TiCKed
02-01-2006, 09:36 PM
I had the opportunity to take a "Mid-Career Retirement Planning" class at work over the last two days, and I want to encourage my fellow Feds to jump at the chance if it comes along. It's always over-booked at my office, so word has gotten out here.
(I'm assuming that my agency isn't the only one to offer such a thing....)
Sure, most of the rules and regs are available if you take the time to track them down, and I was actually quite well versed compared to some of my fellow students. But hearing how all of the parts and pieces, (FERS, SS, TSP, insurance, medicare, etc., etc., etc.) mesh together was really useful...and the tips and pitfalls covered could really stop one from making some big mistakes.
Examples:
- You need to be covered by Federal health insurance for 5 years if you plan to carry it over into retirement. (A GOOD benefit!) So, if you found it benificial to be covered by a spouses non-federal insurance, you better think again for your final 5 years! (Where in our career does anyone stress this? As you're walking out the door?)
- For FERS employees, TSP will probably provide your largest retirement income of the three legs, (SS, FERS, TSP). Was a shock to some....but this crowd probably doesn't require this information. :)
It probably helped that the instructor was a FORMER Fed worker from OPM. That allowed him to be critical, and not just spew the party line, when required.
On the down-side, the class also included a pitiful presentation on investing, presented by a guest speaker from Edward Jones. It was a sales pitch. Ticked me off! Apparently, you NEED a broker to be successful in investing! (NOT!!!!)
Anyway, very good training!
(I'm assuming that my agency isn't the only one to offer such a thing....)
Sure, most of the rules and regs are available if you take the time to track them down, and I was actually quite well versed compared to some of my fellow students. But hearing how all of the parts and pieces, (FERS, SS, TSP, insurance, medicare, etc., etc., etc.) mesh together was really useful...and the tips and pitfalls covered could really stop one from making some big mistakes.
Examples:
- You need to be covered by Federal health insurance for 5 years if you plan to carry it over into retirement. (A GOOD benefit!) So, if you found it benificial to be covered by a spouses non-federal insurance, you better think again for your final 5 years! (Where in our career does anyone stress this? As you're walking out the door?)
- For FERS employees, TSP will probably provide your largest retirement income of the three legs, (SS, FERS, TSP). Was a shock to some....but this crowd probably doesn't require this information. :)
It probably helped that the instructor was a FORMER Fed worker from OPM. That allowed him to be critical, and not just spew the party line, when required.
On the down-side, the class also included a pitiful presentation on investing, presented by a guest speaker from Edward Jones. It was a sales pitch. Ticked me off! Apparently, you NEED a broker to be successful in investing! (NOT!!!!)
Anyway, very good training!