Answers to your questions

 

 

Who is American Benefits Group?

American Benefits Group is a government educational services firm that specializes in financial consulting and retirement planning for government employees.

It is our goal to educate and inform them of their benefits prior to retirement as well as alternative programs available from the private sector that could put them in a better position for retirement and beyond.

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What services do you provide?

We prepare a Government Benefits Analysis that provides each employee with information specific to their situation. We take into account credible service, income, core and fringe benefit elections and the cost associated with them.

The purpose of this analysis is to make it possible for you to better understand how to secure your benefits and control or reduce their future costs. It is rare for an analysis not to provide alternatives that could show you how to save tens or even hundreds of thousands of dollars throughout your career and retirement.

In addition to the savings, your long term options often increase and allow you to make informed decisions that will better enable you to maintain control of your assets and future.

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Why should I have an analysis done?

Thousands of people who have received an analysis have been stunned to realize that there are inherent drawbacks associated with keeping their benefits unchanged as they enter their retirement years.

According to the society of actuaries, the second fastest growing segment of the population in the United States is the 80+ age group. It is, therefore, increasingly important to find out how you can make sure that your benefits and the costs associated with them are as effective and stream-lined as possible, for your situation.

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How are you compensated?

In much the same way a travel agent is paid from an airline or hotel when you retain their services, we are compensated by the companies that serve the needs of you and your family.

We do not charge fees, and none of the money you spend on your benefits comes to us in the form of a commission. As you know, there are future costs associated with your benefit elections. We have simply shown many how to receive a greater return for their benefit investment dollar.

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Can I be confident in the Companies and Benefits programs you recommend?

Yes. American Benefits Group has been providing quality education and consultation services for government personnel for years.

The companies we choose to recommend must be highly rated, have low consumer complaint ratios, be respected in the industry, and have a proven track record of outstanding financial stability, customer satisfaction, and experience in administering and servicing the plans recommended for government personnel needs.

We believe we have done our due diligence in finding some of the best financial institutions for the various markets we work in. Our promise to you is that we will always be looking at additional sources to better enable us to provide you with programs and services that may better meet your needs.

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Is there a way that I can leave a Survivor's Benefit to my spouse (or someone else) without all the rules and restrictions associated with the default Survivor's Benefit?

The short answer is Absolutely! But it does depend on certain individual qualifications.

After having an Analysis prepared, many Federal Employees and their Survivors opt for one of the alternate Income Protection Plans.

These plans allow for much greater flexibility to meet the changing needs throughout your retirement.

They are often less expensive in the long run and create greater benefits, even allowing some benefit to pass to heirs! (Certainly not part of the default CSRS or FERS Survivor's Benefit Plan.)

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Is there a way that I can keep a modest amount of Life Insurance for my retirement years without paying the high cost of the Federal Employees Group Life Insurance program?

Yes. There is a built in mechanism with the Federal Employee's Group Life Insurance plan that allows for this. But it is often advisable to compliment this feature with a modest amount of private insurance as well.

The Federal Benefits Analysis prepared by one of our Benefits Consultants can show you exactly what your options are and the costs and benefits associated with them.

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I have heard a lot about Long Term care. Is it for everyone?

There is no short answer to this question. It depends on a variety of circumstances. There is no "one size fits all" with Long Term Care planning. It must be approached on an Individual basis.

The Federal Benefits Analysis can offer several different approaches to the subject of Long Term Care and your Benefits Consultant is knowledgeable in the Federal Fringe LTC program as well as private alternatives.

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Can I access some of my TSP funds even if I am not age 59 ½ at retirement, without paying the 10% IRS early withdrawal penalty?

The short answer is yes. There are provisions in the Tax code that will allow for this. Our Benefits Consultants can certainly point you in the right direction and can provide a multitude of choices for you, but we do not engage in Tax advising or planning.

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Should I roll over my funds to an IRA when I retire or
just leave the funds in the TSP plan?

This is a completely personal decision. Some have found however, a Rolling over to an IRA allows them greater flexibility and control over their money.

There are even IRA plans available from the private sector that will allow your retirement funds to grow with the gains in the stock market, while at the same time protecting you against any downside loss!

Speak to one of our Benefits Consultants about your individual options.

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Should I drop the Federal Employee’s Group Life Insurance when I retire?

That depends on your circumstances, your health and your need for insurance in retirement. Many people are often surprised that the need for Life Insurance in retirement often goes up, rather than the age old concept that the need goes away in retirement.

One of our Benefits Consultants can help you review your situation and plan for the future so that you are neither "over-insured" or "under-insured". Both situations can present problems to your future financial picture.

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Should I keep the Federal Employees Group Health Plan in retirement or are there better options for me and/or my spouse?

The short answer is yes. We are unaware of a plan that allows so much benefit for the cost.

In some cases, the benefits of a State, Private Company or Municipality appear greater, or the cost appears lower. But these programs often have a very different set of rules and restrictions for Retirees. Whereas the Federal Employees Health Benefit plan remains unchanged for Retirees (with the exception of payment mode).

One possible exception could be if you have full eligibility to Tricare. But your options should be carefully considered before making any decisions.

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