a business.
There are so many questions that need answered and
many issues that must be researched prior to turning in your federal retirement
papers. Everything has to be considered including knowing what you
will have to live on, what your current bills are and what they will
be after you retire. You need to know the proper forms to use and what
benefits will carry over and who do I want as beneficiaries on my
insurance policies, accounts, and investments. This site will guide you
step-by-step through this process in the
Retirement Costs and
Estate Planning
sections.
WHEN TO RETIRE
Many put off compiling critical
information that a surviving spouse or loved ones will need. I know we don't like to think about these things.
However, just imagine how difficult it will be for your surviving spouse or
loved ones if you should die unexpectedly. Who do they call to
continue their survivor's annuity! How do they cash in your life insurance
policies, where is the safe deposit box key, passwords to on-line accounts, and
so on. There is so much information that only you have
registered up-stairs or stashed away in a far corner of your home or
office. The Survivor and
Estate Planning sections outline what
your loved ones will need when the inevitable happens.
Use the menu at the top of this page to review each topic. Many of your questions will be
answered on our site or you will be directed to additional sources when
further clarification may be needed. We provide links to OPM's web site for
specific subjects and we link you direct to that
information so you don't have to waste time searching OPM's site. You
can use the search feature on this site to find key
information fast and we recommend valuable
resources, books,
and software, that will help you with your retirement, wills and general estate planning.
Many of these resources are also available at your local library. I personally used them to develop my family's estate plan,
wills and trusts. Everyone should have a basic estate plan and your
personal plan can range from a simple will, living trusts, a combination of
both - or more if your estate exceeds current
death tax limits.
Retirement will change your daily routine and
It's best to be prepared for this change and know in advance what you will
have to live on and what you will actually do in retirement. Some start small businesses, work part time at
something they love to do - such as volunteer work, complete a college
degree, pursue hobbies, travel more, take cooking lessons, and the list
goes on and on. Many of us dream about retirement and long for the day
that we can break free from our daily routine and start life anew.
Dreams and reality often conflict and the best way to make dreams come
true is to plan to make them happen.
The key to a successful retirement is proper
planning and I am confident that the information provided on this site
will help you evaluate your personal situation and design your own unique
retirement plan.
Related Links:
Thinking About Retirement -
http://www.opm.gov/retire/html/library/ri83-11/index.asp
Return to Top of Page
Home | About | FAQ | Content | Search
|
|
