If you've spent your career working for the federal government, you already know your retirement benefits are more complex than most. You have a pension through FERS or CSRS, a Thrift Savings Plan, Social Security considerations that work differently than they do for private sector employees, and a federal health benefits program that comes with its own set of decisions at retirement.

Most financial advisors know how to handle an IRA or a 401k. Some may not understand how all of your federal benefits fit together and what to do with them. That's where we come in.

Federal employees have access to some of the most valuable retirement benefits available anywhere. But those benefits come with complexity and the decisions you make at retirement around your TSP, your pension election, your survivor benefits, and your FEHB coverage are largely irreversible. Getting them right the first time matters.

Here are some of the things federal employees are typically navigating as they approach retirement:

• TSP decisions. Your Thrift Savings Plan is one of the best retirement savings vehicles available anywhere, with low fees and solid fund options. But at retirement you face decisions about whether to leave your money in the TSP, roll it over, or do some combination of both. Each path has different implications for your income, your flexibility, and your overall retirement picture.
• FERS pension elections. If you're retiring under FERS you'll need to choose a pension election that determines both your monthly benefit and what your surviving spouse would receive. This is a permanent decision and it directly affects your income for the rest of your life.
• Survivor benefit planning. The survivor benefit election is one of the most significant and most misunderstood decisions federal employees make at retirement. Choosing the wrong option can leave a spouse in a very difficult position down the road.
• FEHB at retirement. One of the great advantages of federal retirement is the ability to carry your Federal Employees Health Benefits coverage into retirement. But understanding how it coordinates with Medicare, when to enroll in Medicare Part B, and how to structure your coverage going forward takes some careful thought.
• Social Security coordination. Federal employees under FERS are eligible for Social Security but the timing of when you claim interacts with your pension income, your TSP distributions, and your overall income picture in ways that are worth thinking through carefully.

Federal benefits are generous but the decisions around them are complicated and largely permanent. We've worked with federal employees who came to us after retirement wishing someone had walked them through these things before they signed the paperwork.

Here's what we see most often:

• Taking the pension as a single life annuity to maximize monthly income. It feels like the right move because the monthly number looks better. But if something happens to you your spouse is left with nothing from your pension. The survivor benefit decision deserves a lot more thought than most people give it.
• Assuming the TSP is fine where it is. The TSP is a great savings vehicle but it has limitations in retirement. Many federal retirees don't realize there are more flexible options for income distribution and legacy planning once they're no longer working and that rolling over at least a portion can give them more control over their retirement picture.
• Not thinking about FEHB and Medicare coordination early enough. Some federal retirees assume they'll figure out Medicare when they get there. But the decisions around when to enroll in Medicare Part B and how it coordinates with your FEHB plan are worth thinking through well before you turn 65.
• Underestimating the impact of the Windfall Elimination Provision. Federal employees under CSRS who also have Social Security credits from other jobs are sometimes surprised to find their Social Security benefit is lower than expected. Understanding how WEP affects your situation before you retire helps you plan your income more accurately.
• Waiting until the last minute to start planning. Federal retirement paperwork and benefit elections move on a timeline that doesn't leave much room for second guessing. The people who feel most confident at retirement are the ones who started having these conversations three to five years out, not three to five months out.

Willie Schuette, RICP®, has worked with federal employees across Largo, Florida and Avon Lake, Ohio helping them sort through the complexity of federal retirement and build a clear picture of what their income and financial life will look like on the other side.

Willie's background is in coaching and he approaches federal retirement planning the same way. His job is to look at every piece of your benefits picture, your TSP, your pension, your Social Security, your FEHB, and your legacy planning goals, and make sure they're all working together as one coordinated strategy. He works directly alongside your CPA and estate planning attorney so that your tax efficient approach, legacy plan, and your investment strategy are aligned from the start.

Federal retirement is not the time to hand your rollover to someone who has never seen a SF-50. Willie has been in these conversations and knows what questions to ask.

The 611 Group Wealth Advisors is not endorsed by, or affiliated with, the Social Security Administration or any other government agency.

This page is for you if you are a federal employee within five to ten years of retirement, a recently retired federal employee who hasn't yet rolled over your TSP or made a final plan for your benefits, a federal spouse trying to understand survivor benefit options, or someone who has federal retirement benefits but has never had anyone sit down and explain how they all fit together.

If any of that sounds familiar we'd love to start a conversation.

The 611 Group serves retirees and pre-retirees in Largo, Florida and Avon Lake, Ohio. Led by Willie Schuette, we help clients across Pinellas County and Northeast Ohio build confident, coordinated retirement plans.