How to Check FERS Retirement Balance
Retirement is a significant milestone in one’s life, and for federal employees, understanding their FERS retirement balance is crucial for planning their future. The Federal Employees Retirement System (FERS) is a comprehensive retirement plan that provides retirement income to federal employees. In this article, we will discuss how to check your FERS retirement balance and what factors to consider when reviewing your account.
Understanding FERS Retirement Balance
The FERS retirement balance consists of three components: the Basic Benefit Plan, the Social Security benefit, and the Thrift Savings Plan (TSP). The Basic Benefit Plan provides a fixed annuity based on your salary and length of service, while the Social Security benefit is a portion of your earnings history. The Thrift Savings Plan is a tax-deferred retirement savings and investment plan similar to a 401(k) plan.
Steps to Check Your FERS Retirement Balance
1. Log in to your eBenefits account: To access your FERS retirement balance, you need to have an eBenefits account. If you don’t have one, you can create it by visiting the eBenefits website and following the registration process.
2. Verify your account: Once you have logged in, ensure that your account is verified. This process may require you to provide additional information or verify your identity.
3. Navigate to the retirement section: After verifying your account, navigate to the “Retirement” section. Here, you will find information about your FERS retirement benefits, including your balance.
4. Review your FERS retirement balance: In the retirement section, you should see a breakdown of your Basic Benefit Plan, Social Security benefit, and TSP. This information will help you understand the total value of your FERS retirement balance.
Factors to Consider When Reviewing Your FERS Retirement Balance
1. Service credit: Your FERS retirement balance is influenced by your length of service. The more years you have worked for the federal government, the higher your retirement balance will be.
2. Salary: Your salary at the time of retirement will also affect your FERS retirement balance. Higher salaries will result in a higher retirement benefit.
3. TSP contributions: Your contributions to the Thrift Savings Plan and any employer match will significantly impact your retirement balance. It’s essential to monitor your TSP account and consider increasing your contributions if possible.
4. Investment performance: The performance of your TSP investments can affect your retirement balance. It’s important to review your investment options and adjust your portfolio as needed.
Conclusion
Checking your FERS retirement balance is an essential step in planning for your future. By understanding the components of your FERS retirement plan and regularly reviewing your balance, you can make informed decisions about your retirement savings and investments. Remember to stay informed about any changes to the FERS program and consult with a financial advisor if needed.
