Federal Retirement: Fact or Opinion?

Published: July 24, 2023, 3:30 p.m.

b'July 24, 2023\\xa0on\\xa0ForYourBenefit, host Bob Leins, CPA\\xae welcomes Tammy Flanagan, Senior Benefits Director at NITP.\\nIt seems that everyone has an opinion when it comes to retirement decisions.\\xa0Many of these opinions are stated as though they\\u2019re facts.\\xa0Some of the questions from Federal employees about retirement center around relatively straightforward facts in law or policy.\\xa0Here are some of the most common:\\n\\nWill I get a cost-of-living adjustment on my retirement benefit?\\n\\nWhat are the requirements to continue my health insurance coverage into retirement?\\n\\nDo I have to begin taking payments from my TSP account when I retire from Federal service?\\n\\nOther questions, though, require opinions because they lack a definitive right or wrong answer. In the retirement world, these often start with \\u201cShould I\\u2026\\u201d Here are some of the ones frequently asked:\\nShould I\\u2026\\n\\nFile for Social Security at 62?\\n\\nLeave my money in the Thrift Savings Plan after retirement, or move it to an IRA?\\n\\nRetire when I am first eligible to collect a benefit, or continue working?\\n\\nThe answer to all of these is, well, it depends.\\xa0When it comes to retirement decisions that may be hard to change later, it is important not to focus on the money you save now, but the cumulative cost your decision can have over the next decade or several decades. After all, for many Federal retirees, life after government may last longer than their working careers.\\nFor questions or comments, email us in advance at\\xa0ForYourBenefit@nitpinc.com\\nCopyright \\xa9\\xa02023 Federal News Network. All rights reserved. This website is not intended for users located within the European Economic Area.'