Navigating the complexities of federal retirement can feel overwhelming. From calculating your FERS or CSRS pension and maximizing your Thrift Savings Plan (TSP) to coordinating Federal Employees Health Benefits (FEHB) with Medicare, every decision has significant, long-term financial consequences. A vague plan is not enough; you need a detailed, actionable strategy to ensure a smooth transition from a dedicated federal career to a financially secure retirement.

This comprehensive retirement planning checklist is designed specifically for you, the federal employee. It breaks down the entire process into clear, manageable steps, moving beyond generic advice to provide the specific numbers, timelines, and expert insights you need to avoid common pitfalls. We will walk you through everything from optimizing your TSP withdrawals and understanding your survivor benefit options to creating a realistic budget and planning for long-term care costs.

Think of this article as your definitive roadmap. It eliminates the guesswork and transforms uncertainty into a confident, well-orchestrated plan. Whether you are five years from retirement or just starting your federal career, following this guide will empower you to make informed decisions and build the secure future you have earned through your years of public service. Each item on this checklist is a critical building block for a successful retirement, and we will cover the essential details needed to put each one into action effectively. You will learn precisely how to calculate your benefits, coordinate different income streams, and prepare all the necessary paperwork on the correct timeline.

1. Calculate Your Federal Pension Benefits (FERS/CSRS)

Understanding your future federal pension is the cornerstone of any effective retirement planning checklist. This fixed monthly annuity, determined by your years of service, "high-3" average salary, and retirement system (FERS or CSRS), often constitutes 30% to 50% of a career federal employee's retirement income. Calculating this figure provides the foundational number upon which all other income streams, like your TSP and Social Security, will be layered.

This calculation isn't just a late-career task; it's a crucial metric to track throughout your service. It helps you set realistic savings goals for your Thrift Savings Plan (TSP) and make informed decisions about your retirement timeline.

How Your Pension is Calculated

The Office of Personnel Management (OPM) uses a standard formula based on your retirement system.

• For most FERS employees: The formula is 1% x High-3 Salary x Years of Service.

• For FERS employees retiring at age 62 or later with at least 20 years of service: The multiplier increases to 1.1%.

For example, a FERS employee retiring at age 62 with 30 years of service and a high-3 average salary of $120,000 would have an annual pension of approximately $39,600 (1.1% × 30 × $120,000). You can use the official OPM.gov calculators to run your own numbers.

Actionable Tips for Accuracy

To ensure your pension calculation is precise, follow these steps:

• Verify Your Service History: Annually request your Certified Summary of Federal Service to check for errors or omissions. This is especially critical if you have had breaks in service, worked part-time, or have military service to buy back.

• Estimate Your High-3 Conservatively: Your high-3 is the average of your highest 36 consecutive months of basic pay. When projecting this figure, use realistic salary growth expectations rather than assuming large future raises.

• Analyze Your Timing: The date you retire matters. Postponing retirement, even by a year or two, can significantly increase your high-3 average and add another year of creditable service, boosting your lifetime pension payments.

Key Insight: Your federal pension provides a guaranteed, inflation-protected income stream for life. Accurately projecting this amount is the first and most critical step in building a comprehensive federal retirement plan. To validate your numbers and understand the nuances, scheduling a benefit review with a specialist like a Federal Benefits Sherpa is a wise investment.

2. Maximize Your Thrift Savings Plan (TSP) Contributions

Your Thrift Savings Plan (TSP) is the federal government's version of a 401(k) and is a powerful engine for wealth accumulation in your retirement planning checklist. By contributing consistently, you leverage tax-advantaged growth and benefit from one of the lowest expense ratios available, often averaging just 0.04-0.05%. This account is designed to supplement your FERS pension and Social Security, giving you control over a significant portion of your retirement nest egg.

Maximizing your TSP isn't just about saving more; it's about harnessing the full power of government matching contributions and compound interest over your career. Small, consistent contributions early on can grow into substantial sums by the time you retire.

How TSP Contributions Work

The federal government provides a generous matching program for FERS employees. You receive an automatic 1% contribution of your basic pay, regardless of your own contributions. To receive the full match, you must contribute at least 5% of your basic pay.

• Your first 3% contribution: Matched dollar-for-dollar by the government.

• Your next 2% contribution: Matched at 50 cents on the dollar.

For example, an employee contributing 5% of their salary effectively receives another 5% from the government (1% automatic + 4% matching), instantly doubling their investment. In 2024, the employee contribution limit is $23,000, with an additional $7,500 catch-up contribution allowed for those age 50 and over.

Actionable Tips for Maximization

To get the most from your TSP, apply these strategies:

• Always Contribute 5%: Never leave free money on the table. Contributing at least 5% of your pay ensures you capture the full government match, which is an immediate 100% return on the first 3% you invest.

• Utilize Catch-Up Contributions: If you are age 50 or older, aggressively use the catch-up provision. Contributing the maximum plus the catch-up can add hundreds of thousands of dollars to your account in your final working years.

• Choose Your Tax Advantage: Decide between the Traditional (pre-tax) TSP and the Roth (after-tax) TSP. The Roth option is often beneficial if you anticipate being in a higher tax bracket during retirement or want tax-free withdrawals.

• Review and Rebalance Annually: Your investment allocation can drift over time. Check your fund mix at least once a year to ensure it still aligns with your risk tolerance and retirement timeline, and rebalance if necessary.

Key Insight: The TSP is your most powerful tool for building personal retirement wealth due to its low fees and government match. It’s not just a savings account but a long-term investment vehicle. To avoid potential penalties and strategically manage your post-retirement income, it's crucial to understand how to accurately calculate Required Minimum Distributions (RMDs) once you reach the mandated age.

3. Coordinate Social Security Benefits with Federal Pension

For most federal employees, Social Security and the federal pension are the two largest pillars of retirement income. However, they don't operate in a vacuum. Special provisions, the Government Pension Offset (GPO) and the Windfall Elimination Provision (WEP), can significantly reduce Social Security benefits for CSRS annuitants and even some FERS employees, making coordination an essential part of your retirement planning checklist.

Failing to account for these offsets can lead to a drastic overestimation of your retirement income, potentially creating a significant financial shortfall. Understanding how these rules apply to you is critical for building a realistic and secure financial future.

How GPO and WEP Affect You

These two provisions were designed to prevent individuals from receiving a full Social Security benefit in addition to a pension from non-covered employment.

• Government Pension Offset (GPO): This affects your spousal or survivor Social Security benefits. It reduces your benefit by two-thirds of your government pension amount. For example, if you receive a $2,400 monthly federal pension, your spousal Social Security benefit would be reduced by $1,600 (2/3 of $2,400).

• Windfall Elimination Provision (WEP): This impacts your own earned Social Security benefit if you also have a pension from non-covered work (primarily CSRS). It recalculates your benefit using a modified formula, which can reduce your monthly Social Security payment by up to 50% of your pension amount.

Actionable Tips for Coordination

To effectively coordinate these benefits, you must be proactive and precise in your planning:

• Get Your Official Estimate: Create an account on the Social Security Administration's website, SSA.gov, to view your estimated benefit statement. This statement will note if your benefits may be affected by WEP or GPO.

• Calculate the GPO Impact First: If you are counting on spousal or survivor benefits, do not assume you will receive the full amount. Run the GPO calculation using your estimated pension to see what, if anything, will be left.

• Develop a Claiming Strategy: For married federal employees, coordinating when each spouse claims Social Security is vital. Delaying benefits to age 70 can maximize the higher earner's benefit, which in turn can lead to a larger survivor benefit for the remaining spouse.

• Analyze Your WEP Situation: If WEP significantly reduces your benefit, claiming Social Security earlier (e.g., at age 62) might provide a similar lifetime payout compared to waiting, as the reduction is a fixed dollar amount, not a percentage that grows with delays.

Key Insight: The interplay between your federal pension and Social Security is complex and unique to government employees. Misunderstanding the GPO and WEP rules is one of the costliest mistakes a federal retiree can make. A personalized analysis from a specialist like a Federal Benefits Sherpa can provide clarity and help you create an optimal claiming strategy for your specific circumstances.

4. Select and Optimize Federal Employee Health Benefits (FEHB)

Selecting the right health insurance is a critical component of your retirement planning checklist, directly impacting your financial security and quality of life. The Federal Employee Health Benefits (FEHB) program offers an unparalleled advantage, with the government covering approximately 72-75% of your premium costs, a subsidy that continues into retirement provided you meet eligibility requirements. This benefit significantly reduces your healthcare expenses, freeing up funds for other retirement goals.

Making an informed FEHB choice isn't a one-time decision. Your healthcare needs will change, and plan offerings are updated annually. Proactive management ensures you have the most cost-effective coverage for your specific circumstances both before and after you leave service.

How FEHB Works in Retirement

To carry FEHB coverage into retirement, you must have been continuously enrolled in any FEHB plan for the five years immediately preceding your retirement. This "5-year rule" is non-negotiable.

• Premium Subsidy Continues: A federal employee with a family plan valued at $800 per month might only pay $200, with the government covering the remaining $600. This valuable employer contribution continues after you retire.

• Coordination with Medicare: At age 65, your FEHB plan works in tandem with Medicare. Typically, Medicare Parts A and B become your primary insurer, and your FEHB plan acts as a secondary payer, covering many of the deductibles, copayments, and coinsurance that Medicare does not.

For example, a retiree who enrolls in Medicare Part B can often switch to a lower-cost FEHB plan, as the FEHB plan's role is reduced to supplementing Medicare's coverage.

Actionable Tips for Accuracy

To optimize your FEHB coverage for retirement, implement these strategies:

• Confirm Your 5-Year Eligibility: Do not assume you meet the 5-year requirement. Verify your enrollment history via your HR office or agency benefits portal well before your planned retirement date.

• Analyze Plans Annually: During each Open Season, use OPM's plan comparison tool. Look beyond the premium and evaluate the total potential out-of-pocket costs, including deductibles, copays, and prescription drug coverage.

• Evaluate High-Deductible Health Plans (HDHPs): Consider an HDHP paired with a Health Savings Account (HSA). The plan makes tax-free contributions to your HSA, which can be used to pay for medical expenses now or saved as a tax-advantaged investment vehicle for retirement.

Key Insight: Your FEHB is one of the most valuable benefits you will carry into retirement. Mismanaging this choice can cost you thousands annually in unnecessary premiums or out-of-pocket expenses. Understanding how your plan will coordinate with Medicare is essential; a review with a Federal Benefits Sherpa can clarify your options and ensure a seamless, cost-effective transition.

5. Understand and Plan for Medicare Integration at Age 65

Properly coordinating your federal health benefits with Medicare at age 65 is one of the most critical steps in a federal employee's retirement planning checklist. This transition is not automatic and requires proactive decisions. Failing to enroll in Medicare Part B on time can trigger permanent, costly penalties, while a well-executed plan can significantly enhance your health coverage and lower your overall premiums.

This process involves understanding how Medicare becomes your primary insurance payer while your Federal Employees Health Benefits (FEHB) plan becomes your secondary payer. This coordination typically results in superior coverage, often eliminating most out-of-pocket medical costs like deductibles, copayments, and coinsurance.

How Medicare and FEHB Work Together

When you enroll in Medicare Parts A and B, your healthcare billing process changes significantly. Medicare will process your claims first, and whatever it doesn't cover is then sent to your FEHB plan for consideration.

• Premium Reduction: Because Medicare is now the primary payer, many FEHB plans offer a premium reduction or a partial reimbursement for your Medicare Part B premiums.

• Enhanced Coverage: The combination of FEHB + Medicare is often considered "Cadillac" coverage, providing more comprehensive benefits than a standard Medicare + Medigap or Medicare Advantage plan.

For example, a federal retiree who maintains their FEHB plan after enrolling in Medicare Parts A & B will find that most medical bills are paid in full between the two insurers. In contrast, failing to enroll in Part B during your Initial Enrollment Period could result in a permanent 10% premium penalty for every 12-month period you were eligible but did not sign up.

Actionable Tips for a Smooth Transition

To navigate this crucial step without incurring penalties or gaps in coverage, follow these guidelines:

• Enroll on Time: Sign up for Medicare Parts A and B during your seven-month Initial Enrollment Period, which begins three months before the month you turn 65. Missing this window can lead to late-enrollment penalties for the rest of your life.

• Keep Your FEHB Plan: Do not cancel your FEHB coverage. The synergy between FEHB and Medicare provides an unmatched level of health security that is almost impossible to replicate with other private insurance options.

• Check for IRMAA: Be aware of the Income-Related Monthly Adjustment Amount (IRMAA). If your Modified Adjusted Gross Income (MAGI) exceeds certain thresholds, you will pay a higher premium for Medicare Parts B and D. Strategic financial planning can help manage this.

Key Insight: Coordinating FEHB and Medicare is not just a compliance task; it's a strategic decision that optimizes your healthcare coverage and financial security in retirement. This is a complex area with permanent consequences for mistakes. To learn more about the specifics, see this comprehensive FEHB and Medicare retiree's guide and consider a Medicare integration review with a specialist 6 to 9 months before your 65th birthday to ensure a seamless transition.

6. Conduct a Comprehensive Gap Analysis of Retirement Income

A gap analysis is the moment of truth in your retirement planning checklist, where you compare your projected retirement expenses against your guaranteed income streams. This crucial calculation reveals if you have a surplus, a shortfall, or are right on track. It transforms abstract goals into a concrete financial picture, showing you exactly how your FERS pension, Social Security benefits, and TSP withdrawals will align to support your desired lifestyle.

This isn't just about knowing your numbers; it's about using that knowledge to make strategic decisions. Identifying a potential shortfall years before retirement gives you ample time to adjust your TSP contributions, reconsider your retirement date, or refine your post-retirement budget, preventing unwelcome surprises down the road.

How to Perform a Gap Analysis

This analysis involves adding up all your anticipated income and subtracting all your estimated expenses.

• Projected Income: FERS Pension + Social Security + TSP Withdrawals + Other Income

• Projected Expenses: Housing + Healthcare + Taxes + Travel + Daily Living Costs

For example, a federal employee projects annual retirement expenses of $70,000 but identifies only $55,000 in combined annual income from their pension and Social Security. This reveals a $15,000 gap that must be covered by their TSP. The analysis then helps them determine if their TSP balance can sustain a $15,000 annual withdrawal for their entire retirement.

Actionable Tips for Accuracy

To ensure your gap analysis is realistic and reliable, follow these key steps:

• Use Real Expense Data: Don't rely on generic online calculators. Analyze your actual spending from the past two to three years to build an accurate retirement budget.

• Plan for Healthcare Costs: Factor in significant costs for FEHB premiums, Medicare Part B premiums, and out-of-pocket expenses. A conservative estimate is crucial.

• Be Conservative with Projections: Use a modest investment return assumption for your TSP (e.g., 5-6%) and a realistic inflation rate (e.g., 3%). Plan for a long life, projecting your finances to age 95 or beyond.

Key Insight: A gap analysis is not a one-time event; it's a dynamic tool that should be updated every one to two years. It provides the clarity needed to make informed decisions about when you can afford to retire comfortably. For a truly comprehensive and accurate picture, a professional gap analysis with a specialist like a Federal Benefits Sherpa can validate your assumptions and uncover optimization strategies.

7. Develop a Strategic Social Security Claiming Strategy

Deciding when to claim Social Security is one of the most impactful financial choices you'll make, directly influencing your income for the rest of your life. This isn't just about picking an age; it's a strategic decision that must align with your FERS pension, TSP withdrawals, and overall financial needs. For many federal employees, the Government Pension Offset (GPO) and Windfall Elimination Provision (WEP) add critical layers of complexity, making a well-thought-out plan essential.

The difference between claiming at age 62 versus age 70 can result in hundreds of thousands of dollars in lifetime income. A strategic approach considers your health, longevity expectations, marital status, and other income sources to maximize this crucial benefit within your comprehensive retirement planning checklist.

How Your Claiming Age Impacts Benefits

Your monthly Social Security payment is based on your full retirement age (FRA), which is typically 66 or 67. Claiming at different ages adjusts this amount permanently.

• Claiming at 62: You receive a reduced benefit, roughly 70-75% of your FRA amount, but for a longer period.

• Claiming at 70: You receive the maximum possible benefit, about 124-132% of your FRA amount, by earning delayed retirement credits for every month you wait past your FRA.

For example, a federal employee with a $3,200 FRA benefit could receive $2,240 per month by claiming at 62 or $3,968 per month by waiting until 70. Over a 20-year retirement, the higher payment from delaying could provide over $170,000 in additional income.

Actionable Tips for Accuracy

To optimize your claiming decision, you must model different scenarios:

• Run Official Projections: Use the calculators on the Social Security Administration's website (ssa.gov) to see how your benefit amount changes based on different claiming ages.

• Analyze Your Break-Even Point: Determine the age at which the total lifetime benefits from a later claiming date surpass the total from an earlier one. This analysis often shows that delaying is optimal for those with average or longer life expectancies.

• Coordinate with Your Spouse: Married couples can use strategies like having the lower earner claim earlier for income while the higher earner delays to age 70, maximizing the larger benefit and future survivor benefits.

• Factor in GPO/WEP: If you are a CSRS employee or have non-covered earnings, your benefit (or your ability to claim a spousal benefit) will likely be reduced. Your strategy must account for these reductions.

Key Insight: Delaying Social Security until age 70 is one of the best forms of longevity insurance available, providing a higher, inflation-adjusted, guaranteed income stream for life. To understand how to best maximize Social Security in your specific situation, especially with the complexities of federal benefits, it is crucial to build a plan.

8. Review and Designate Beneficiaries for All Retirement Accounts

Properly designating your beneficiaries is one of the most critical yet frequently overlooked steps in a comprehensive retirement planning checklist. These designations are legal directives that specify who will inherit your assets, including your FERS/CSRS pension benefits, TSP account, life insurance (FEGLI), and other accounts. Crucially, these designations supersede any instructions in your will or trust.

Failing to review and update these forms can lead to devastating consequences, such as assets unintentionally going to an ex-spouse or being distributed in a way that creates significant tax burdens for your loved ones. Regular reviews ensure your assets are distributed exactly as you intend.

How Beneficiary Designations Work

Each benefit has its own specific designation form, and it's essential to complete one for each. The TSP uses Form TSP-3, FEGLI uses SF 2823, and your FERS/CSRS benefits use SF 2808 or SF 3102. When you pass away, the administering agency (like OPM or the TSP) will distribute the funds directly to the person(s) named on the most recent, valid form on file.

For example, a federal employee divorces but forgets to update their TSP beneficiary form. Despite their will leaving everything to their children, their $500,000 TSP balance is legally required to go to their ex-spouse, as named on the outdated form. This single oversight can unintentionally disinherit their intended heirs.

Actionable Tips for Accuracy

To prevent unintended outcomes and ensure your legacy is secure, implement these practices:

• Review After Every Life Event: Marriage, divorce, the birth or adoption of a child, or the death of a named beneficiary are all critical triggers to immediately review and update your forms.

• Be Specific and Clear: Use full legal names, not nicknames. Specify the exact percentage each beneficiary should receive, ensuring the total adds up to 100%. Naming three children to receive "33.33%" each is far clearer than just listing their names.

• Name Contingent Beneficiaries: Always designate a secondary (contingent) beneficiary. This ensures your assets are protected and distributed according to your wishes if your primary beneficiary predeceases you.

• Educate Non-Spouse Beneficiaries: Under the SECURE Act, a non-spouse beneficiary of a TSP account must typically withdraw the entire balance within 10 years, which can create a significant tax event. Make sure they are aware of this rule.

Key Insight: Your beneficiary designations are powerful legal instruments that operate independently of your will. They are the final word on who receives your hard-earned federal benefits. Regularly auditing these forms is a non-negotiable part of responsible estate and retirement planning, and consulting with a specialist can align these choices with your broader financial goals.

9. Plan for Long-Term Care and Healthcare Costs in Retirement

Overlooking potential long-term care (LTC) needs is one of the most significant risks to an otherwise solid retirement plan. With healthcare costs easily exceeding $200,000 over a 30-year retirement, a proactive strategy is not optional; it's essential for protecting your hard-earned assets. This planning must happen well before retirement, as your age and health directly impact your options and costs.

This step in your retirement planning checklist involves creating a financial buffer to cover services not typically paid for by FEHB or Medicare, such as assistance with daily living activities. Failing to plan could force you to liquidate your TSP or other assets prematurely, jeopardizing your financial security.

How to Address Long-Term Care Costs

There are several strategic approaches to cover potential LTC expenses, each with its own benefits and considerations.

• Federal Long Term Care Insurance Program (FLTCIP) or Private Insurance: This involves paying a regular premium in exchange for a defined benefit if you need care. For example, a 55-year-old federal employee might pay $120/month for a policy that provides a $300/day benefit. Waiting until age 65 could increase that same premium to $180/month.

• Self-Insuring: This strategy involves earmarking a portion of your retirement savings, typically from your TSP, to cover future care costs. For a couple to reasonably self-insure, they should generally have total retirement assets exceeding $500,000 to absorb a significant expense, like a three-year nursing home stay costing over $216,000 ($6,000/month).

Actionable Tips for LTC Planning

To build a robust plan for future healthcare needs, consider the following steps:

• Start Early: Explore your LTC insurance options between ages 50 and 60 while you are in good health. Premiums increase significantly with age, and insurability can become an issue.

• Estimate Future Costs: When modeling potential expenses, factor in a 3-4% annual inflation rate. To fully prepare for potential future needs, consulting an essential guide on how to plan for long term care is a critical step in your retirement preparation.

• Explore Hybrid Products: If you are concerned about paying premiums for a benefit you may never use, look into hybrid life insurance/LTC products that provide a death benefit if care is not needed.

Key Insight: Your LTC strategy must align with your overall financial picture and healthcare plan, including your FEHB and future Medicare enrollment. An effective plan protects your spouse and preserves your estate. To see how these pieces fit together, review our comprehensive federal employee long-term care insurance guide.

10. Create a Detailed Retirement Budget and Cash Flow Plan

Transitioning from a bi-weekly paycheck to a collection of retirement income sources requires a fundamental shift in financial management. Creating a detailed retirement budget and cash flow plan is the essential step that translates your calculated benefits (pension, TSP, Social Security) into a sustainable, real-world spending strategy. This process ensures your income streams will adequately cover your expenses for the long term.

Without this roadmap, it's easy to overspend in the early years of retirement, jeopardizing your financial security later. A clear budget helps you anticipate future costs like healthcare, manage discretionary spending, and make informed decisions about TSP withdrawals.

How to Build Your Retirement Budget

Start by tracking your current expenses for three to six months to get a realistic picture of your spending. Then, project how these expenses will change in retirement.

• Categorize Expenses: Break down your spending into fixed costs (mortgage, insurance, taxes), variable costs (utilities, groceries, gas), and discretionary spending (travel, hobbies, dining out).

• Factor in New Costs: Don't forget to add new expenses unique to retirement, such as Medicare Part B premiums, federal dental and vision (FEDVIP) premiums, and potential long-term care costs.

For example, your daily commute cost of $150/month might disappear, but your travel budget could increase by $500/month. Similarly, your FEHB premium might change, and you'll add a new line item for your Medicare Part B premium, which could be several hundred dollars.

Actionable Tips for Accuracy

To ensure your budget is both realistic and sustainable, follow these key steps:

• Plan for Inflation: Account for a realistic inflation rate (historically around 3%) for variable and discretionary expenses. While your pension has COLAs, other income might not.

• Stress-Test Your Plan: Run "what-if" scenarios. How would your budget handle a major home repair, a 15% stock market correction affecting your TSP, or a significant healthcare event?

• Create a Withdrawal Strategy: Map out when and how you will draw from your TSP and other investments to supplement your pension and Social Security, aligning withdrawals with your cash flow needs.

Key Insight: A retirement budget is not about restriction; it's about empowerment. It gives you the confidence to spend on what you value while protecting your long-term financial health. For a comprehensive review of your entire retirement income picture and to build a resilient cash flow plan, a session with a Federal Benefits Sherpa can provide invaluable clarity.

Federal Retirement Planning: 10-Point Checklist Comparison

ItemImplementation complexityResource requirementsExpected outcomesIdeal use casesKey advantagesCalculate Your Federal Pension Benefits (FERS/CSRS)Medium — requires rules knowledge and accurate recordsService records, pay statements, OPM calculators, occasional advisorEstimated guaranteed monthly pension amountFederal employees nearing retirement or verifying benefitsPredictable lifetime income with COLA and survivor optionsMaximize Your Thrift Savings Plan (TSP) ContributionsLow–Medium — straightforward contributions; allocation decisions add complexityPayroll access, contribution limits, periodic rebalancing, financial toolsIncreased tax-advantaged retirement savings and employer matchEmployees seeking low-fee retirement accumulationEmployer match, ultra-low fees, tax-deferred/Roth growthCoordinate Social Security Benefits with Federal PensionHigh — complex rules (GPO/WEP) and timing decisionsSSA statements, OPM pension info, specialized calculators or advisorAdjusted Social Security benefits; potential reductionsFederal employees with non-covered pensions or spousesAvoids benefit surprises and optimizes combined incomeSelect and Optimize Federal Employee Health Benefits (FEHB)Medium — plan comparison and timing rulesFEHB plan brochures, cost estimates, provider networks, 5+ year enrollment trackingAppropriate active and retiree health coverage with subsidyEmployees valuing employer subsidy and Medicare coordinationLarge employer premium subsidy; wide plan choices; retiree coverage continuityUnderstand and Plan for Medicare Integration at Age 65Medium — enrollment timing critical, coordination neededSSA/Medicare enrollment, FEHB details, income tax recordsCoordinated Medicare+FEHB coverage, avoided penaltiesRetirees approaching 65 who retain FEHBMedicare primary + FEHB secondary; lower net healthcare costs when coordinatedConduct a Comprehensive Gap Analysis of Retirement IncomeHigh — data-intensive modeling and assumptionsDetailed expense history, benefit estimates, planning software or advisorIdentifies shortfalls or surpluses; actionable adjustmentsAnyone planning retirement timing or savings targetsClarifies funding gaps and supports targeted corrective actionsDevelop a Strategic Social Security Claiming StrategyMedium–High — requires longevity and household analysisSSA calculators, life-expectancy estimates, spouse income dataOptimized claiming age and household benefit timingThose balancing income needs, longevity, or GPO exposureMaximizes lifetime Social Security income when timed appropriatelyReview and Designate Beneficiaries for All Retirement AccountsLow — administrative but legally importantAccount access, beneficiary forms, estate plan coordinationEnsures assets pass to intended heirs with minimal delayEmployees with family changes or estate planning needsAvoids probate complications; direct asset transfer controlPlan for Long-Term Care and Healthcare Costs in RetirementHigh — many options and significant cost uncertaintyInsurance quotes, savings targets, attorney (Medicaid planning), advisorsReduced risk of catastrophic LTC costs; clearer funding planThose concerned about LTC risk or with family longevityProtects assets from high LTC expenses; options for hybrid coverageCreate a Detailed Retirement Budget and Cash Flow PlanMedium — ongoing updates and realistic assumptionsPast expense data, benefit estimates, budgeting tools, periodic reviewMonth-by-month cash flow management and longevity planningAll retirees wanting day-to-day financial controlImproves spending discipline and ensures sustainable withdrawals

Putting Your Plan into Action for a Confident Retirement

Navigating the path to retirement as a federal employee involves more than just marking items off a generic list. It requires a deep, integrated understanding of how each piece of your benefits puzzle connects. Throughout this guide, we have moved beyond a simple retirement planning checklist into a strategic framework designed specifically for the federal system. We've detailed how to calculate your FERS or CSRS pension, maximize your Thrift Savings Plan, and strategically coordinate your Social Security benefits to create a robust income foundation.

The true power of this checklist lies in its comprehensive nature. It’s not just about accumulating assets; it's about making informed decisions that will impact your quality of life for decades. From optimizing your Federal Employee Health Benefits (FEHB) and planning for the crucial Medicare transition, to designating beneficiaries and preparing for long-term care costs, each step is a critical component of a secure future. This isn't just financial planning; it's life planning.

The Final, Most Critical Step: Validation

You've done the heavy lifting: estimating your pension, projecting your TSP growth, and creating a detailed budget. But are your assumptions accurate? Federal benefits are notoriously complex, with unique rules like the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) that can significantly alter your expected income. A standard online calculator simply cannot account for these nuances or model your specific high-3 salary, survivor benefit elections, and FEHB premium costs in retirement.

This is where a generic retirement planning checklist ends and a personalized retirement roadmap begins. The final and most important step is to validate your entire plan with a professional who specializes in the federal system. An expert review can:

• Confirm Your Calculations: Verify your pension, Social Security, and TSP income projections with precision.

• Identify Hidden Gaps: Uncover potential income shortfalls or unforeseen healthcare expenses that could derail your plan.

• Optimize Integration: Ensure all your benefits (FERS, TSP, Social Security, FEHB, Medicare) are working together in the most efficient way possible.

• Prevent Costly Mistakes: Avoid common errors in paperwork, beneficiary designations, or benefit elections that can have irreversible financial consequences.

From Checklist to Confidence

Mastering the components of this retirement planning checklist transforms uncertainty into confidence. It shifts you from a passive participant in the federal retirement system to an active architect of your future. By meticulously planning your income streams, healthcare coverage, and legacy, you ensure that the years of dedicated public service you've given translate into the secure and fulfilling retirement you deserve. This proactive approach allows you to step into your post-career life not with anxiety, but with the profound peace of mind that comes from knowing you are thoroughly prepared for the journey ahead.

A checklist provides the "what," but expert guidance provides the "how." The complexity of your federal benefits demands a personalized review to ensure your numbers are correct and your strategy is sound. At Federal Benefits Sherpa, we transform this retirement planning checklist into your personalized, actionable roadmap, validating your plan and giving you unshakable confidence in your future.

Schedule your complimentary federal benefits review today to take the definitive step toward a secure retirement.