September 24

All About FERS- All About FERS Retirement

Basic Annuity, FERS, Guaranteed Income

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Hi, my name is Mike Lanway, I'm a financial planner. I'm an expert in federal employee benefits, and I'm here to help you decide what you need to do to make best use of those benefits to your advantage. 

How much about FERS retirement do you actually know or understand? How much help would you like with your FERS retirement? A lot of people don't pay attention to it. A lot of people are even surprised that they have a FERS retirement. They just think about TSP, and they think 'this is it for my retirement from FERS,' and that's so wrong. 

There's a FERS pension program, they call it the "basic annuity." This basic annuity is just a phrase they use, don't get caught up in what it means, it's just a pension opportunity. It's a way for you to get guaranteed income for your lifetime, and the way you earn it, well it's not by paying in any real amount of money. I mean you do pay some, but it's really earned by the amount of time you put into a FERS career. 

If you put in enough time, you get some money for your retirement for the rest of your life, and that's a pretty good deal. How good of a deal is it? Some people are gonna think it's a great deal, and some people are gonna say not super. It's just based on where you are, what you think, and how you think about it. 

What we're doing here is giving you an opportunity to think about it. We wanted to break it down for you so you can see the different benefits that are inside retirement, just the retirement income. What they actually mean, what you can actually choose, and depending on when you wanted to retire, how much you'd actually get. 

We wanted to put it together for you so you'd see that, 'I get so much if I work this long; I get another amount if I work that long. I get this benefit if I retired this time; I get another benefit of I retire at that time. I see how it's planned, I see how it's really working out for me.' and that's what we hope is going to be most helpful to you. We don't want to talk about retirement, we want to talk about your retirement. We don't want you to think about rules, we want to think about opportunities. How do we get opportunities from what they've created? What do we do?

"...it's just a pension opportunity. It's a way for you to get guaranteed income for your lifetime..."

What we're going to do is start with a snapshot. What do we get at certain times, and then what if I want to do something in between those times? Well, that's how we can work together to help you figure that out. FERS retirement: concept of, 'Do I want guaranteed income for the rest of my life once I'm retired?' Yes or no, and if so, FERS- this is the place to start.

We hope you enjoyed our video series on the different components of your retirement and your benefits. If you want to see more, learn more at your own pace, use our annual benefit statement. You'll see the link at the bottom and within the description. Go there, take a look at it, we think you'll be happy with what you see and and that it's going to help you.

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