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I have Tricare, how long do I need to have FEHB active in order to take it into retirement? Can I join during open season, then retire in February, and then be able to take FEHB into retirement.
As a postal worker in 2025 we are moving from FEHB to PSHB but it will still be run by OPM as part of the postal reform act signed into law last year. Do you know if I’ll be able to take it into retirement just like I could with FEHB? I have 27 years in and this has been my plan from day one. I can’t find this information anywhere.
Making money is an action. Keeping money is behavior. Growing money is knowledge..
Drop everything but Basic FEGLI (Parts A/B/C) by age 50 and get a term policy for much less – Part B is very expensive by 50; by keeping Basic you can take the 75% reduction in to retirement. Free after age 65 and will pay 25% of your salary at the time you left/retired from government. Remember also FEGLI is great for people who cannot get life insurance anywhere else and open seasons are rare, maybe once every 10 years.
Most Retiree's reduce choose to reduce their life insurance to 25% . You still have to pay the premiums until you turn 65 after that there are no additional charges. If you keep anything more than that you will need to continue to pay premiums for the rest of your life unless you cancel and the premiums will increase as you get older I think in 5 year increments starting at 65.
Or age 55 (like me) or younger with 20 years and offered a VERA/VSIP early retirement I get to keep full health insurance and I can keep or drop my vision and dental. Only option I don’t get until age 56.6 is the special social security bridge. FEGLI is probably not a good purchase, I did keep the minimum FEGLI. Just a personal choice to help with final expenses and not burden my family.
If you are a civilian, and are in the TSP, currently 59 1/2 years old, but will still be working for a few years a civilian. Can you transfer what is in your TSP into an IRA type account without penalities at 59 1/2? Assume all money is in the G fund at the time.