Retirement Financial Advisor
- Thread starter DoWhat
- Start date
TCROW
Well-Known Member
I’d recommend checking the Garrett Planning Network (https://www.garrettplanningnetwork.com/). This is a network of fee-only planners, many of which advertise specialties in FERS. Not sure you’ll find someone outside of the immediate Metro area, unfortunately, but give it a shot. I use a guy in Rosslyn, as that’s close to my office. Been with him for 20 years. I’m not a federal employee however.
Thanks for the info. Put in my zip code in, but everything is up north.
It starts to get very over whelming when you look at all the different options for Social Security, FERS pension, health insurance (Medicare at 65), life insurance..........ect.
Financially I will have the money (I think), but I just want to make the right choice when the time comes.
And be able to leave an inheritance to my loved ones.
It starts to get very over whelming when you look at all the different options for Social Security, FERS pension, health insurance (Medicare at 65), life insurance..........ect.
Financially I will have the money (I think), but I just want to make the right choice when the time comes.
And be able to leave an inheritance to my loved ones.
TCROW
Well-Known Member
I hear you man. With Social Security, the general advice is to file to suspend as long as you can, but other details matter, and I think you're right to seek a professional. It's all pretty complicated. I hope the State leaves your (and all of our) inheritance alone!
One thing to check on that site ... often times people who are located in the Metro area by a ZIP code search will often travel to service clients, and may serve a wider area than their physical address might suggest. My guy rents space in one of those office share type spaces now, but for many years worked out of his home, and would do personal visits in-home. I was living in Gaithersburg when I first met him, and he came to our house. His theory was that people feel most comfortable talking about their finances in the comfort of their own home, so that was his personal approach.
One thing to check on that site ... often times people who are located in the Metro area by a ZIP code search will often travel to service clients, and may serve a wider area than their physical address might suggest. My guy rents space in one of those office share type spaces now, but for many years worked out of his home, and would do personal visits in-home. I was living in Gaithersburg when I first met him, and he came to our house. His theory was that people feel most comfortable talking about their finances in the comfort of their own home, so that was his personal approach.
I will make a phone call and look to see what they have to offer.
Thank You!!!!
Anybody else out there, please offer your suggestions.
Already retired and have been through it?
Others that have made it?
Retirement has lots of the unknowns, and I am sure others are asking the same questions.
I seek your experience and I understand that it is different for everybody.
Already retired and have been through it?
Others that have made it?
Retirement has lots of the unknowns, and I am sure others are asking the same questions.
I seek your experience and I understand that it is different for everybody.
Look up First Command in Lexington Park, they are behind Burger king, I use them for insurance and retiremen
Look up First Command in Lexington Park, there office faces Burger Kings drive through. I use them for retirement funds and life insurance. I just did a quick google on them and they deal with FERS also.
Thanks for the info.
Any of you lurkers have any info?
The more information is very much appreciated.
My son-in-laws dad owns Price Financial in Waldorf. I believe he has an office in Annapolis also. Not sure if he deals with FERS or not though.
Thanks.
PeoplesElbow
Well-Known Member
Good Luck with everything. This is one of the most informative articles I've ever read.
www.myfederalretirement.com
Have you gone to the free retirement class they have on base? That should be required when someone starts work for the government.
One thing I always tell everyone is "nobody cares more about your money than you do".
Why 62 Is the Magic Age for FERS Employees to Retire
Federal retirement expert, Chris Kowalik, outlines three potentially significant incentives for FERS employees to wait until the age of 62 to retire — plus some natural by-products of waiting longer to retire.
www.myfederalretirement.com
Have you gone to the free retirement class they have on base? That should be required when someone starts work for the government.
One thing I always tell everyone is "nobody cares more about your money than you do".
The article says 62 for the extra 10% pension (1% to 1.1%.)
I am eligible to retire at 56 with 36 years of service.
Eligible for the FERS Supplement (if it is still around) till age 62.
The problem with that is you can only make $17k before it starts effecting the supplement. It follows the Social Security rules on income.
I need someone to crunch the numbers and figure out the best results.
The class goes through the basic retirement info, but doesn't address your specific position.
PeoplesElbow
Well-Known Member
You are most likely going to get taxed on the full amount of the supplement.
Do you have to pay full price for the medical coverage until you are 65 or does the government still shell out for their portion?
Under FEHB:
Will my premiums increase once I retire?
No, you will pay the same premium as you paid while you were an employee. However, annuitants are paid on a monthly basis so you will pay them at the monthly rate. You may see an increase if you are employed by an agency, such as the Post Office, that contributes additional money towards the total premium. Retirees receive the same government contribution as most Federal employees.
And then it gets confusing on what to do at 65 (if I live that long).
All the medicare parts A,B,C, & D
I understand that.
From your posts that I have read, I understand that you are a Federal employee?
PeoplesElbow
Well-Known Member
I remember reading that now, it is a pretty good deal.
My mom recently turned 65 and you wouldn't believe the amount of fake medicare stuff she received in the mail was called about etc.
Unless you have a lot of expensive prescriptions medicare part D is a waste of money.
I am.
Make sure you understand your retirement benefits.
A lot of Fed employees have no idea what to expect.
And Thank You for your service.
And invest assssssssssss much as you can in your TSP.
Make sure you understand your retirement benefits.
If you are young take risk. (C &S funds)
PeoplesElbow
Well-Known Member
Make sure you understand your retirement benefits.
A lot of Fed employees have no idea what to expect.
And Thank You for your service.
Thank you too.
Most definately, I have been maxing out my TSP since I was about 30. I am 44 with 20 years btw.
Believe it or not I work with quite a few people that did not even know there was an annuity portion of the retirement.