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FEGLI Analysis

Dive into the intricate world of FEGLI coverage. Our analysis explores the various options available, from Basic to Option B, their associated costs for different age groups, and the factors influencing premium amounts. Whether you’re a young federal employee just starting out or nearing retirement, understanding your coverage choices is crucial to ensuring adequate financial protection for your loved ones.

Is FEGLI living up to its promises?

This analysis takes a critical look at the program’s strengths and weaknesses. We’ll assess its overall effectiveness in providing financial security to federal employees and their families, while also acknowledging potential limitations and areas for improvement.

TSP Overview

The TSP is similar to non-government retirement plans offered by private corporations. An optional, tax-deferred retirement savings and investment plan – it is administered by the Federal Retirement Thrift Investment Board.


As a Federal employee, TSP enables you to save part of your income for retirement while receiving matching contributions from your federal agency employer.


Under certain circumstances, you can choose to transfer all or part of your tax-deferred TSP contributions to a specific privatized account.

The purchase of an annuity, insurance product is one of the fastest-growing retirement strategies in the U.S. In 2019, consumers put more than $241 billion dollars in annuities to reduce or eliminate risk and to get their savings growing again.1 A recent Gallup poll of over one thousand annuity owners reveals a striking contrast between the American population at large and those who purchase an annuity. While most national polls show a decline in consumer confidence in retirement, more than half of annuity owners believe that they have enough or more than enough money to cover their financial needs in retirement. Ninety-three percent are happy with their annuity purchases and still own their first.1


Thrift Savings Plan

According to the TSP.gov website, there are two types of employee contributions with this savings plan: Regular employee contributions, which include automatic enrollment contributions, and “catch up” contributions for employees aged 50 and older.


Participation in TSP is optional – however if you are a FERS-eligible employee hired after July 31, 2010, you are now automatically enrolled in TSP. Even if you choose not to participate, the government deposits 1% of your income automatically into your TSP account.


You can elect to contribute more to your account and you’ll receive matching contributions on the first 5% of your contributions from the federal agency you work for.


If you’re a federal employee covered under the CSRS plan, you can elect to establish a TSP account but your tax-deferred contributions will not be matched by the government. Keep in mind, the IRS places limits on the tax-deferred contributions you can make to your TSP.


Via the National Active and Retired Federal Employees Association (NARFE), one of the top mistakes federal employees can make is missing the opportunity to contribute to their TSP.


Maximize Your Federal Future: Exploring the FERS Pension

As a federal employee, the Federal Employees Retirement System (FERS) is your key to a secure retirement. But navigating its intricacies can feel overwhelming. We’re here to break it down and help you maximize your benefits:

Think of FERS as a three-legged stool:

  1. The Basic Benefit Plan: This guaranteed pension provides monthly income based on your salary and service time. While the government contributes, remember you have a stake too, with automatic deductions from your paycheck.

  2. Social Security: Just like everyone else, you’re covered by Social Security, offering an additional layer of income.

  3. The Thrift Savings Plan (TSP): This is your powerhouse for growth. Think of it like a 401(k) with government matching contributions. Contribute aggressively here – it’s crucial for building wealth!

My key strategies to boost your FERS:

  • Contribute the maximum to your TSP: Uncle Sam matches your contributions up to a certain point, free money you can’t miss!
  • Invest wisely within your TSP: Choose age-appropriate asset allocation to balance risk and reward.
  • Plan for retirement age: Consider when you want to retire and adjust your contributions accordingly. Early retirement might require more saving.
  • Stay informed: The Office of Personnel Management (OPM) offers excellent resources. Utilize them to understand your plan and make informed decisions.


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