Federal, military and government contractors face specialized financial circumstances. Generous federal and military benefits can contribute handsomely to the assets you’ll depend on in retirement. But it’s important to understand the implications of the often irrevocable designations and decisions you’ll need to make when it comes time to draw on these and other benefits:
- Thrift Savings Plan (TSP)
- Social Security (SS)
- Civil Service Retirement System (CSRS)
- Federal Employees Retirement System (FERS)
- FERS Special Retirement Supplement (SRS)
- Federal Employees Group Life Insurance (FEGLI)
- Federal Employees Health Benefits (FEHB)
- Federal Long Term Care Insurance Program (FLTCIP)
At Vertical Investments, we’re here to help you navigate and coordinate the wealth you accumulate during your concentrated earning years. We’ll also help you avoid the planning and withdrawal pitfalls that can trap the uninformed, so you can make the most of the benefits you’ve worked so hard to earn.
One of the best ways to maximize your benefits is to work with a financial advisor who specializes in working on financial planning for military and government employees. These plans differ significantly from many of the plans that exist in the private sector. You want a financial advisor who understands all of the choices available in government plans and who can help you select the benefits options that are right for you.
Choosing benefit options isn’t the only part of financial planning for government employees and military members. You also have to plan on how to use your benefits once you start receiving them. Do you use your benefits to support your lifestyle and expenses? Do you reinvest them while you pursue a second career? If you do save your benefits, what is the best way to allocate them among investments?
There are no easy answers to these questions. The right answers for you depend on your specific goals, needs, and concerns. That’s why you need a financial advisor who can understand your unique situation and help you find the best solutions for you and your family.