Public/Private Retirement Decisions

Key Points

• Know your employer’s plan options
  
• If you will depend upon the money, you should help decide about the money
  

Public employees often have different decisions to make about their retirement assets than private employees may have. If you are a federal employee, your options may be different from another public employee who works for the state. Knowing your options is the first step to making an informed decision.

One way you can help place advantage on your side is to work with a financial representative who has worked with employees, like yourself, many times before. It may be the first time you will make these decisions, but that doesn’t mean you shouldn’t take advantage of the experience of others who have gone through this process many times before. They can help you avoid mistakes and make more informed decisions for your financial future.

Federal employees are often part of the Federal Employees Retirement System (FERS). The rules for federal employees generally differ from state or local employees. Do you understand how your FERS pension, your Social Security benefits, and your Thrift Savings Plan work together?

If you are a Florida public employee, do you understand your DROP program options? You may have to make decisions about managing your money, your pension, and your retirement. How should you manage your money during the DROP and thereafter?

If you are an employee of a private company or have been an employee of many companies, have you consolidated your retirement accounts? Do you know why you may want to keep your retirement funds with an employer you left years ago? And when you should take those funds with you when you leave an employer?

There are different questions to ask based on your employment history. After years of work and accumulating assets, it’s time to make sense of it all. Simplify your financial life today, understand how close or far you may be to reaching your financial goals, and know your options.

Making the transition from paycheck income to retirement income may be confusing. Yet, the retirement, Social Security, pension, Medicare, retirement accounts, and other decisions you make may affect your financial security for the rest of your life—and your spouse’s life, if you are married.

Retirement should not be a mystery if you work with a representative who helps people with retirement decisions every day.

Click here to explore your retirement options.