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Capitalizing on the retirement benefits offered may help federal employees plan for retirement

07/20/11

While the federal government may be one of the last employers to provide pensions and long-term retirement options for employees, individuals who not plan properly may still find themselves in a bind years down the road.

Experts believe that planning ahead may be one of the easiest and most reliable ways to ensure financial solvency once a person stops working. Most federal employees fall into either the Civil Service Retirement System (CSRS) or the Federal Employees Retirement System (FERS), according to FedSmith.com.

However, within those categories some employees may retire after a set amount of years they have worked, not merely by reaching a certain age. Air traffic controllers, for example, can retire at any age, as long as they have 25 years of service. For individuals who plan to retire somewhat early, they may want to consider investing in an annuity which will help provide additional financial support once they stop working.

For federal employees, experts believe that the time to get serious about retirement is five to seven years before they plan to stop working, the media outlet reports. Individuals must have insurance for a minimum of five years before they stop working in order to keep their healthcare benefits in retirement.  

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