Connection: A Vital Focus by FERS
FERS noticed several issues in their examination of federal employees. One of these is the lack of information surrounding retirement planning. There is no easy way to get information to help them learn their retirement status. The documents they receive may also be confusing, and leave them with queries but no one to answer them. An expert is the bridge to help them with retirement.
The free consultation removes any unwanted stress, fear, and anxiety caused by thoughts of retirement. Planning improves the chances of success, ensuring that employees reach their goals. Another issue that FERS has noticed is that people often push away retirement ideas. They think that it is far away when steps taken today can guarantee a comfortable life during retirement.
By having a consultation, the FERS creates accessibility. They provide licensed and experienced advisors, and employees can also opt to hire their services or products, which the advisors may recommend as a part of this consultation. The FERS does not take any money or fees from these consultations. They only serve to help improve retirement planning as a whole.
Addressing Retirement Planning Challenges
Most federal employees today are under FERS. Anyone employed from January 1, 1984, is a part of this system. There older employees are also part of FERS because they were either transferred or rehired under this new system. As such, spreading information about it is a natural step to take. There are three main components of the FERS that each contributes towards a federal employee’s retirement:
1. Basic Benefit Plan
2. Social Security
3. Thrift Savings Plan (TSP)
The strategies that help with retirement all revolve around these three. Each step of change you make will influence the outcome of retirement. Another thing that the website and consultation addresses are the common questions people ask. These are thoughts that often revolve around their mind as they get near retirement, including:
● When can I retire?
● How much money can I get during retirement?
● What can I do so that I get more money during retirement?
● How much do I need to retire comfortably?
● Will my money last during retirement?
● Is there a way to change or diversify investment risk?
The new steps taken by the organization will answer these questions and more. They hope to lessen the retirement issues plaguing the current system.
Jeremy Haug
Federal Employee Retirement System
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