Confirm eligibility based on years of federal service, age and retirement systems
2
Review and verify Service Computation Date
3
Decide on retirement date
4
Check status of the Federal Employees Group Life Insurance
5
Check status of the Federal Employees Health Benefits
6
Evaluate future income and expenses
7
Approval: Financial Advisor for future income and expense analysis
8
Determine the need for long-term care insurance
9
Consider tax implications of retirement income
10
Approval: Tax Advisor for tax implications
11
Review Thrift Savings Plan options
12
Evaluate social security benefits
13
Consider options for joint survivor benefit plan
14
Request retirement estimates from your agency
15
Approval: Agency for retirement estimates
16
Begin preparing retirement application NLT 90 days before retirement
17
Schedule pre-retirement counselling
18
Submit retirement application NLT 45 days before retirement
19
Approval: HR for retirement application
20
Plan for the transition period
Confirm eligibility based on years of federal service, age and retirement systems
Verify that you meet the requirements for retirement eligibility based on your years of federal service, age, and retirement system. This task is critical as it ensures that you are eligible to proceed with the retirement process. Are you eligible for retirement based on your years of federal service, age, and retirement system?
1
Yes
2
No
Review and verify Service Computation Date
Review and verify your Service Computation Date (SCD). The SCD is significant as it determines your length of service for retirement benefits calculations. It is crucial to ensure its accuracy. Have you reviewed and verified your Service Computation Date?
1
Yes
2
No
Decide on retirement date
Decide on the specific date you would like to retire. This task allows you to establish a target date for retirement, taking into account personal circumstances and any future plans. When are you planning to retire?
Check status of the Federal Employees Group Life Insurance
Check the status of your Federal Employees Group Life Insurance (FEGLI). Ensuring its validity is crucial as it affects the benefits provided to your beneficiaries. What is the current status of your Federal Employees Group Life Insurance?
1
Active
2
Inactive
3
Not Applicable
Check status of the Federal Employees Health Benefits
Check the status of your Federal Employees Health Benefits (FEHB). Ensuring its active status is essential as it affects the availability of health coverage for you and your eligible dependents after retirement. What is the current status of your Federal Employees Health Benefits?
1
Active
2
Inactive
3
Not Applicable
Evaluate future income and expenses
Evaluate your projected future income and expenses after retirement. This task assists in planning and determining if adjustments need to be made to your savings, investments, or retirement plans. Have you evaluated your future income and expenses after retirement?
1
Yes
2
No
Approval: Financial Advisor for future income and expense analysis
Will be submitted for approval:
Evaluate future income and expenses
Will be submitted
Determine the need for long-term care insurance
Assess the need for long-term care insurance coverage based on your personal circumstances and preferences. This task helps you evaluate the potential need for coverage in the event of extended medical care or assistance. Do you need to consider long-term care insurance?
1
Yes
2
No
Consider tax implications of retirement income
Consider the tax implications that retirement income may have. This task helps identify potential tax liabilities and allows for proper planning and allocation of retirement income. Have you considered the tax implications of your retirement income?
1
Yes
2
No
Approval: Tax Advisor for tax implications
Will be submitted for approval:
Consider tax implications of retirement income
Will be submitted
Review Thrift Savings Plan options
Review the various options available in the Thrift Savings Plan (TSP). This task provides an opportunity to assess investment strategies, contribution amounts, and allocation options to optimize your retirement savings. Have you reviewed the Thrift Savings Plan options?
1
Yes
2
No
Evaluate social security benefits
Evaluate your potential social security benefits and entitlements. This task helps determine the estimated amount of social security benefits you may receive during retirement, assisting in financial planning. Have you evaluated your potential social security benefits?
1
Yes
2
No
Consider options for joint survivor benefit plan
Consider the options available for a joint survivor benefit plan. This task enables you to make decisions regarding the provision of continued benefits to your beneficiaries after your death. Have you considered the options for a joint survivor benefit plan?
1
Yes
2
No
Request retirement estimates from your agency
Request retirement estimates from your agency to obtain accurate projections of your retirement benefits, including annuity and other potential allowances. This task is a crucial step in gaining an understanding of your financial situation post-retirement. Have you requested retirement estimates from your agency?
1
Yes
2
No
Approval: Agency for retirement estimates
Will be submitted for approval:
Review Thrift Savings Plan options
Will be submitted
Evaluate social security benefits
Will be submitted
Consider options for joint survivor benefit plan
Will be submitted
Request retirement estimates from your agency
Will be submitted
Begin preparing retirement application NLT 90 days before retirement
Start preparing your retirement application no later than 90 days before your desired retirement date. This task ensures that you have sufficient time to gather the necessary documents and information required for a smooth retirement process. Have you started preparing your retirement application?
1
Yes
2
No
Schedule pre-retirement counselling
Schedule a pre-retirement counseling session to receive guidance and advice regarding your retirement options, benefits, and any necessary paperwork. This task is essential for obtaining accurate information specific to your situation. Have you scheduled a pre-retirement counseling session?
1
Yes
2
No
Submit retirement application NLT 45 days before retirement
Submit your retirement application no later than 45 days before your desired retirement date. This task ensures that your retirement paperwork is submitted on time, allowing ample time for processing and avoiding any delays. Have you submitted your retirement application?
1
Yes
2
No
Approval: HR for retirement application
Will be submitted for approval:
Begin preparing retirement application NLT 90 days before retirement
Will be submitted
Schedule pre-retirement counselling
Will be submitted
Submit retirement application NLT 45 days before retirement
Will be submitted
Plan for the transition period
Plan for the transition period leading up to your retirement. This task involves considering any necessary arrangements, notifying relevant parties, and making preparations for a smooth transition. Have you started planning for the transition period?
