For most people, the decisions you make before retiring are some of the largest financial decisions you will make in your lifetime. Here are 7 questions VRS Employees should be asking before they file their retirement paperwork:

 1.  What is my after-tax monthly income goal?
2. Will I be able to generate that after-tax amount in retirement?
3. What happens to my monthly income when I pass away?
4. Which PLOP option should I take (if any)?
5. Should I take the Basic Benefit or one of the Survivor Options?
6. What is my strategy to claim Social Security Benefits?
7. How much should I withdraw from my savings & investments each month?

In addition to the impact a bad decision can have on you (and your family), what typically makes it worse is that most decisions cannot be changed. We want to help you feel confident that you are making the best decisions based on your situation. You can use this link Schedule 15-Minute Phone Call if you’d like to hear more about Our Planning Process and how we can help you retire with confidence.

Once you complete the Schedule your 15-minute phone call section you’ll receive an email within 48 hours to schedule a phone call with one of our CFP professionals to assess your situation and take you through an overview of Our Planning Process. The purpose of the phone call is help you determine if Our Planning Process would be beneficial for you. If the timing is right and you decide to begin the process, we will give clear instructions on how to start working with our team. If you have any other questions, please email plan@communityfg.net

Our combined experience helping VRS Employees retire exceeds 26 years. We have seen the missed opportunities and mistakes made by retirees who were simply unaware or in some cases misguided regarding their VRS Retirement Benefits. As a result, we created Our Planning Process to help guide VRS Employees through this pivotal stage in their lives.  We believe that by making our process available to all VRS employees within 18 months of retirement, we can make a positive impact and help more people retire with confidence.

The short answer is no. Your Employer’s HR and VRS are great resources to go over what options you have with your Virginia Pension. Each employer varies, but in many cases, they will assist you with the following:

• Submitting your VRS Form 5
• Determining your VRS monthly check before taxes
• Survivor Options costs
• PLOP amounts
• Discuss your Employer Programs for Health Insurance continuation
• Calculate and then distribute your sick leave
• Calculate the cost and eligibility of purchasing prior service

However, they cannot advise you on which option is in your best interest based on your specific situation. A Certified Financial Planner™ professional can. This is where Our Planning Process comes in. We offer financial advice and direction around the following topics:

• Helping you determine your income need in retirement
• Working with you to develop a Social Security strategy
• Illustrating distribution options from your retirement accounts
• Determining the taxation of your PLOP
• Calculating your total monthly check in retirement
• Advising which survivor option is most suitable for your family
• Providing holistic financial planning and wealth management

We encourage you to meet with both your HR and VRS, but don’t make the common mistake of thinking they can calculate your needs or offer financial advice. We have found it beneficial to go through Our Planning Process before scheduling your meeting with HR. This will give you confidence going into your appointment with HR because you’ll already know which options you’ve chosen and the reasons behind them.

We are happy to discuss our traditional financial planning services with anyone, but our PLAN YOUR VIRGINIA RETIREMENT program is only for VRS employees within 3 years of retirement.  Please email any questions to plan@communityfg.net

This is a common question among the VRS Employees we talk with. Depending on when you were hired, there are between one and four retirement accounts you will be eligible to receive a benefit from. In some cases, you may still be eligible to receive a reduced pension now or an unreduced benefit at full retirement age. And in other cases, you can receive the benefits in a lump sum upon separation from service from the VRS. Given the tax implications and potential availability of future pension benefits, we’d recommend emailing plan@communityfg.net and we can help you determine the dollar amounts and access to these accounts.

This program is specifically for VRS employees within 3 years of retirement. However, if you are already retired but want to discuss our traditional financial planning services, please email plan@communityfg.net.

Yes, this program assures you work with a CERTIFIED FINANCIAL PLANNER™ professional. All our recommendations are reviewed and approved by our team of CFP® professionals.