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Don't Trust Your Complex Federal Retirement Planning to Just Anyone

Surprisingly, Federal retirement benefits are exceptionally complicated. Not only are there multiple programs employees can full under, each one has its own set of complex rules that can dramatically impact your future if not handled by someone with extensive knowledge. Recognizing the need in Sioux falls for comprehensive financial planning for Federal employees, Cornerstone Financial has three consultants that have recently undergone specialized training on the federal retirement system and federal government benefits program.

Richelle Hofer, a wealth advisor who has obtained the Chartered Federal Employee Benefits Consultantâ„  certification shares, "I so firmly believe that the more I know you the better job I can do for you. There is nothing cookie cutter about finance. I'm excited to have received extensive training that allows me to really dig in and help decipher Federal retirement planning to ensure that you have the best plan in place."

Charted Federal Employee Consultantsâ„  have extensive knowledge about FERS, CSRS and Special Provisions (LEO, FF, ATC, CBPO, MRT) and can provide answers to your questions about you TSP, FEGLI, and Social Security. Richelle notes, "It's important that you work with someone who knows the specifics of the Federal plans and can also provide comprehensive service including tax planning, investment management, protection planning, and estate planning as well as retirement planning. You only retire once and benefit elections for Federal employees are irrevocable, which means they can't be changed, so it's a very important decision."

As a Federal employee, there are many options that can arise in your retirement plan that can have a lasting impact on you future including:

WHAT DATE SHOULD I RETIRE?

This may sound like a silly questions, but as a Federal employee, retiring on the wrong day of the month can literally mean the loss of a month of hard-earned benefits.

WHAT CAN I DO WITH MY UNUSED SICK LEAVE?

As a Federal employee you can sometimes use unused sick leave to increase your retirement benefits, or you can take it when you leave. Deciding which way to go can have a big impact on your finances in the long run.

SHOULD I TAKE THE LIFE-ONLY OR SPOUSAL BENEFIT OPTION?

Although each person's situation is different, many people in the private sector choose the spousal benefit option, and for good reason. But that might not be the right choice for Federal employees because there are a lot of variables to consider. We will work with you to consider your entire situation, including things like other sources of income, your health, the age difference between spouses and more.

For more information or to schedule an appointment to discuss your Federal retirement options with Richelle or another Wealth Advisor, call our office at 605.357.8553 in Sioux Falls or 605.352.9490 in Huron.

You can download the latest issue of Sioux Falls Woman Magazine here: https://www.siouxfallswoman.net/