Whether you’re leaving federal government employment by choice, retirement, or reorganization, it is a monumental change in your life. It involves more than cleaning out your desk or handing in your badge; it’s a shift in identity, finances, benefits, and long-term goals. At Wealth Enhancement, we understand the complexity of this transition and have created a checklist to help federal employees navigate this change confidently.

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And if you’re just starting to consider a career change or you’ve already set your exit date, the key to a successful transition is preparation. Below, we outline the three stages you’ll face—before separation, during separation, and after separation—and how our checklist can guide you every step of the way.

For a complete guide to leaving federal employment, download our new guidebook: Leaving Government Employment: A guide to planning your transition

Before You Separate: Lay the Groundwork

Preparation begins before you leave your position. This phase is all about collecting documentation, understanding your options, and building a financial and emotional safety net.

Key tasks include:

• Gathering essential records such as your SF-50 form, recent paystubs, performance reviews, and any employment or union-related documents.
• Reviewing your financial situation, including setting aside a three- to six-month emergency fund, updating your resume, and managing your expectations around benefits and future employment.
• Understanding your exit options, such as the Deferred Resignation Program (DRP), Voluntary Early Retirement Authority (VERA), or Voluntary Separation Incentive Payments (VSIP). Each of these carries unique benefits and potential drawbacks, from pension eligibility to lump-sum payouts.

Emotionally, this is a time to bolster your mental health, build resilience, and consider reaching out to a career coach or support network. Uncertainty is part of the process—but planning helps reduce stress.

During the Transition: Know Your Rights and Resources

Once you’ve officially initiated your separation, clarity around your entitlements and benefits is essential.

This includes:

• Understanding separation terms—Are you receiving a VSIP buyout? Are you eligible for VERA? Will your benefits continue under DRP until a certain date?
• Assembling your support team, which might include internal contacts like your HR department or union representative, as well as external experts like financial advisors, attorneys, and career consultants.
• Revisiting your finances, especially as your income and expenses shift. This is also a good time to explore insurance changes and potential housing decisions (e.g., relocating, selling, or renting your home).

Remember, your support system matters. This is not a time to navigate solo—lean on professionals and trusted peers who can guide you through the complexity.

After Separation: Set Your New Course

Whether you’re entering retirement, pursuing a private-sector job, or exploring new paths, the post-separation stage is about preparing for your next chapter.

If you’re retiring, make sure to:

• Confirm your Federal Employees Health Benefits (FEHB) eligibility.
• Calculate your FERS pension and plan your Thrift Savings Plan (TSP) withdrawals.
• Factor in Social Security timing to maximize benefits.

If you’re job searching, the checklist also includes links to valuable resources like:

• Work for America, which focuses on public interest roles.
• The Federal Employee Education & Assistance Fund, which offers financial support.
• The FormerGov Directory, a network of former federal workers.
• Temporary health insurance options through the Temporary Continuation of Coverage (TCC) program.

This period may feel disorienting, but it’s also full of opportunity. With clear goals and informed decisions, you can shift from uncertainty to empowerment. Our team at Wealth Enhancement is here to support you with tailored financial advice and retirement planning. This is more than a career change—it’s a life pivot. Let us help you make it a success. Reach out to a Wealth Enhancement advisor today to get started.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

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