Creating a Transparent System of Information
The organization notes that many federal employees often have questions about their retirement. However, they don’t know what steps to take to answer them. They are hesitant to pursue help because of a misconception that it may cost them a lot of money. One of the steps they’ve taken with the launch is to create a bridge that connects people to the experts they need. Offering this service for free eliminates hesitation and gets federal employees the help they need.
One thing that federal employees should note is that they will be talking to licensed independent advisers. These agents offer their services and products at a cost, though the initial consultation is free. Once they engage in their services, the two parties will agree on a price. Before that happens, anything during the initial consultation is free of charge.
Federal employees can learn their retirement status and what they can expect if they continue on the same trajectory. The adviser may also find any mistakes or inefficiencies hampering their goals. The FERS believes that having accessible expert advice is what’s been missing in the system for a long time.
Answering Questions Crucial to Retirement
Three elements constitute a federal employee‘s retirement plan. These are:
1. Thrift Savings Plan (TSP)
2. Social Security
3. Basic Benefit Plan
All of these influence the outcome of retirement, so taking each into account is crucial. However, the details can get convoluted, which is why an expert is needed to help simplify the information. Knowing about these can also help them answer the retirement questions that people often think about, such as:
● What is the trajectory of my retirement income? What can I expect to get once I retire?
● When is the best time to retire based on my plan?
● What can I change in FERS to help me reach my goals?
● Is there any way to change the risk in my investments?
● Is there a way to diversify risk with my retirement plan?
Putting the Focus Back into Retirement Planning
There are many unwanted outcomes to the lack of retirement planning. By addressing these, one can escape the anxiety and fear of not knowing these details. People want to have the assurance that they’ll have enough money during retirement. They want to know that the money they’ve prepared can last. FERS is taking steps to ensure that this option for information is available to all.
Jeremy Haug
Federal Employee Retirement System
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