Most employees hired Jan 1, 1984 and later were more than likely a part of the Federal Employees Retirement System (FERS). There are a few exceptions for those people who had 5 years CSRS employment, left service and then came back (CSRS Off-set), but by and large most people working today are a part of the new FERS retirement system.
When FERS was created, it put more of the burden on federal employees to ensure they had enough money saved to retire. A typical CSRS employee could depend on at least 56% of their high three salaries from the government until they died. A FERS employee would only get 30% of their highest three years of salary from the government and would have to make up the difference between their TSP contributions and Social Security.
Many FERS employees do not know this and are going to be in a very difficult position when they reach retirement age. Knowing how much you will have and how much you need is priceless information. The earlier you can get this information the better you can plan and ensure you are not working until 70 like many federal employees.
When you meet with a Federal Employee Retirement Specialists representative, we can determine how much you will have in retirement and how much you need in order to maintain your lifestyle and to ensure you can retire when you want to. It’s a very difficult process to evaluate how much you need to retire and it is an area we would love to offer our assistance.