10 definitive things you need to know about your fur's retirement and in my experience many people get a lot of these incorrect let's see how you do welcome back to the channel f zians I'm Chris Barfield Barfield financial.com I'm a CPA Furs expert and a recovering law enforcement officer today we're going to be talking about the top 10 things I think you need to know about your fur's retirement we'll jump right into it number one I can first retire on blank I'm looking for an exact date many people out there in my retirement seminars do not know the exact date that they can retire in every single one of my seminars somebody learns that they at least one person learns that they were under a misconception about when they can retire it might be the 25th anniversary of your highed dat it might be when you turn 50 it might be when you turn 57 it might be when you have 30 years on but you each one of you needs to know the exact date so Thursday January 20th 2027 whatever each one of you needs to know that number two my minimum retirement age my MRA is blank what is that for you it is not the same in many cases as number one your MRA is some going to be somewhere between 55 and 57 I was first eligible to retire on my 50th birthday my MRA is my 57th birthday you need to know those my fagly coverage is blank in dollars how much money in life insurance coverage do you have through fedley in my experience most people have no clue we sign up for these things when we get hired we don't look at it for 20 years 20 years later we don't really know what we have I've had people swear up and down they have no fegley and they have a million dollars in coverage you need to know how much you have number four goes along with number three my fley cost is blank how much are you paying per month for fegley all of you are getting paid for the most part bi-weekly every two weeks so you need to find out how much it cost you per month how do you do that if you would say that you just multiply your bi-weekly by two you would be incorrect why because we get paid not twice a month but 26 times a year we don't get paid 24 times a year most people that's a very common mistake people make when they're trying to figure out how much they earn or how much in certain expenses per month they just just multiply it by two can't do that number five my annuity cost me blank per pay period this might come as a shock to some of you but your your Furs annuity is not free you pay for that every single pay period and you pay one of these percentages 8 1.3 1.35 3.1 3.6 4.4 4.9 do you know which one you're paying and are you sure that you should be paying the rate that you are currently paying I see this mistake quite a bit and it's a big one if you have if you're supposed to be paying in 4.9 and you've been paying in 1.3 trust me somebody's going to come looking for that money and they're going to want all of it at one time please know what you are paying every pay period towards your annuity number six the salary that counts towards my high three is blank what part of my salary I'm looking for a dollar amount you might say Chris I thought all of the salary counts in a lot of cases it does but there are many things that do not count especially for you that guys that work overseas your post differential allowance your post allowance your maybe danger pay uh those kinds of things do not typically count towards the high three in most cases overtime does not count towards your high three if you're in customs CBP uh Customs Border Protection they uh part of that overtime can count most people's overtime does not count um cash Awards bonuses most retention allowances do not count some do um other things pum yeah I don't know you just need to know what counts for you in your situation um oh another one uh so leap for law enforcement leap counts law enforcement availability pay um auo sometimes people call it some auo counts in other particular job series AO does not count towards your high three bottom line is you need to know what counts towards your high three don't be under a misconception that I'm just going to work a bunch of overtime my last couple of years to increase my high three probably not going to work the age that I can start withdrawing from my traditional tsp penalty-free avoiding that 10% early withdrawal penalty is blank what age can you first start withdrawing from your traditional tsp is it in your 40s or 50s if you're a special category and you've retired is it 50 is it 55 is it 59 and a half rules are different you need to know when you can first get your traditional tsp penalty free going along with that number eight when can you get your Roth taxfree this is not the same as number seven the rules are not the same I see this confusion all the time I don't care if you were a retired agent from FBI or DEA whatever you cannot get your WTH tsp penalty free or tax free in your 40s and 50s you still have to be 59 A5 you also have to have your Roth open for at least 5 years so if you open a Roth tsp at 58 well you're going to be not able to pull that out taxfree until you're in your 60s at least completely taxfree number nine what do I earn towards my high three every year your high three salary you get a percentage of that when you go to retire what is that percentage per year that you worked is it 1% is it 1.1% is it 1.7 or is it a combination of a couple of these if you're a special category it could be 1.7 for the first 20 and then 1% after that uh so just know what you are earning towards your high three each year number 10 the retiree annuity supplement officially known as the Raz not known as the Social Security supplement which is what just about everybody calls it the Raz does or does not affect your future Social Security payments does it or does not affect it and we have a bonus one here too I have to be covered continuous Le by FB that's our health insurance I have to be covered continuously but not necessarily in my own name for blank years prior to retirement every single one of you should know that if you're interested in taking health insurance from the government into retirement which all of you should be at least considering that it is a underrated benefit for sure okay guys those are the top 10 things short video let me know in the comments how you did let me know in the comments also if you want me to do a an expanded video on this uh to explain all of these because I know there's going to be some confusion some people are going to argue about certain things if you want me to nail some of these things down let me know I'll do a video answering all of these it'll be really long but you can also find the answers already on my website Barfield financial.com I've got articles for all of these things you can also go to opm.gov and find the answer answers little bit harder to find the answers but they are there you can also purchase one of Dan Jameson's fur guides book Furs guide books uh one for special category and one for regular Furs make sure you get the correct one the 202s are out you can just search on Amazon for those thanks for watching like subscribe share the video put in the comments how many of the 10 that you already know how many you got right until next time feed your tsp [Music]