FERS Retirement Planning Checklist

12-24 Months Before Retirement

☐ Request Your Official Personnel Folder (OPF)

Contact your HR office to review your personnel records. Verify that all your service time is accurately recorded, including:

Military service deposits
Previous federal employment
Civilian service credits
Leave balances

☐ Attend Pre-Retirement Counseling

OPM requires pre-retirement counseling for all FERS employees. Your agency's HR office will schedule this. Topics covered include:

FERS annuity calculation
TSP withdrawal options
FEHB continuation in retirement
Social Security benefits
Life insurance options

☐ Estimate Your Retirement Income

Use our calculators to project your total retirement income:

FERS Annuity Calculator - Estimate your monthly pension
TSP Calculator - Project TSP growth
Social Security Statement - Check your estimated SS benefits

6-12 Months Before Retirement

☐ Decide on Your Retirement Date

Consider these factors when choosing your retirement date:

Age and service requirements: Ensure you meet eligibility criteria
Annual leave balance: Retiring at the end of a leave period maximizes payout
Health insurance: Coverage ends on the last day of the month you retire
TSP contributions: Consider maximizing contributions before retirement

☐ Review FEHB Options

During Open Season (November-December), evaluate whether your current FEHB plan is suitable for retirement:

Compare premiums and benefits across plans
Consider whether to switch from Self and Family to Self Only (if children are independent)
Understand Medicare coordination if you're near age 65

☐ Plan Your TSP Strategy

Decide how you'll withdraw from your TSP:

Review investment allocation (consider shifting to more conservative funds)
Decide between monthly payments, annuity, or systematic withdrawals
Consider Roth conversion strategies if you have Traditional TSP

3-6 Months Before Retirement

☐ Submit Your Retirement Application

Complete OPM Form RI 92-19 (Application for Immediate Retirement) and submit it to your HR office. Include:

Birth certificate or passport
Marriage certificate (if applicable)
Spouse's birth certificate (if claiming survivor benefits)
Divorce decrees (if applicable)
Military service documentation (DD-214)

☐ Decide on Survivor Benefits

Choose whether to provide a survivor annuity for your spouse:

Full Survivor Benefit: Spouse receives 50% of your annuity after your death (reduces your annuity by 10%)
Partial Survivor Benefit: Spouse receives 25% of your annuity (reduces your annuity by 5%)
No Survivor Benefit: Maximum annuity for you, nothing for spouse after your death

☐ Review Federal Employees' Group Life Insurance (FEGLI)

Decide whether to keep life insurance in retirement:

You can keep Basic coverage if you've been enrolled for the 5 years before retirement
Optional coverages (A, B, C) can also be continued
Premiums increase with age, so evaluate cost vs. need

1-3 Months Before Retirement

☐ Finalize TSP Withdrawal Elections

Complete TSP-70 form (Withdrawal Election) to specify how you want to receive your TSP funds. Options include:

Monthly payments
Lump sum (partial or full)
Annuity purchase
Rollover to IRA or other qualified plan
Combination of above

☐ Set Up Direct Deposit

Provide your bank account information for direct deposit of your annuity payments. This ensures timely receipt of your monthly payments.

☐ Update Beneficiary Designations

Review and update beneficiaries for:

TSP account (Form TSP-3)
FEGLI coverage
FERS survivor annuity elections

☐ Plan for Health Insurance Premiums

Understand that FEHB premiums will be deducted from your annuity payments. Budget accordingly for:

Your share of FEHB premiums (~28% of total)
FEGLI premiums if continuing coverage
Medicare Part B premiums if enrolling at age 65

After Retirement

☐ File for Social Security Benefits

You can apply for Social Security up to 4 months before you want benefits to start. Apply online at ssa.gov or visit your local SSA office.

☐ Monitor Your First Annuity Payment

OPM typically processes retirement applications within 60-90 days. Until then, you'll receive interim payments. Once your application is fully processed:

Verify your annuity calculation is correct
Ensure proper deductions for FEHB, FEGLI, and taxes
Set up supplemental tax withholdings if needed

☐ Annual Tasks

FEHB Open Season: Review and change health insurance if needed (November-December)
Tax Planning: Evaluate whether Roth TSP conversions make sense
RMDs: Starting at age 73, take Required Minimum Distributions from Traditional TSP
COLA Updates: Your FERS annuity receives annual Cost-of-Living Adjustments