On December 31, Dr. Anthony Fauci, head of the National Institute of Allergy and Infectious Diseases (NIAID) of the US National Institutes of Health, will step down from his position. Before filing for retirement under CSRS or FERS, there are many things to consider, even if you don’t plan to join him. However, workers make common blunders regarding fundamental choices about retirement and other employee benefits. So, the top 10 items that Dr. Fauci and any other federal employee may want to think about are listed below. 1. To what extent have you been able to put away emergency funds? To what time will your Annuity, Social Security, and TSP contributions provide you with enough money to enjoy retirement? 2. Consider enrolling in a government-sponsored life insurance program, but this may not be necessary if you enter retirement with no outstanding debt. You should have adequate life insurance to cover your debt if you do have any. About 20% of retirees reportedly still have a mortgage, and 67% of seniors reportedly have credit card debt. Others downsize their living quarters by taking out a reverse mortgage or a home equity line of credit. In contrast, others still sell their homes and invest the proceeds in boosting their income. When seen as a financial tool, life insurance can help you feel more secure about retirement and the future. If you incur debt during your lifetime, you are responsible for paying it in full regardless of how long you live. However, you have outstanding obligations or expenses. In that case, your loved ones may be able to use the funds from a life insurance policy to assist in covering the costs. 3. Retirees should consider investing in long-term care insurance, which can cover in-home health care and nursing home stays. Your long-term care insurance will pay for these expenses, saving you hard-earned cash. The insurer will cover any costs associated with your stay in an assisted living facility, adult day care, or nursing home. It will help pay for in-home care as well. A trip to the emergency room for a heart attack or regular exams at the doctor’s office is not covered. 4. Think about your future healthcare insurance needs now that you’re retired. To be eligible to select FEHB in retirement, you must have FEHB insurance for a minimum of five consecutive years before retirement. 5. Before retiring, you must pay off any outstanding TSP loans to prevent the money from being considered a payment. In addition, the IRS may assess a penalty in addition to the federal tax you owe. 6. When you retire and decide to transfer your whole TSP, you cannot return to the TSP at a later date. Therefore, you should always have at least $500 in your TSP to always have the option to return. 7. failing to consider the financial obligations incurred to your ex-spouse due to your divorce settlement agreements. It may have something to do with your annuity, 401(k), or other retirement benefits. Verify the terms of your divorce settlement. 8. make sure your beneficiaries are up to date. You must carry out these steps. Now is the moment to double-check your accounts and update any out-of-date beneficiary information. Is the recipient no longer alive, or have they relocated? Do new numbers need to be used? Have your connections changed since then? Want someone else to take over your estate? Any of these situations might necessitate revising your list of beneficiaries. 9. What are your intentions regarding Medicare Part B once you become eligible? Do you plan to switch from your current FEHB coverage to Medicare Part B and a supplementary plan? 10. When do you plan to start collecting your Social Security benefits? The minimum age is 62. OPM will pay your Social Security payments in total if you retire before you reach age 62. As of your 70th birthday, you are eligible for the maximum Social Security payout possible. Many government workers seek my advice as a financial counselor on retirement-related issues. Every person has unique requirements and worries. When you retire, several of these choices can affect your savings by hundreds or even thousands of dollars. It is not advisable to discuss these issues. Each person’s retirement needs are unique, so it’s essential to consider various options.
Contact Information:
Email: [email protected]
Phone: 8043014291
Bio:
Stuart Hunsicker is a managing partner, retirement specialist and federal employee benefits specialist here at Purpose Driven Financial Services. As firm co-owner with Zar Razack, the two have a natural chemistry that allows them to work together effortlessly. “Once we decided to really commit to pushing the firm forward, we knew that we could be effective,” Stuart says. “We work very well together and complement each other’s strengths and weaknesses.”Stuart considers himself more of the “analytical and numbers” half of the duo. With more than 20 years of experience in the financial services industry, he has become an expert at assessing each individual person’s situation and deducing how much they might need in retirement. Once he arrives at the target number, Zar steps in as a specialist to design a plan that includes specific elements that will help clients reach that number.A VCU-Richmond graduate with a degree in finance specializing in business, Stuart has seen nearly every side of the financial industry. Early in his career, he worked for smaller firms and was in charge of trading and investment portfolios. He also held a Series 24 license and signed off on variable business within the firm. “I wore a lot of hats,” he says. “I focused on the investment side, but when the markets crashed, I just took too many phone calls with crying voices on the other end.”Those tough phone calls led him into the insurance side of the business. He now considers “retirement surety” his focal point and believes in making sure that each client is prepared for retirement before they move to the next step. Once the retirement plan is put into place, the rest is icing on the cake, helping give the client financial freedom.PDFS certainly isn’t exclusive, but Stuart is extremely passionate about working with teachers and federal workers. His beautiful wife of nearly 20 years, Andrea, is a teacher, so he’s very familiar with the issues they face and tends to gravitate toward clients who serve and assist. He has also experienced many of the hypothetical scenarios he raises to clients. What if a spouse passes away suddenly, or what if you’re forced into retirement early? Stuart has been there, and he knows how to navigate those rocky waters.He and Andrea have one son, one daughter and eight cats. “We’re the crazy cat house,” he says. His oldest cat is almost 20 years old and was the first to join the Hunsicker family, even before Stuart and Andrea married. The first cat needed a friend, of course, so they adopted one more. Andrea always loved tabby cats, so when her colleague told her that a stray tabby gave birth to a litter of kittens in the backyard, the family loaded into the car to have a look. “When we arrived, there were three kittens. My wife fell in love with the tabby, and my daughter took to a different one, then we couldn’t just leave the third one behind,” Stuart says. “At that point we were known for being the cat people, and it was at that point that three more found their way into our family.”Stuart is a massive college basketball fan, even making a trip to the 2022 Final Four. Though he doesn’t have much free time, he and Andrea love to attend sporting events. Stuart also enjoys spending time with family, and they often go shopping, to the beach or to try new local restaurants. He says, “We’re just a normal family that loves being around each other.”
