If you’re a federal employee thinking about retirement, you’re probably feeling a bit overwhelmed. Trust me, you’re not alone. FERS retirement planning can feel like trying to solve a puzzle with pieces scattered everywhere. But here’s the thing – asking the right questions now can save you thousands of dollars and a lot of headaches later.

We’ve put together the ultimate checklist of questions every FERS employee should ask before 2026. Think of this as your retirement planning roadmap. Grab a coffee, get comfortable, and let’s dive in.

Getting Your Timing Right

Are you eligible to retire?

• Do you meet the requirements for immediate retirement (62 with 5 years, 60 with 20 years, or MRA with 30 years)?
• What’s your Minimum Retirement Age (MRA) based on your birth year?
• Do you understand MRA+10 retirement and its reduced pension implications?
• Have you considered which month offers the best financial advantage for your retirement date?
• Are you aware of the three-day rule for retirement dates?

Is your paperwork in order?

• Do you know your total creditable service years, including civilian and military time?
• Have you verified all service periods in your Official Personnel Folder (OPF)?
• If you have military service, have you made the required deposit for FERS credit?
• Are there any unpaid leave periods affecting your total service years?
• Have you reviewed your service history for accuracy at least five years before retirement?

Money Matters: Your Financial Foundation

Are you financially ready?

• Do you have an emergency fund covering at least six months of expenses?
• What’s your plan to reduce high-interest debt before retirement?
• Have you calculated your total retirement income from all sources?
• Are you prepared for the interim-pay period that can last several months?
• Do you have liquid assets to cover expenses during the payment gap?

Do you understand your FERS annuity?

• Can you calculate your FERS annuity using the formula (service years × high-three salary × 1.0% or 1.1%)?
• Have you obtained an official annuity estimate from OPM?
• Do you qualify for the 1.1% multiplier (age 62+ with 20+ years)?
• What’s your high-three average salary, and have you verified it’s accurate?
• How might part-time work in your final years affect your calculation?

Your TSP: The Big Questions

Is your TSP strategy solid?

• How is your account balanced between the different funds?
• Are your allocations aligned with your retirement risk tolerance?
• Do you understand traditional vs. Roth TSP contributions?
• Are you maximizing the 5% agency match?
• What’s your withdrawal strategy – annuity, systematic payments, or lump sum?
• How long will your TSP balance last with different withdrawal rates?
• Do you have a plan for market volatility?
• Are you prepared to adjust allocations as you near retirement?

Social Security and the Special Supplement

What about Social Security?

• What’s your estimated Social Security benefit at 62 vs. full retirement age vs. 70?
• Have you verified your Social Security earnings record?
• Do you understand how FERS and Social Security work together?
• Have you confirmed WEP doesn’t apply to you as a FERS employee?
• What’s the optimal age to claim benefits based on your situation?
• If married, what’s the best claiming strategy for both spouses?

Do you qualify for the Special Retirement Supplement?

• Are you eligible for this bridge benefit until age 62?
• Have you calculated your estimated supplement amount?
• Do you understand the earnings test if you work after retirement?
• Are you aware the supplement ends at age 62?

Protecting Your Family

Have you planned for survivor benefits?

• What percentage of your annuity will you elect for survivor benefits?
• Do you understand the cost difference between full (10%) and partial (5%) survivor benefits?
• Have you discussed this decision with your spouse?
• Are your beneficiary designations updated for TSP, life insurance, and retirement accounts?
• Do you have current estate planning documents (will, power of attorney, healthcare directives)?
• How do survivor benefits work if you have a former spouse?

Health Insurance and Benefits

Is your health coverage secure?

• Have you been enrolled in FEHBP for at least five years before retirement?
• If not, do you qualify under the “first opportunity rule”?
• Have you compared your current plan with other FEHB options for retirement?
• Do you understand how Medicare will coordinate with FEHB at age 65?
• Have you factored health insurance premiums into your retirement budget?
• Do you need long-term care coverage beyond FEHB?

What about life insurance?

• Do you have the right FEGLI coverage level for retirement?
• Have you been enrolled for at least five years to carry it into retirement?
• Do you understand how FEGLI reduces over time in retirement?
• Is continuing FEGLI cost-effective vs. private insurance?
• Do you even need life insurance in retirement?

Leave and Final Details

Are you maximizing your leave benefits?

• Have you tracked your accrued annual leave accurately?
• Do you understand how unused annual leave is paid out?
• What’s the maximum annual leave you can carry over?
• How will your unused sick leave add to your service credit?
• How many additional months of service will your sick leave provide?

Is your paperwork complete?

• Have you resolved any debts to your agency?
• Are all service deposits paid in full?
• Is your retirement application submitted with adequate lead time?
• Do you have copies of all important documents (SF-50s, TSP statements, benefit elections)?
• Have you attended your agency’s pre-retirement briefing?

Future Considerations

Are you prepared for changes?

• Do you understand COLA eligibility for FERS retirees?
• Are you tracking potential legislative changes affecting federal benefits?
• Do you have flexibility for different policy scenarios?
• If you plan to work after retirement, do you know the earnings limits?
• Do you understand reemployment rules as a federal annuitant?

Have you thought about taxes?

• Do you understand tax treatment of your annuity, TSP, and Social Security?
• Have you calculated your expected retirement tax liability?
• Do you have a strategy to minimize taxes through withdrawal timing?
• Have you considered state tax implications if relocating?

What about long-term security?

• Have you stress-tested your plan against market downturns and inflation?
• Do you have a plan for required minimum distributions at age 73?
• Have you considered working with a federal benefits specialist?
• Do you have a plan for healthcare gaps before Medicare eligibility?

Taking Action

This might seem like a lot, but remember – you don’t have to figure this all out overnight. The key is starting early. Experts recommend beginning serious retirement planning at least five years before your target date. This gives you time to fix any documentation issues, adjust your financial strategy, and make informed decisions.

Important Notice: This information is provided for educational purposes only and should not be considered as personalized retirement advice. Federal retirement planning involves complex rules and regulations that can change. It is essential that you conduct your own research and analysis of your specific situation.

We strongly recommend scheduling a consultation with a qualified federal benefits specialist who can review your individual circumstances and provide guidance tailored to your needs. Do not make retirement decisions based solely on general information. Always seek professional advice before making significant financial decisions regarding your federal retirement benefits.

Ready to get serious about your retirement planning? The team at Federal Benefits Service specializes in helping federal employees navigate these complex decisions. Don’t let uncertainty derail your retirement dreams – get the expert guidance you deserve.