Upon retirement, the Federal Employees Retirement System (FERS) will pay federal workers a monthly benefit based on their years of service worked under FERS, average high 3-year salary and age. This FERS basic benefit is often known as the monthly annuity. It is a major source of retirement income for federal workers. Knowing how it is calculated can help you decide when it’s the right time to retire.
Recessions are a normal part of our economy. But no one can accurately predict when the next one will happen. It could happen at an inconvenient time for you personally. For one, you could find yourself retiring in a recession.
Unexpected events in life often come with a hefty price tag. In fact, the average emergency expense was about $1,400, according to one study. Which highlights the importance of having an emergency fund.
There’s no getting around the fact this year has been challenging for most investors. But that doesn’t mean it’s a total wash. Even though the year is quickly coming to a close, you can still take advantage of valuable opportunities and take proactive steps to set yourself up for the future. With that goal in mind, here is a year-end financial checklist to help you get ahead.
AT&T employees who are nearing retirement have a lot on their minds right now. For one, you could lose a significant amount on your pension lump sums if it is calculated based on currently higher interest rates. In addition, you are faced with high market volatility and the potential for a recession.
Healthcare will likely be one of your biggest retirement expenses. Most retirees rely on Medicare, which is the national health insurance for older adults and people with disabilities. Unfortunately, Medicare’s various plans can be complex and confusing. And choosing the wrong plan can be expensive.
Advance Capital Management’s president and chief investment officer, Christopher Kostiz, provides his key economic and market insights from the most recent quarter.
Building wealth starts with having the right goals in place. But your financial needs and goals in your 20s will look vastly different from those in your 40s. Hence, your financial priorities change as your life changes. With that in mind, here is a list of financial priorities in your 20s, 30s and 40s that can help you stay on track.
People like to describe retirement as a marathon and not a sprint. That’s because it takes diligent saving over a long period of time to achieve financial independence. But it’s more accurate to think of retirement as a triathlon, because you’ll rely on a variety of vehicles, or retirement income sources, to finish this kind of race.
From postal workers to VA doctors, we’ve had the pleasure of helping many federal government employees reach retirement. The first thing most of those folks want to know is at what age can they retire. So, what is the federal retirement age? Is it the conventional age of 65?
