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On Thu, 3/23/17, sarah_oz@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:
Subject: [TSP_Strategy] 5 Retirement Questions Only You Can Answer
To: TSP_Strategy@yahoogroups.com
Date: Thursday, March 23, 2017, 4:25 PM
5 Retirement Questions Only You Can
Answer
By Tammy Flanagan
4:26 PM ET
There are some relatively simple things that everyone
should know
about their basic benefits under either the Federal
Employees Retirement
System or Civil Service Retirement System. This week, I
want to present
five straightforward questions covering the key items that
allow you to
transition from employee to annuitant. The answer to these
questions
vary according to work experience and other factors, so only
you can
answer them.
How old you must be and how much service you will
need in
order to be eligible for an immediate, voluntary CSRS or
FERS retirement
benefit?
Here's some basic information to guide you:
Age
and service requirements for immediate retirement under
FERSAge
and service requirements for immediate retirement under
CSRS
If you've worked other than a full-time work schedule,
it is
important to factor in the impact of intermittent or
when-actually-employed time, part-time work, and leave
without pay
periods during your federal career. (Bonus question: Can you
explain the
difference between an immediate and a deferred
retirement?)
Remember, the age at which you are eligible to retire is
not
necessarily the age at which you can afford to retire.
It's just the
date on which you will be able to collect a benefit starting
within 30
days of your separation from federal service.
What is your service computation date for
retirement? Do you
know the difference between your service computation date
for leave and
your service computation date for retirement?
The service computation date found on your Standard Form
50
(Notification of Personnel Action) was computed to determine
the proper
annual leave accrual of four, six or eight hours per pay
period as well
as to determine when your next step increase is due for pay
purposes.
When it is time to determine retirement eligibility and
calculation
of your CSRS or FERS retirement benefit, there are factors
that can
impact your creditable service, such as service that was not
covered by
retirement deductions or service that might be creditable
for retirement
that may not have been previously credited for leave
accrual. To learn
more about your service computation date, see this column:
Computing
Your Service.
What is the estimated value of your CSRS or FERS
retirement benefit?
The Office of Personnel Management website provides the
basics of CSRS and FERS retirement calculations:
Computing
your CSRS retirement benefitComputing
your FERS retirement benefit
OPM, however, doesn't offer an online calculator to do
it yourself. For that, you can try FedCalc, a privately
designed retirement estimator program.
The best place to get an accurate retirement estimate is
your
agency's human resources office. The problem you may
encounter there is
they they may not have enough staff to fulfill all of the
retirement
estimate requests they receive. Some agencies only provide
estimates to
those who are close to retirement.
What are the potential reductions to your basic
benefit?
Once you've calculated your "unreduced" retirement
benefit, then it's
time to find out if your benefit will be subject to any
further
reductions. These could include reductions for age, survivor
elections
and unpaid deposits under CSRS. (Unpaid deposits and
redeposits under
FERS do not cause a reduction, but can affect the
computation of and
eligibility for retirement by affecting your service
computation date).
I've written columns on each of these types of
reductions over the years. They can be found in this annual
index under the appropriate topic sub-headings.
What are the most common withholdings from your
benefit?
These could include federal and state income tax and
premiums for
Federal Employees Health Benefits, Federal Employees Dental
and Vision
Insurance, Federal Employees Group Life Insurance and
Federal Employees
Long-Term Care Insurance.
It's a good idea to complete a "dummy" tax return
using your
estimated retirement income to understand the impact of
taxes. Your
retirement income will also affect your Medicare Part B
premiums and how
much of your Social Security benefit will be taxed. Here
are some tax
planning resources:
IRS
Publication 721, Tax Guide to U.S. Civil Service
Retirement BenefitsRetirement
Living State Tax GuideKiplinger
State by State Tax Guide
Here are some federal resources on insurance benefits and
retirement:
Continuation
of Health Benefits After RetirementContinuation
of Life Insurance After RetirementTransitioning your FEDVIP
and FLTCIP to Retirement
Some of you may already have started keeping a retirement
folder or
files of relevant information. This can be a great way to
help visualize
your retirement goals. Be sure to keep your records current
as you get
closer to your retirement date.
Finally, you have have noticed that this column didn't
address the
Thrift Savings Plan or Social Security retirement benefits.
For many
federal retirees, they're important pieces of the total
income picture,
but the first building block of federal retirement is the
CSRS or FERS
basic benefit.
IIlustration: Flickr user Animated
Heaven
By Tammy Flanagan
4:26 PM ET
http://www.govexec.com/pay-benefits/retirement-planning/2017/03/5-retirement-questions-only-you-can-answer/136429/
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