1. Calculate your expected retirement income:
Start by estimating your FERS annuity, Social Security benefits, and any other sources of income.
2. Review your TSP (Thrift Savings Plan) account:
Understand your TSP balance and withdrawal options, including whether to leave it, transfer it, or take a distribution.
3. Understand your annuity options:
Familiarize yourself with the different annuity options, such as single life, joint life, or survivor benefits, and choose the one that suits your needs.
4. Determine your eligibility for Social Security benefits:
Know when you can start claiming Social Security benefits and how it will affect your overall retirement income.
5. Update your beneficiary information:
Ensure your beneficiary information is up-to-date for your TSP, life insurance, and any other accounts.
6. Plan for health insurance coverage:
Decide whether to continue your Federal Employee Health Benefits (FEHB) into retirement and understand the requirements.
7. Review your life insurance options:
Assess your life insurance needs and decide whether to continue your Federal Employees' Group Life Insurance (FEGLI) coverage.
8. Check your unused sick leave balance:
Determine how your unused sick leave will impact your retirement annuity calculation.
9. Schedule a retirement counseling session:
Consult with your HR department or OPM (Office of Personnel Management) for personalized retirement counseling.
10. Complete required retirement paperwork:
Ensure all necessary retirement forms and documents are submitted accurately and on time.
