fers-employeesMost federal employees hired Jan 1, 1984 and after are more than likely a part of the Federal Employees Retirement System (FERS). There are a few exceptions for those people who had 5 years or more CSRS employment or left service and then came back (CSRS Off-set), but by and large most people working today are a part of the new FERS retirement system.

When FERS was created, it put more of the burden on federal employees to ensure they had enough money saved to retire. A typical CSRS employee could depend on at least 56% of their highest three salaries from the government until they died. A FERS employee, on the other hand, will only get 30% of their highest three years of salary from the government and will have to make up the difference between their TSP contributions and Social Security.

Knowing how much you will have and how much you need is vital to planning for retirement

Many FERS employees do not know this and are going to be in a very difficult position when they reach retirement age. Knowing how much you will have and how much you need is vital to planning for retirement successfully. The earlier you can get this information the better you can plan and ensure you are not working until 70 like many federal employees.

Meet with a Federal Benefits Group representative to determine how much you will have in retirement and how much you need in order to maintain your lifestyle, as well as to ensure you can retire when you want to. Understanding all the various factors that come into play is not as simple as it may seem. We’re here to help you navigate your benefits and to make sure you know the facts and are getting the most out of your hard earned money! Don’t take chances with your future and your retirement. Federal Benefits Group can provide you with the knowledge, information and advice to make the right decisions.

Call us today at (877) 317-4167 to secure your FREE counseling session appointment to review your federal benefits and retirement outlook!