Intro
Federal Retirement Services LLC
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- Customer Information
- Federal Employees Group Life Insurance
- FEGLI in Retirement
- Disability Coverage
- Federal Employees Retirement System (FERS)
- Thrift Savings Plan (TSP)
- Future Values
- Summary
Customer Information
Federal Retirement Services LLC
Federal Employees Group Life Insurance
Federal Retirement Services LLC
BASIC LIFE
Your basic insurance amount depends on your annual basic pay. (Excludes COLA)
Line 1 - Your current basic pay
Line 2 - If not an exact thousand, round up to next thousand
Line 3 - Add $2,000
Line 4 - Total Basic Life Insurance
EXTRA BENEFIT
| AGE | FACTOR |
|---|---|
| 35 and under | 1.0 |
| 36 | 0.9 |
| 37 | 0.8 |
| 38 | 0.7 |
| 39 | 0.6 |
| 40 | 0.5 |
| 41 | 0.4 |
| 42 | 0.3 |
| 43 | 0.2 |
| 44 | 0.1 |
| 45 | 0.0 |
Line 5 - Basic Life Insurance (Line 4)
Line 6 - Multiplication Factor
Line 7 - Total Extra Benefit Coverage (Gone by Age 45)
OPTION A - Standard ($10,000)
| AGE | BIWEEKLY | MONTHLY |
|---|---|---|
| Up to Age 35 | 0.2 | 0.43 |
| 35 - 39 | 0.2 | 0.43 |
| 40 - 44 | 0.3 | 0.65 |
| 45 - 49 | 0.6 | 1.3 |
| 50 - 54 | 1 | 2.17 |
| 55 - 59 | 1.8 | 3.9 |
| 60 and over | 6 | 13 |
Total amount of Coverage - Option A
Monthly Cost
No cost at age 65+
OPTION B - Additional
WITHHOLDING PER $1,000 INSURANCE
| AGE GROUP | BIWEEKLY | MONTHLY |
|---|---|---|
| Up to Age 35 | 0.02 | 0.043 |
| 35 - 39 | 0.02 | 0.043 |
| 40 - 44 | 0.03 | 0.065 |
| 45 - 49 | 0.06 | 0.13 |
| 50 - 54 | 0.1 | 0.217 |
| 55 - 59 | 0.18 | 0.39 |
| 60 - 64 | 0.4 | 0.867 |
| 65 - 69 | 0.48 | 1.040 |
| 70 - 74 | 0.86 | 1.863 |
| 75 - 79 | 1.8 | 3.900 |
| 80 and over | 2.88 | 6.240 |
Line 8 - Put the amount in line 2 here $
Line 9 - Multiple
Line 10 - Total Option B Insurance
Line 11 - Monthly Cost
OPTION C - Family
| AGE GROUP | BIWEEKLY | MONTHLY |
|---|---|---|
| Up to Age 35 | 0.2 | 0.43 |
| 35 - 39 | 0.24 | 0.52 |
| 40 - 44 | 0.37 | 0.8 |
| 45 - 49 | 0.53 | 1.15 |
| 50 - 54 | 0.83 | 1.8 |
| 55 - 59 | 1.33 | 2.88 |
| 60 - 64 | 2.43 | 5.27 |
| 65 - 69 | 2.83 | 6.13 |
| 70 - 74 | 3.83 | 8.3 |
| 75 - 79 | 5.76 | 12.48 |
| 80 and over | 7.8 | 16.9 |
OPTION C Cost (MONTHLY)
Unit per Spouse
Unit per Child
Total Amount of Spousal coverage
Total Amount of coverage per child
Monthly Cost
Current Life Insurance Coverage
Federal Retirement Services LLC
Total Life Insurance
- Label
- Input
Basic Life
Extra Benefit
Option A ($10,000)
Option B - Additional
Total Life Insurance
Option C - Family
- Spouse
- Children
Retirement or Age 65
Basic
Option A
Option B
Option C
Total Amount of Coverage at Age 65
Your Option
The chart below will explain which options you currently have.
| A = Ineligible | J = BL, A, B-1, C | S = BL, B-4 |
| B = No Benefits | K = BL, B-2 | T = BL, A, B-4 |
| C = BL | L = BL, A, B-2 | U = BL, B-4, C |
| D = BL, A | M = BL, B-2, C | V = BL, A, B-4, C |
| E = BL, C | N = BL, A, B-2, C | W = BL, B-5 |
| F = BL, A, C | O = BL, B-3 | X = BL, A, B-5 |
| G = BL, B-1 | P = BL, A, B-3 | Y = BL, B-5, C |
| H = BL, A, B-1 | Q = BL, B-3, C | Z = BL, A, B-5, C |
| I = BL, B-1, C | R = BL, A, B-3, C |
Disability Coverage
Federal Retirement Services LLC
What Is Disability Insurance?
Despite popular belief, disability insurance is not just for on-the-job injuries.
The most common disability insurance claims after work-induced musculoskeletal disorders (think: carpal tunnel, tendinitis, and back pain) are for cancer, pregnancy, and mental-health issues like depression and anxiety.
Many of these things can happen at any time without warning and hinder you from performing your regular duties at work or showing up at all.
Not everyone needs disability insurance, but if you rely on a steady paycheck to pay your bills, stay out of debt, and save up for the future, you probably do, regardless of where you work.
- Label
- Input
Sick Time:
Leave Time:
Creditable Years:
Other:
Total Federal Disability Coverage
TSP hardship withdrawals may seem to be a source for badly needed income, but withdrawals can severely derail a desired retirement date.
A "FERS Disability Retirement", means that you have elected to retire and you are no longer a Federal employee. This is a permanent decision.
Federal Employees Retirement System (FERS)
Federal Retirement Services LLC
ELIGIBILITY TO RETIRE
Benefits under FERS are payable to workers at age 60 with 20 years of service, or at age 62 with 5 years of service. Benefits are also available after 30 years of service at the "minimum retirement age" (MRA).
| If you were born | Your FERS MRA is |
|---|---|
| Before 1948 | 55 |
| in 1948 | 55 & 2 mos. |
| in 1949 | 55 & 4 mos. |
| in 1950 | 55 & 6 mos. |
| in 1951 | 55 & 8 mos. |
| in 1952 | 55 & 10 mos. |
| 1953 - 1964 | 56 |
| in 1965 | 56 & 2 mos. |
| in 1966 | 56 & 4 mos. |
| in 1967 | 56 & 6 mos. |
| in 1968 | 56 & 8 mos. |
| in 1969 | 56 & 10 mos. |
| 1970 or after | 57 |
REDUCED BENEFITS FOR EARLY RETIREMENT
Age 62 FERS Benefit (Annual)
Yrs of service
Reduced by
Reduced Annual Benefit
Reduced Monthly Benefit
Income Before Retirement
Approx. Gross Monthly Income
Health Insurance Costs
Taxes @ 20% estimate
Approx. Net Income
Surviving Spouse Monthly Income @ 50% Survivor Income
Surviving Spouse Income
If you select the Survivor Annuity Plan, your spouse will receive approximately 50% of your Retirement Income upon your death.
Survivor Annuity Plan (Please select from the Drop Down)
MONTHLY ANNUITIES COMPUTED UNDER BASIC FORMULA
(Second line of each salary level reflects annuity with survivor deduction)
| YEARS OF CREDITABLE SERVICE | |||||||
|---|---|---|---|---|---|---|---|
| Income | 5 | 10 | 15 | 20 | 25 | 30 | 35 |
| $45,000.00 | $188.00 | $375.00 | $563.00 | $750.00 | $938.00 | $1,125.00 | $1,313.00 |
| $169.00 | $338.00 | $506.00 | $675.00 | $844.00 | $1,013.00 | $1,181.00 | |
| $50,000.00 | $208.00 | $417.00 | $625.00 | $833.00 | $1,042.00 | $1,250.00 | $1,458.00 |
| $188.00 | $375.00 | $563.00 | $750.00 | $938.00 | $1,125.00 | $1,313.00 | |
| $55,000.00 | $229.00 | $458.00 | $688.00 | $917.00 | $1,146.00 | $1,375.00 | $1,604.00 |
| $206.00 | $413.00 | $619.00 | $825.00 | $1,031.00 | $1,238.00 | $1,444.00 | |
| $60,000.00 | $250.00 | $500.00 | $750.00 | $1,000.00 | $1,250.00 | $1,500.00 | $1,750.00 |
| $225.00 | $450.00 | $627.00 | $900.00 | $1,125.00 | $1,350.00 | $1,575.00 | |
| $65,000.00 | $271.00 | $542.00 | $813.00 | $1,083.00 | $1,354.00 | $1,625.00 | $1,896.00 |
| $244.00 | $488.00 | $731.00 | $975.00 | $1,219.00 | $1,463.00 | $1,706.00 | |
| $70,000.00 | $292.00 | $583.00 | $875.00 | $1,167.00 | $1,458.00 | $1,750.00 | $2,042.00 |
| $263.00 | $252.00 | $788.00 | $1,050.00 | $1,313.00 | $1,575.00 | $1,838.00 | |
| $75,000.00 | $313.00 | $625.00 | $938.00 | $1,250.00 | $1,563.00 | $1,875.00 | $2,188.00 |
| $281.00 | $563.00 | $844.00 | $1,125.00 | $1,406.00 | $1,688.00 | $1,969.00 | |
| $80,000.00 | $333.00 | $667.00 | $1,000.00 | $1,333.00 | $1,667.00 | $2,000.00 | $2,333.00 |
| $300.00 | $600.00 | $900.00 | $1,200.00 | $1,500.00 | $1,800.00 | $2,100.00 | |
| $85,000.00 | $354.00 | $708.00 | $1,063.00 | $1,417.00 | $1,771.00 | $2,125.00 | $2,479.00 |
| $319.00 | $638.00 | $956.00 | $1,275.00 | $1,594.00 | $1,913.00 | $2,231.00 | |
| $90,000.00 | $375.00 | $750.00 | $1,125.00 | $1,500.00 | $1,875.00 | $2,250.00 | $2,625.00 |
| $338.00 | $675.00 | $1,013.00 | $1,350.00 | $1,688.00 | $2,025.00 | $2,363.00 | |
| $95,000.00 | $396.00 | $792.00 | $1,188.00 | $1,583.00 | $1,979.00 | $2,375.00 | $2,770.00 |
| $356.00 | $713.00 | $1,069.00 | $1,425.00 | $1,781.00 | $2,138.00 | $2,493.00 | |
| $100,000.00 | $417.00 | $833.00 | $1,250.00 | $1,667.00 | $2,083.00 | $2,500.00 | $2,917.00 |
| $375.00 | $750.00 | $1,125.00 | $1,500.00 | $1,875.00 | $2,250.00 | $2,625.00 | |
| $105,000.00 | $438.00 | $875.00 | $1,313.00 | $1,750.00 | $2,188.00 | $2,625.00 | $3,063.00 |
| $394.00 | $788.00 | $1,182.00 | $1,575.00 | $1,969.00 | $2,363.00 | $2,757.00 | |
| $110,000.00 | $458.00 | $917.00 | $1,375.00 | $1,833.00 | $2,292.00 | $2,750.00 | $3,208.00 |
| $412.00 | $825.00 | $1,238.00 | $1,650.00 | $2,063.00 | $2,475.00 | $2,887.00 | |
| $115,000.00 | $479.00 | $958.00 | $1,438.00 | $1,917.00 | $2,396.00 | $2,875.00 | $3,354.00 |
| $431.00 | $862.00 | $1,294.00 | $1,725.00 | $2,156.00 | $2,588.00 | $3,019.00 | |
| $120,000.00 | $500.00 | $1,000.00 | $1,500.00 | $2,000.00 | $2,500.00 | $3,000.00 | $3,500.00 |
| $450.00 | $900.00 | $1,350.00 | $1,800.00 | $2,250.00 | $2,700.00 | $3,150.00 | |
| $125,000.00 | $521.00 | $1,042.00 | $1,563.00 | $2,083.00 | $2,604.00 | $3,125.00 | $3,646.00 |
| $469.00 | $938.00 | $1,407.00 | $1,875.00 | $2,344.00 | $2,813.00 | $3,281.00 | |
Your FERS Retirement Calculation
(if age 62 or older with 20 or more years of service)
Multiplying Factor of 1%, if under age 62
Total Years/Months
High-Three
FERS Basic Annuity
People age 62+ (Multiplication factor of 1.1%)
RETIREMENT INCOME ESTIMATE
FERS
Estimated TSP Balance at Retirement
TSP
SS
Other
Total
Total Monthly Income at Retirement
| Age 62 SS Benefit | X | Years of service / 40 | Benefit |
|---|---|---|---|
| $0.00 |
Thrift Savings Plan (TSP)
Federal Retirement Services LLC
TSP Plan History and Details
The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees. Congress established the TSP in the Federal Employees' Retirement System Act of 1986. The purpose of the TSP is to provide retirement income. The TSP offers Federal employees the same type of savings and tax benefits that many private corporations offer their employees under "401(k)" plans.
The Federal Retirement Thrift Investment Board is an independent government agency. The Board consists of five members who serve in a part-time capacity. They are nominated by the President and confirmed by the Senate. The five members of the Board and the Executive Director are required by law to manage the TSP prudently and solely in the interest of the participants and their beneficiaries.
EMPLOYEE CONTRIBUTIONSFERS Participants - You can contribute to TSP on a pay period basis, either in percentage of salary amounts or whole dollar amounts up to an annual dollar maximum.Once you are eligible, you will receive:
- Agency Matching Contributions (Up to 5%). Matching funds (even into Roth TSP), will always go into the Traditional account.
- Immediate vesting in Agency Matching Contributions and
- Label
- Input
Employee
Gov't Match
Total Contribution
Annual Contribution
Years of Service
Total Amount Contributed Over The Years (Estimated)
TSP Income Projection at age 62 (5%):
Amount Transferred
Monthly Income
Future Value Calculation - TSP:
Current Value
# of Years
Annual Contribution
Rate of Return
Future Value
Present Value vs. Future Value Calculations
Federal Retirement Services LLC
- Label
- Input
Future Value Calculation - Monthly Expenses:
Current Value
# of Years
Pymt
Inflation Rate
Future Value
Future Value Calculation - TSP:
Current Value
# of Years
Annual Contribution
Rate of Return
Future Value
Summary of Federal Retirement Benefits
Federal Retirement Services LLC
FEGLI
- Label
- Input
Current FEGLI coverages elected:
Current Life Insurance Coverages
• Basic
• Extra Benefit
• Option A
• Option B
• Option C
Total Amount of Spousal coverage
Total Amount of coverage per child
What happens to your coverage at age 65?
• Average cost of a funeral today
• At Age 65
• At age 85
Do you have debts that you will need to have paid off?
Do you have a life insurance shortage?
This is how much Disability Insurance you have through the Federal Government:
Do you regularly use up your leave and sick time?
Do you have a Disability Insurance shortage?
Here's what your Federal Retirement Monthly Annuity (Pension) will be:
Here's What Your Estimated Income will Be From Your TSP:
Here's how much monthly income you can expect from Social Security
Estimated Monthly income at Age 65
ESTIMATING SOCIAL SECURITY BENEFITS
Because the computation methods are so complex, its almost impossible for a person to accurately determine the exact amount of benefits they will qualify to receive at some future point in time. This is primarily because benefits can be computed in one of several ways and benefit entitlements are constantly changing.
QUOTE FROM A SOCIAL SECURITY STATEMENT
ABOUT SOCIAL SECURITY'S FUTURE
Social Security is a compact between generations. Since 1935, America has kept the promise of security for its workers and their families. Now, however, the Social Security system is facing serious financial problems, and action is needed soon to make sure the system will be sound when today's younger workers are ready for retirement. Without changes, in 2035 the Social Security Trust Fund will be able to pay only about 76 cents for each dollar of scheduled benefits. *We need to resolve these issues soon to make sure Social Security continues to provide a foundation of protection for future generations. * These estimates are based on the intermediate assumptions from the Social Security Trustees' Annual Report to the Congress.