Factors to Consider When Retiring From Federal Service

It’s easier to hustle and focus on building a successful federal career as a servant leader in the government, but most forget to prepare for their retirement plan since the future seems too far away to grab your attention today. However, federal employees need to think about their retirement goals long before leaving this career behind, especially for workers reaching their service’s last five to ten years. 

The last ten years dictate whether your fruitful career will provide sufficient benefits for a comfortable life after retirement; that’s why it literally pays to plan for your future. With that in mind, we’re here to help you get a head start on your retirement plan so you can achieve financial security for years to come. 

1. Know When You’re Eligible to Retire and When You Can Afford to Retire 

When working as a federal employee, you can have a ballpark figure of your retirement goals by knowing what age you’re eligible to retire. Keep in mind that employees can have legitimate reasons to retire earlier than expected, though it involves additional provisions like law enforcement retirement and disability. 

When you know what makes you eligible to retire, it’s time to ask the most critical question: can you afford to retire? Before you decide to leave early, be sure you have enough pension to cover your future needs. Working additional years can positively impact your retirement plan, so always focus on whether you still need to work to leave with peace of mind. 

2. Keep Your Beneficiary Designations, Wills, and Estate Planning Documents Up-to-Date 

Federal employees can reap several benefits from the Federal Employees Group Life Insurance (FEGLI), Thrift Savings Plan (TSP), and more, but this means more beneficiary obligations to accomplish. Moving forward in life comes with unexpected changes, so be sure to keep your necessary documents well-informed with your current beneficiary designations, wills, and estate planning. 

3. Certify Your Federal Service and Monitor Your History 

Some forms of service can go under the radar; that’s why employees need to take control by reviewing their agency’s record and see whether their documented services reflect reality. Any form of service, be it military, part-time, and everything in between, ultimately impacts your pension funds. 

With that in mind, you can ensure the completeness and accuracy of your federal service history by certifying long before you plan on retiring. It may be a hassle to do, especially when your HR department doesn’t prioritize your request, but it simplifies matters for you down the line. 

The Bottom Line: Preparing for Your Federal Employee Retirement Plan 

Your retirement may seem lightyears away, but your older self will thank you for preparing ahead so you can ensure you retire with guaranteed financial security. 

Do You Need Help With Your Federal Employee Retirement Planning? 

Retirement pension plans can be tricky to build and understand, but My Federal Plan can simplify retirement planning for government employees with our comprehensive services tailored to secure your financial future. 

We offer retirement education, thrift savings plan, and more, so contact us today for your FREE retirement planning session. Our goal is to ensure all US federal employees can exit with peace of mind. 

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