The Ultimate 2020 FERS Retirement Planning Guide: Expert Advice from Jason Troyer, PhD

Retirement planning is an essential part of everyone's financial journey, and for federal employees under the Federal Employees Retirement System (FERS),it becomes even more crucial to navigate the complex rules and regulations. If you're looking for expert guidance to help you make the most of your FERS retirement benefits, you're in the right place. In this comprehensive guide, we'll explore the ins and outs of FERS retirement planning, with valuable insights from the renowned expert, Jason Troyer, PhD.

Understanding FERS Retirement

Before diving into the tips and tricks of retirement planning, it is vital to familiarize yourself with the FERS retirement system. FERS is a three-tiered retirement plan that includes a basic pension plan, Social Security benefits, and the Thrift Savings Plan (TSP),a defined contribution plan offering federal employees a way to save for retirement.

1. Basic Pension Plan: As a FERS participant, you are entitled to a defined benefit pension plan based on your years of service and income. Jason Troyer, PhD, suggests understanding the calculations and eligibility requirements to make informed decisions about when to retire and how much retirement income you can expect.

2020 FERS Retirement Planning Guide

by Jason Troyer PhD(Kindle Edition)

4.4 out of 5

Language	:	English
File size	:	7104 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	345 pages
Lending	:	Enabled

FREE

2. Social Security Benefits: Another key component of FERS retirement is Social Security. However, it's essential to remember that FERS participants also pay into Social Security, meaning your benefits will be lower than those who solely rely on Social Security. Troyer advises considering this reduction while creating an overall retirement plan.

3. Thrift Savings Plan (TSP): The TSP is a vital part of any FERS retirement strategy. It offers federal employees the opportunity to save money on a tax-deferred basis, with the option of receiving employer matching contributions. Jason Troyer, PhD, suggests maximizing your TSP contributions and choosing suitable investment options according to your risk tolerance and retirement goals.

FERS Retirement Eligibility

Knowing when you're eligible for retirement is crucial for planning purposes. According to Jason Troyer, PhD, there are specific requirements to qualify for a FERS pension:

• Eligibility based on minimum age and service requirements
• Early retirement options
• Disability retirement
• Special provisions for certain occupations

Understanding these eligibility rules will help you plan your retirement timeline and make informed decisions about the optimal age to retire. Jason Troyer, PhD, urges federal employees to assess their financial readiness and consult professionals if needed.

Additional Retirement Considerations

Aside from the core components of FERS retirement, there are several other factors that should be taken into account during planning:

1. Health Insurance: Jason Troyer, PhD, highlights the importance of considering your health insurance options in retirement. Federal employees who retire under FERS may be eligible to continue their coverage through the Federal Employee Health Benefits (FEHB) Program, but there are specific requirements and costs to be aware of.

2. Long-Term Care: Aging often comes with increased healthcare needs, including long-term care. Troyer advises federal employees to consider long-term care insurance options to ensure they are financially protected in the event of an unexpected health crisis.

3. Estate Planning: Estate planning is an integral part of any retirement strategy. It involves organizing your assets, creating a will, and designating beneficiaries. Jason Troyer, PhD, recommends consulting an estate planning attorney to ensure your assets are distributed according to your wishes.

Expert Advice from Jason Troyer, PhD

Jason Troyer, PhD, is a leading expert in retirement planning and specializes in helping federal employees make smart decisions regarding their FERS retirement benefits. With years of experience and a deep understanding of the intricacies of the FERS system, Troyer offers valuable advice to federal employees seeking a comfortable and fulfilling retirement.

His key tips include:

• Start planning early: According to Troyer, the earlier you start planning for retirement, the more options you'll have. Take advantage of compounding interest and maximize your contributions to the TSP as soon as possible.
• Seek professional guidance: Federal retirement benefits can be complex, which is why Troyer recommends consulting with a financial advisor specializing in FERS retirement planning. They can guide you through the process, ensuring you make the most of your benefits.
• Consider life after retirement: Retirement is not just about finances; it's also about your overall well-being. Troyer suggests thinking about how you want to spend your retirement years, whether that involves pursuing hobbies, volunteering, or traveling. Planning for these aspects will contribute to a fulfilling retirement.

Retirement planning can be a daunting task, particularly for federal employees navigating the complexities of the FERS system. However, with the help of expert advice from Jason Troyer, PhD, you can gain a better understanding of the various components of FERS retirement and ensure a secure and fulfilling future.

Remember to start planning early, familiarize yourself with the eligibility requirements, and seek professional guidance to make informed decisions. By taking these steps, you'll be well on your way to a successful retirement journey under FERS. Start today, and reap the benefits in the years to come!

2020 FERS Retirement Planning Guide

by Jason Troyer PhD(Kindle Edition)

4.4 out of 5

Language	:	English
File size	:	7104 KB
Text-to-Speech	:	Enabled
Screen Reader	:	Supported
Enhanced typesetting	:	Enabled
Word Wise	:	Enabled
Print length	:	345 pages
Lending	:	Enabled

FREE

The most important factor in your retirement planning is understanding the federal retirement system and benefits. The more you know, the better the result.

Our brand new FERS Retirement Planning Guide contains the very latest critical information on your retirement benefits and is stated clearly to help you take full advantage of opportunities and avoid costly mistakes.

This reference guide clarifies important topics such as the retirement planning process, maximizing and calculating your annuity, the role Social Security plays, as well as health insurance, life insurance and the TSP.

Included this FERS Retirement Planning Guide for 2020:

•Special Retirement Supplement
•Leaving service before retirement eligibility
•Service Computation Date
•MRA +10
•Catch-62
•Sick leave conversion
•Retirement eligibility
•Early Retirement
•Redeposits
•Key retirement terms you need to know
•Social Security and the Thrift Savings Plan
•How to calculate your annuity (with plenty of easy-to-follow examples)
•Eligibility requirements
•Different retirement types (regular, early, deferred, special disability)
•Credit for military service
•Deposits and redeposits
•Cost of living adjustments – COLAs
•The effect of divorce on annuities
•Social Security
•Public Pension Offset
•Windfall Elimination Provision
•The Thrift Savings Plan
•Taking health and life insurance into retirement
•Special retirement (law enforcement, air traffic controller, etc.)
•Annuity taxes
•Annuity reductions
•Survivor benefits
•And much more!

Note: CSRS-Offset employees should order the CSRS version and those who switched from CSRS to FERS want the FERS version.