Faq’s - ferausa.org

GENERAL FAQ'S

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GENERAL FAQ'S

1 How long does it take to process my retirement application?: In most cases it takes around 60 days to process the application. However, if your claim has special circumstances, such as applying under disability provisions, making service buy back deposits or incomplete/incorrect application, the process can take several more months. Thus it is imperative to get the process started about 6 months early and confirm all the forms are completed correctly the FIRST time!
2 How much will my federal government pension payment be?: This gets extremely complicated as there are MANY factors effecting your annual payment. However, on the most basic level, if you meet the minimum years of service and age requirements as a FERS employee, your calculation will be the average of your "high 3" years base pay times your years of service times 1%. However, please contact us for an accurate calculation.
3 I left my federal job prior to being eligible for the pension, what happens to my retirement contributions?: A lot of people don't realize this, but in the case you sever your employment prior to being eligible for a pension, all the money you contributed from your paychecks that was earmarked fro the "pension pool" is due back to you with interest. This can be taken as a lump sum or in payments.
4 Will I run out of money in retirement?!: This is by far the biggest stressor for most retirees. You've worked your whole life to put yourself in a good position to retire comfortably, how do you make sure you enjoy it to the fullest, without running out of money? Well, you need a PLAN and there is no cookie cutter way to build it as there are so many variables. Work with one of our advisors TODAY to create the best plan for you!
5 When do I begin to plan for retirement?: Like most things in life, it's really never too early to put together a plan. No matter what your age or how long you've been federally employed, there are things that need to be considered and pre-planned in order to have a stress free, maximum retirement. Don't Wait, schedule your FREE retirement consultation TODAY!
6 What is the cost to buy back my military time?: There's a different cost depending on the years you served, ranging from 3% to 3.4% of your total military basic pay. There's also interest that needs to be paid for every year beyond the first 3 years of civilian service. So it makes sense to make the buy back "deposit" sooner than later. Let us help with the calculation to determine if it's in your best interest to make the deposit.
7 How old do I have to be to retire from the federal government?: Barring any special circumstances, the optimal retirement age is 67 in order to maximize your pension and Social Security payments. However, much like the pension calculation, there are myriad factors that can effect this age requirement. Our trained advisors will make sure to provide you with the accurate information you need to pick the best retirement date for you!
8 What happens to the money in my Thrift Savings Plan (TSP) when I retire?: This is probably the most frequent question we get. The short answer is as you near/reach retirement you want your money less exposed to market risk. In most cases, this means rolling the funds into an IRA and directing into a product that will help protect your nest egg. However, if not handled correctly, this can trigger hefty and unnecessary tax events. Our advisors are licensed to provide the answers and solutions you need for one of the most important pieces of your retirement!
9 Can I keep my federal health insurance benefit (FEHB) after I retire? What about my spouse?: Yes, you and your spouse can keep the same insurance plan you were on when employed with the federal government, at the same rate. You will be responsible for the "employee portion payment" which will be deducted from your pension payment automatically. As a general rule, you will have to have been enrolled in the FEHB for 5 years prior to retiring to be eligible.

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