If you are a federal employee, or aspire to be one, you might want to take this challenge to improve your financial situation. This week, we challenge you to review your federal retirement benefits and plan ahead for your future. 🙌
Why is this important? Because federal retirement benefits are complex and require careful planning to optimize them. 💯 You don’t want to miss out on any opportunities or make any mistakes that could cost you thousands of dollars in the long run. 😱
Here are some steps you can take to complete this challenge:
First, determine which retirement system you are under: the Civil Service Retirement System (CSRS) or the Federal Employee Retirement System (FERS). 🤔 This will affect your pension, Social Security, and Thrift Savings Plan (TSP) benefits. 🔥
Second, calculate your pension benefits based on your years of service, high-3 average salary, and retirement age. 🧮 You can use online calculators or consult a professional to help you with this. 💻
Third, review your TSP account and make sure you are contributing enough to get the full matching from your agency. 💰 Also, check your investment allocation and risk tolerance and adjust accordingly. 📈
Fourth, understand how Social Security works for federal employees and how it will affect your retirement income. 🙋 Depending on your retirement system, you may be subject to the Windfall Elimination Provision (WEP) or the Government Pension Offset (GPO), which could reduce your Social Security benefits. 😢
Fifth, explore other options to supplement your federal retirement benefits, such as the Bank On Yourself strategy. 🚀 This is a way to use cash value dividend-paying whole life insurance to access cash for major purchases while still receiving a guaranteed income. 💸
By completing this challenge, you will have a better understanding of your federal retirement benefits and how to maximize them. 😊 You will also be more prepared for your future and have more peace of mind. 😌
Are you ready to take this challenge? Let us know in the comments below how it goes and what you learned. 👇 We would love to hear from you. 🥰 #FederalRetirementChallenge #FederalBenefits #FederalFunFederalFunds
https://lnkd.in/gANgGCzm
I wish you the best of life moving forward.