Federal Retirement Secrets: Can You Afford to Retire? | Chris Barfield
1 hr 35 min
Federal Retirement Secrets: Can You Afford to Retire? | Chris BarfieldCan you really afford to retire from federal service? Thousands of federal employees may be working longer than necessary because they don't fully understand their FERS pension, TSP, retirement supplement, or what their actual take-home pay will look like after retirement. In this episode of FEDChicks, we're joined by Chris Barfield of Barfield Financial, a retired federal law enforcement officer, CPA, and respected federal retirement educator. After more than 20 years with the Department of Justice, Chris now helps federal employees understand their benefits, plan for retirement, and make informed financial decisions. You asked, and we booked him! We collected questions from our listeners and Chris's followers about federal retirement, FEHB Open Season, Medicare, and more. Chris delivers straightforward answers, real-world examples, and a few laughs along the way! In this episode, we discuss: When to Retire: Why working longer isn't always better financially and how to compare your working income with your retirement paycheck.FERS Retirement: Key differences between regular FERS and special category retirement for federal law enforcement officers.High-3 Salary: Does waiting another year or moving for higher locality pay really make a difference?Unused Sick Leave: Should you use it before retirement or apply it toward your pension?Survivor Benefits: Choosing a full, partial, or no survivor annuity and protecting your spouse's health insurance.FERS Retirement Supplement: When the earnings test begins and how post-retirement employment affects your benefits.Thrift Savings Plan (TSP): Penalty-free withdrawals, accessing your money after retirement, and considerations when rolling over to an IRA.FEHB Open Season: Comparing health insurance plans, premiums, deductibles, and coverage.Health Savings Accounts (HSAs): How high-deductible health plans, including GEHA HDHP, work and their potential tax advan...