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| Name | 6 Costly Mistakes Federal Employees Make At Retirement | Christy Capital Management |
| Video Uploader | Video From Christy Capital Management (formerly RBI) |
| Upload Date | This Video Uploaded At 17-05-2021 11:15:01 |
| Video Discription | Today, we are talking about the six costly mistakes that federal employees make at retirement. NOTE: Retirement Benefits Institute is now Christy Capital Management: See our latest federal-focused articles and resources at https://christycapital.com/federal Here's a breakdown of what we're going to talk about: 1. **Service Computation Date:** - Federal employees often make the mistake of not understanding their service computation date for retirement. - The service computation date for leave and retirement may differ, leading to miscalculations in retirement planning. - Factors such as non-deduction service, refunded service, and military time can impact these dates. 2. **Beneficiary Designations:** - Federal employees need to ensure correct beneficiary designations across various forms, including SF-3102, SF-1152, TSP-3, and SF-2823. - Contingent beneficiaries are emphasized to avoid probate and ensure a smooth transfer of assets. - Outside accounts like IRAs, Roth IRAs, and non-qualified accounts should also have proper beneficiary designations. 3. **Paperwork for Retirement:** - Filling out retirement paperwork accurately is crucial to avoid complications. - Choices regarding FEGLI life insurance, federal health care, survivor benefits, and tax withholding (W-4 form) require careful consideration. - The Retirement Benefits Institute offers assistance in completing paperwork correctly to navigate the complexities of federal retirement. 4. **Understanding Tax Consequences:** - Federal employees need to understand the tax consequences of retirement planning. - Distinguishing between gross and net income is essential, especially when dealing with pensions and TSP balances. - Tax planning should consider different types of money, such as taxable, tax-deferred, and tax-free, to optimize financial strategies. 5. **Detailed Retirement Planning:** - Retirement planning should go beyond relying solely on pension and social security. - Considerations include contributions to TSP, choosing between traditional and Roth options, evaluating the need for life insurance and survivor benefits, and ensuring financial adequacy into advanced ages. 6. **Seeking Specific Federal Benefits Advice:** - Generic financial advice may not be suitable for federal employees due to the unique features of their benefits. - It is crucial to seek specific advice from professionals who understand federal benefits intricacies to make informed decisions. - The Retirement Benefits Institute offers personalized retirement reports to assess net income, estimate TSP balances, and address specific federal benefit concerns. #FERSretirement #FederalRetirement Christy Capital Management has helped thousands of federal employees as they make plans for federal retirement. For more information about your federal retirement benefits, go to our website at https://christycapital.com/federal to get support. The information contained in this video should not be used in any actual transaction without the advice and guidance of a tax or financial professional who is familiar with all the relevant facts. The information contained here is general in nature and is not intended as legal, tax or investment advice. Furthermore, the information contained herein may not be applicable to or suitable for the individuals’ specific circumstances or needs and may require consideration of other matters. RBI is not a broker-dealer, investment advisory firm, insurance company, or agency and does not provide investment or insurance-related advice or recommendations. Brandon Christy, President of RBI, is also president of Christy Capital Management, Inc. (CCM), a registered investment advisor. |
| Category | Education |
| Tags | Retirement Benefits Institute | RBI | Brandon Christy | FERS training | federal retirement training | federal retirement | fers retirement | fers training | federal benefits training | fers planning | retirement planning | service computation date | scd | beneficiary designations | contingent beneficiaries | retirement paperwork | retirement taxes |
