Is There a “Best Date” to Retire?

[Pages:36]THIS WEBINAR SPONSORED BY

Is There a "Best Date" to Retire?

A NARFE Federal Benefits Institute Webinar Presented by Tammy Flanagan Federal Benefits Expert Sponsored by Aetna Closed Captioning (CC) is available on the recorded version of this webinar.

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Agenda

Are You Really Ready to Retire? ? Financial readiness ? Mental preparedness

Basic Rules for Choosing Your Date ? CSRS and CSRS Offset ? FERS

What Else? ? COVID-19 pandemic and the

impact on retirement processing

? Claiming Social Security ? Withdrawals from the TSP

Action Items

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Are You Really Ready to Retire?

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Are You Really Ready to Retire?

Financial Readiness

? Compute your net income

Government pension Social Security Retirement investments Other pensions?

? Consider taxes and tax planning ? Calculate your expenses

Look at your net salary Consider expenses that will

increase/decrease

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Are You Really Ready to Retire?

CSRS or FERS Retirement Estimate

? Ask HR for estimate ? Consider reductions such as survivor

elections, court-ordered former spouse benefits, etc.

? Be sure service computation date

accurately reflects service creditable Consider withholdings for income tax and insurance as applicable

Federal/state income tax FEHB FEGLI FEDVIP FLTCIP

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Are You Really Ready to Retire?

Social Security Estimate

? Federal tax ? State tax ? Medicare premium ? Claim between age 62 and 70 ? If applicable, consider

Spousal benefits Widow's benefits Former spouse entitlement

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Are You Really Ready to Retire?

Thrift Savings Plan ? Plan withdrawal

Single payment Installments Annuity

? Tax considerations ? TSP or IRA ? Taxable distribution or tax-free

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Are You Really Ready to Retire?

Mental Preparedness ? Nancy Schlossberg

? Be patient ? Understand your change ? Let go of the past, search for the

future, then create your new life

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