Early Exit Plan: Leaving Federal Service Before Retirement

Are you a federal employee who is considering an early exit from the government? In this video, we cover the different federal benefits that you may be entitled to if you leave federal service early.
Do you have questions or concerns about Federal Benefits or Retirement Planning?
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Fedway Financial provides financial planning, investment management, and benefits training to federal employees and retirees. Our goal is to help you understand and maximize your federal benefits program, and make prudent and informed decisions related to every facet of your financial life.
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Disclaimer: All content on this site is for general information purposes only and is not intended to provide any personalized financial advice.

[@clarkewegener9197]

Excellent! It is so difficult to find info for early separated feds. Especially if you’re considering re-entry. Thank you for this!

[@TheMoneyBriefing]

Glad it was helpful!

[@taneishabailey2922]

Excellent information ! Thanks for sharing !

[@TheMoneyBriefing]

Thank You!

[@wdeemarwdeemar8739]

Love your stuff…. Thank you

[@TheMoneyBriefing]

Thank You!

[@shopgirl6673]

Can you please do a video on Discontinued Service Retirement (DSR) Thank you.

[@TheMoneyBriefing]

Thanks for the video request. We will definitely consider it.

[@toddmaek5436]

(Hypothetical) a person resigns from federal service with a total of 14yrs active military, 2years reserve military, and 3yrs at the federal agency. Paid the deposit to have time bought back and was therefore "vested". But after resigning, was rated 100% permanently and totally disabled and unemployable but person is only in their 40s. Question, does that person have a path to some kind of pension with the time they served, and if so, do they have to wait until they are in their 60s or MRA to get it?

[@TheMoneyBriefing]

Despite the military buyback of time, a person needs 5 years of creditable “civilian” service to qualify for a FERS retirement annuity. The person can look into a FERS Disability Retirement, which could start benefits earlier, but they would need go apply within 1 year after separating from federal service.

[@briananderson5034]

When a retiree passes away do the beneficiaries receive the get the government contribution in the Fers? Does the pension take away from the Fers contribution cumulative account

[@TheMoneyBriefing]

When a retiree passes away and has a spouse, the spouse will get the survivor annuity. This annuity will include both the employee and government contributions. If there's no spousal benefit to be paid, the named beneficiary or next of kin will only receive the remaining employee retirement contributions plus interest as a lump sum payment.

[@MarvCritt79]

I'm 45 and after I buy my military Time back I'll have 24 years. I'm ready to go!! What can I do to leave ASAP??

[@TheMoneyBriefing]

You can leave at any time, but it's important to weigh the pros and cons. It's also crucial to define what your goals are after leaving federal service. Feel free to use this link to schedule a consultation to discuss your options. calendly.com/fedwayfinancial/free-consultation

[@september26100]

So I can leave my money in tsp but request my fers money back? Does it work like that?

[@TheMoneyBriefing]

Yes, the money you contribute to the pension system is separate from the money that you contribute to the TSP. You can either withdraw or rollover just one of the two or both of them. You also have the option to leave both invested until a later date.

[@wire1970]

Great video! I'm a federal employee with 17 years of experience. My minimum retirement age is 57 and I'm currently 41.I am considering a job in the private sector. Should I wait until I have 20 years? Is there a significant difference in the deferred retirement amount if I leave with 17 years versus 20?

[@TheMoneyBriefing]

Working the extra 3 years would allow you to receive your full pension at age 60. With 17 years, you have to wait until 62 to get the full pension benefit. Waiting until you reach 20 years would also provide 3 more years of service and it could potentially increase your high-3 average salary.

[@charlesbeachboard6832]

Does the pension calculation with high 3 included my locality pay or is I passed off the GS pay scal at the time of resigning or retirement?