What to Do Right Now if You're Retiring Within 5 Years

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I am a practicing financial planner, but I'm not your financial planner. Please consult with your own tax, legal and financial advisors for personalized advice.

[@celticmco5672]

Review you EoPF on a regular basis, especially five years out. Before you walk out the door and they shred your PIV card email/print out/save on a flash drive your entire EoPF file as you will not have access once you retire. Every form 50 and personnel action from day one is in there.

[@DavidGonzalez-ol7vm]

Hi Dallen - I really appreciate all the valuable info and advise you gave me at our chat last week. Well worth the investment to meet with you. I now have peace of mind especially since I fall within the 3-5 years before retiring from the U.S. Navy. KEEP UP THE GREAT WORK HELP US FEDERAL EMPLOYEES!

[@jonathanwallace6667]

I am so glad the market is down, I raised my contributions to 99% buying this dip all of 2022 and so far 2023. Yes my TSP account is down dollar balance but my share balance is exploding. When this market eventually recovers I'll be a millionaire plus. I'm 90/10 C,S funds.

[@marialee3075]

Love your videos and they are so helpful. Want to know if intermittent federal employees, like how the VA hires, are able to sign up for TSP? Thank you.

[@MSalem-gt5dy]

If I retire at 62 with less than 20yrs in service only on my 18th yr as FERS, I know it’s only 1% of my H3 average salary. Do you think it’s better to get on my annuity first, suspend by SS pension until my FRA 66+ and start disbursing my TSP instead of pensions. This is really a big decision I have to make. My mortgage is gonna paid off soon before I retire. How about Medicare which I can start at 65, should I keep my FEHB even I have Medicare A& B?

[@snidelywhiplash6862]

Long story short, please add chapters.

[@Borak-us9bf]

Hello Dallen, very much enjoy your videos. I have gained a lot of knowledge. I am age 55 and currently have 2.5 years of service. When I turn 60 I will have 8 years of service. Financially I will be able to retire at 60. My question is can I postpone retirement until age 62 and then receive the full pension and benefits that correlates with my years of service and stop working at age 60?

[@PlanYourFederalBenefits]

Great question. Since you will only have 8 years of service at age 60, the only retirement that you'll be eligible for is a deferred retirement (not a postponed retirement). Check out this article to see the implications of a deferred retirement: hawsfederaladvisors.com/the-easiest-ways-federal-employees-can-retire-early/

[@rons3634]

TSP investing depends on the market. I moved my investments to the G fund when the economy started to go bad. If I hadn't, I would have lost a lot of my TSP. Actually, I was a little late moving to the G fund and lost about $30K.

[@wandatraver4285]

Yes, I’m close enough to retirement and I can’t afford to take a hit like that.

[@inotill]

$30k? you bragging? Ive lost over $200k

[@rons3634]

@@inotill Nope, just relieved I only managed to lose so little and still kicking myself for not moving the money sooner.

[@jonathanwallace6667]

@@inotill you haven't lost anything unless u moved ur money and locked in a loss.

[@gracechase5574]

I always been in the G fund and never changed since day one and ready to retire at 63. What can I do to add more to the TSP pot?

[@PJBHolden]

Sorry, you missed the boat years ago by being in the G fund!

[@gracechase5574]

@@PJBHolden l know I am not a gambler and wasn't willing to risk any monies. Good thing I don't require much or have any bad habits. Oh well you win some and loose some.

[@karinparsons1465]

You have my empathy. When I started in the BOP 18 years ago, the HR person told us to put all of our TSP in the G fund. I mistakenly did what he suggested. Thankfully about 7 years later, a coworker was looking at her TSP and had double the money I had even though she had only been in for 4 years. She encouraged me to go into the L fund, which I did. I'm so thankful for her advice!

[@MattMatt33713]

I am wanting to retire at MRA with 21yrs. I can draw my annuity with no 5% penalty and can get my FEHB back at 60. If I need my FEHB earlier than 60 I will have to draw my annuity earlier but it will be penalized 5%every year under 62. Or is it 5% every year under 60 since I did 20+ yrs. Pretty sure it’s 5% every yr under 62 I keep hoping it 5% under 60 but probably just dreaming.

[@SleepPsychologist]

Will NAF years count for retirement?

[@ASTHECROWFLIESHIKING]

Can I defer my retirement at 57 with my MRA and years for three years and later take retirement at 60? I wanted to potentially work for three years at a state job during that deferment.

[@TJ-22]

Why not postponed retirement? Do you have at least 10 years of credible service?

[@eldlr233]

My spouse is a federal employee and he just added me to his health insurance last year. Do I have to be on it 5years as well to still be covered after he retires in 2029? He’s had federal health insurance since he started 25years ago. Thank you.

[@Fedupgarbageguy]

No. As far as I understand, as long as the employee had health insurance for the five years preceeding retirement AND he elects survivor benefits, then you will have continued access to health insurance.

[@cynnabnz]

... unless you're a Federal Special Category Employee (Law Enforcement, Fire Fighter, Air Traffic) 😉

[@jimm1738]

If you have any roth TSP or roth IRA money, have your spouse take out their own $10 roth IRA account if you have income. This will perhaps allow her to satisfy her own 5 year clock for tax free roth IRA earnings, if she inherits your roth IRA account.

[@Ournestonwheels]

Hi, Dallen great videos! I'm 61 with 19 Federal looking to retire at 62 with 20 yrs. My wife has 36 yrs. Federal she's also a veteran with 39 yrs. military with Va. benefits. She's under my Insurance should I keep her under my FEHB when I retire, we will both have Tricare?

[@randyscrafts8575]

I believe all retired federal workers will be forced to go on Medicare in 2024. Is this correct?

[@sungenhou]

You should say your video is for federal employees. Most of the people don’t have pensions understand?

[@angelbell4108]

Haws Federal Retirement is the name of his channel. Must’ve missed that