Thanks to the Federal Employees Retirement System, the Civil Service Retirement System and Social Security retirement programs many people will have guaranteed lifetime payments worth $1 million to $2 million.
And that is in addition to their investments in the Thrift Savings Plan.
Tom O'Rourke, a Washington area attorney whose practice is limited to estates, trusts, tax and federal pension matters, said most active and retired feds are worth more than they think, "especially if you are entitled to receive a lifetime annuity at retirement."
On this episode, O'Rourke talks about what feds and their survivors should be doing to maximize their cash benefits. These include things such as wills, powers-of-attorney (two kinds), trusts and the like to protect you and yours.
He also discusses the steps you need to take to minimize tax liabilities, and what you need to include as part of your estate plan.
You can listen to the show streaming on www.federalnewsradio.com or on 1500 AM in the D.C. area.
Your Turn airs live at 10 a.m. EDT Wednesdays on 1500 AM in the Washinton D.C. metro area and streaming nationwide at federalnewsradio.com. Remember all our Your Turn shows are archived on our homepage so you can listen later, listen again or recommend them to a friend or coworker. See, you really are worth more than you thought.