240th Anniversary Of Our Nation’s Decree

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240th Anniversary Of Our Nation’s Decree

06/29/2016 Life Insurance

This month, we’ll celebrate the 240th anniversary of our nation’s decree that it would no longer tolerate rule from afar — Independence Day. The actions of that day ultimately spawned a government that now employs about 4 million people, including military personnel. Today, these federal employees have their own independence to consider — financial independence. Retirement should be a fun, worry-free reward for a career well-spent, but a comfortable retirement doesn’t just happen, you have to make it happen through planning.

As an employee of the federal government, you have a few built-in advantages when it comes to retirement planning. While life in the public sector may not be the most lucrative, it offers a dependable pension and strong retirement savings plan, both of which can be turned into reliable lifetime income with the proper planning. To maximize your income, though, it is wise to start planning for retirement long before your anticipated separation date approaches. And if you don’t have a retirement date in mind yet, a planning session can help you establish one.

The first step toward the comfortable retirement you desire is to gather information. You need to learn everything you can about your existing benefits. You need to know exactly what you’re paying for now and how much it’s costing you. You also need to know how much it will cost you in the future and whether you want to — or can afford to — keep it in your golden years.

Do you know how your FERS Disability coverage works? Many people don’t. Do you know what your FEGLI coverage will cost in five years? Ten years? When you retire? What about the Surviving Spouse Benefit? Do you know how it works and what it costs? When do you plan to file for Social Security? Do you know how this decision can impact your retirement income and how to plan for it? What about your Thrift Savings Plan? Is your contribution percentage on par with your retirement goals and the reality of the fund’s projected performance?

If you’re unsure how to answer one or more of these questions, a Federal Benefits Analysis Report from a GPM Life representative could help you figure things out. It’s not a generic white paper with a bunch of broad, useless finance-speak and general advice. In fact, it contains NO advice — just information. It’s a custom report analyzing YOUR specific salary, benefits, savings, pension, and social security. All you have to do to receive it is request to meet with a trusted GPM representative in your area. There’s no obligation on your part to commit to or purchase any plan of insurance, but if you take this opportunity to review your existing benefits with a federal benefits professional, you will walk away richer in knowledge than when you started.

Don’t let your employer-provided benefits and retirement programs determine how you live your golden years. Declare your own independence this year. Take the first step toward planning the retirement that YOU dream about.

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