How to Calculate Your FERS Retirement
A FERS retirement calculator will help determine what kind of financial security you will have after you retire. The most important feature of this retirement program is the annual contribution that you make to it. If you're a single person, there's no need for you to invest in any other retirement plans. If you're married and have children, both of you should be investing in a separate account for your children's benefit. Your future income will be much higher if you have a plan in place for your family's future, even after you're gone.
What happens when you plug in your free retirement calculator? The results are very useful, because they allow you to see what your potential retirement income will look like when you reach the age that you assume is your final retirement age. When you retire, your official retirement income will consist of Social Security payments, private employer pensions (the amounts vary from year to year), plus any money you receive as a federal employee or veteran. Most of this money will come in the form of annuities, with some going into tax-deferred accounts or other options you may choose to use.
In order for your free retirement calculator to give you a good estimate of what your pension will look like, you need to know what kind of pension you're receiving now, and what kind of federal employee or veteran status you have. The most common type of retirement pay you have now is a high-3 salary, which is the highest deferred and non-taxable retirement pay you can receive. Only active federal employees are eligible for this retirement option, so if you're a federal employee or veteran, this could be your best chance at a decent payout. If you don't qualify, don't despair - there are plenty of other options available. You can also choose a standard federal benefit plan or go completely self-employed and choose a less expensive plan with a lower rate of interest.
Another common option for retirement pay is a regular annuity payment. A regular annuity payment is based on your performance throughout your career, with bonuses and other incentives for those who take advantage of their benefits being given to you as long as you remain productive and healthy. Many people choose a regular annuity payment over a lump sum of money when they first start out in their careers, because it is easier to manage a single lump sum payment as opposed to multiple payments that must be made over time. However, even though your salary may increase during your retirement years, there is no guarantee that you will receive a hefty pension upon retirement. With a lump sum payment, you are guaranteed a lump sum amount, however, because you are older and may not have as much experience anymore, you won't get as high a pension as younger employees.
There are another option available to you as well if you would like to calculate your retirement benefit with the FERS retirement calculator. If you do not qualify for a federal employee pension, you can calculate the amount of retirement pay that you would receive by working as an employee in your chosen field for at least one year. When you complete this task, the FERS retirement calculator will automatically deduct from your federal employee pension from the amount of money you were paid as a salary. This amount is then subtracted from any other sources of income you may have to provide such as social security, investments and more.
An important thing to consider when figuring out how much money you will need to live on in your later years, especially if you are looking to provide some financial assistance to your family, is your service (not necessarily the amount of money you earn but the type of service you perform) in comparison to your pension and federal employee pension. For example, if you are 45 years old and have two years of service in the federal government, you could easily live on an annual annuity for twenty years or less. However, if you are only paid a high-3 salary and you plan to retire at full retirement age, you would have to withdraw nine percent of your yearly salary before paying in any federal taxes. Therefore, you will need to multiply the amount of annual salary by nine percent to come up with your taxable income before tax.
Your career path may also impact your retirement savings. The more education you get, the more likely you will be eligible for a higher federal income retirement annuity. One way to check this out is to access the latest retirement calculator to see how the path you currently plan on taking will affect your future savings.
Many federal employees have a defined benefit retirement plan. This means that they receive a set monthly amount for their entire life. A portion of this monthly amount goes into a defined interest account while the rest of it goes directly into the retirement account. The value of this plan varies from plan to plan. However, most employees enjoy some kind of retirement savings advantage, whether it is a tax-deferred annuity or a direct deposit. If you want to take advantage of these types of retirement plans, you can use an online FERS retirement calculator to help you determine what your best plan may be.
Memory Care in Retirement
Most individuals who are looking at entering a nursing home or assisted living facility will be concerned with the level of care they will receive. While the exact level of care you will receive in these facilities will vary depending upon your unique circumstances, you are unlikely to receive the same care in a nursing home facility that you would in a live-in facility. While many nursing homes promise you the world, few actually deliver, resulting in a higher than average death rate, poor quality of care, and other problems. To avoid these problems, you must do your research and make a decision based on your unique situation.
If you have never had dementia or have only had some mild memory problems in your past, you may be a good candidate for an assisted living or a memory care center. The average tenure of stay in such a facility and/or nursing home is usually two to three months, though this number can vary greatly, from only a few weeks to ten or even longer. Some people who are elderly or have only mild memory loss, may be able to stay in their homes for a year or less.
For example, if your loved one has an extremely early stage of Alzheimer's disease, he or she may not be able to stay in their homes for more than three months at a time. During this time, their condition may be getting worse and as a result their ability to live a happy and fulfilling life is becoming progressively worse. For example, if your loved one begins to lose his or her sense of smell, they may be unable to bathe themselves, and cannot eat due to the fact that their mouth is no longer salable. If your loved one's social skills have also become poor, they may be unable to communicate with their family members, neighbors, or friends. If your loved one's mental status is such that they are beginning to show signs of agitation, depression, irritability, confusion, and dementia, they need ongoing and intensive memory care, during which a team of professionals including doctors, nurses, therapists, nutritionists, and physical therapists work together to develop an effective plan to help your loved one remain happy, productive, and comfortable.
