Agency benefits officers are on the front line of retirement financial education for the Federal workforce. This page is designed to support that work, from understanding OPM's overarching strategy, to building an agency financial education plan, to connecting employees with the right tools at the right stage of their careers.

Retirement planning is a career-long process. Employees covered under FERS rely heavily on the Thrift Savings Plan (TSP) as a primary source of retirement income, which means financial education cannot wait until a few years before retirement. Benefits officers play a critical role in making sure employees have the knowledge they need, early and often, to make informed decisions and achieve their retirement goals.

Background

The Thrift Savings Plan Open Elections Act of 2004 required OPM to develop a retirement financial literacy and education strategy for Federal employees. The strategy was designed to educate employees on the need for retirement savings and investment, and to help them plan for retirement and calculate what they needed to save to meet their goals.

The strategy recognized that the traditional approach, one pre-retirement seminar shortly before leaving Federal service, was no longer sufficient. With the growth of FERS and the central role of the TSP in employees' retirement income, planning had to become a career-long process, not a last-minute event.

The Financial Education Model

OPM's retirement financial education strategy treated retirement planning as a career-long process, not a one-time event. The model recognized that employees' information needs evolve over time and that effective financial education had to go beyond Federal benefits programs to address the full picture of retirement readiness.

The model identified five areas employees needed to understand:

• Federal benefits — retirement annuity, life and health insurance, Medicare, long-term care insurance, and the Thrift Savings Plan
• Financial security — investing basics, calculating retirement income needs, financial planning, and credit management
• Retirement health — medical costs and long-term care needs
• Retirement lifestyle — post-retirement work, leisure, relocation, and housing options
• Estate planning — wills and survivor benefits

 Agencies now play a direct role in educating employees on their Federal benefits,

CSRS, FERS, TSP, the Federal Long Term Care Insurance Program (FLTCIP), the Federal Employees Health Benefits (FEHB) Program, and Medicare. For topics outside that scope, such as financial basics, lifestyle planning, and estate planning, agencies serve as a resource hub: helping employees identify their needs and connecting them with workshops, outside materials, or resources from other Federal agencies, universities, and non-profit organizations.

Roles and Responsibilities

OPM serves as capacity builder, coordinator, and catalyst. OPM develops training for benefits officers, builds partnerships with other agencies and non-profit organizations, and conducts outreach to agency leaders to elevate financial education as a workforce priority.

Agencies have primary responsibility for delivering retirement financial education to their employees. Each agency is required to:

• Develop a retirement financial education plan
• Target employees at three career stages: new employees, mid-career, and pre-retirement
• Keep programs informational, not investment advice
• Report annually to OPM on activities and outcomes

Employees are responsible for participating in the education opportunities their agencies provide, using available tools and resources, and taking ownership of their retirement planning decisions. Ultimately, employees make choices that determine their financial future. The role of this strategy is to make sure they have what they need to make those choices wisely.

The resources below are organized by career stage to help benefits officers direct employees to the right tools at the right time.

OPM provides these links as a public service. They do not constitute an endorsement of the linked websites, information, products, or services. OPM does not control or guarantee the accuracy, timeliness, or completeness of external content.

New Employees

It is never too early to start saving. Direct new employees to these resources to help them build good financial habits from the start of their Federal careers.

• TSP Start Saving — explains TSP contribution basics, agency matching, and fund options; ideal for day-one orientation
• TSP Contribution Comparison Calculator — helps employees decide between traditional and Roth TSP contributions
• TSP Payroll Deductions Calculator — shows the impact of increasing TSP contributions on take-home pay
• Savings Fitness – A Guide to Your Money and Your Financial Future (PDF) — a straightforward guide to setting financial and retirement goals
• IRS Tax Withholding Estimator — helps employees confirm they have the right amount of tax withheld from their paycheck
• Free Annual Credit Reports — explains how to get free credit reports from all three major bureaus
• Federal Student Aid Repayment Estimator — helps employees with federal student loans identify the best repayment plan
• Consumer.gov — The Federal Trade Commission’s site covering budgeting, credit, and debt basics
• MyMoney.gov — The Financial Literacy and Education Commission’s financial literacy hub organized around earning, saving, protecting, spending, and borrowing

Mid-Career Employees

Mid-career is the time to recalibrate retirement goals, address debt, and build savings momentum.

• FDIC Money Smart Podcast Network — covers borrowing wisely, spending plans, and banking basics
• Taking the Mystery Out of Retirement Planning (PDF) — helps employees understand how much they may need in retirement
• Savings Fitness – A Guide to Your Money and Your Financial Future (PDF) — useful for resetting savings goals as income and life circumstances change
• my Social Security Account — mid-career is the right time for employees to set up an account and begin tracking their Social Security earnings record
• CFPB Managing Debt — practical guidance on managing and reducing debt
• CFPB Emergency Savings Tool — helps employees determine how much emergency savings they need and how to start building toward that goal
• DOL Women and Retirement Savings — addresses how career interruptions and pay gaps can affect retirement savings
• NCUA Budgeting Tools — practical budgeting resources from the National Credit Union Administration

Employees Nearing Retirement

Employees within a few years of retirement need to get specific about timing, income sources, and coverage decisions.

• OPM Retirement Information — OPM's central resource for annuity calculations and retirement application guidance
• Federal Ballpark Estimator — projects Federal annuity and TSP benefits to help employees identify approximately how much they still need to save
• TSP Retirement Income Calculator — projects how long TSP savings will last based on different withdrawal strategies
• Social Security Retirement Estimator — provides personalized Social Security benefit estimates
• my Social Security Account — access to Social Security statements and benefit estimates online
• Medicare Plan Finder — helps employees compare Medicare Part D and Medicare Advantage plans before retirement
• Medicare Application — eligibility requirements and online application
• Retirement Toolkit (PDF) — The Department of Labor’s overview of retirement plans, Social Security, and Medicare in one place
• CFPB Planning for Retirement — covers Social Security timing, managing retirement income, and avoiding scams

Retirees and Older Adults

Retirement brings new financial decisions and risks. These resources help retirees protect their savings and navigate later-life planning.

• SSA Benefits for Family Members — explains which family members may qualify for Social Security benefits based on a retiree's record
• Medicare.gov — central resource for understanding Medicare coverage, costs, and appeals
• CFPB Protecting Older Adults from Fraud — guidance on recognizing and avoiding fraud and financial exploitation
• CFPB Managing Someone Else's Money (PDF) — guides for retirees managing finances for a spouse or family member, or who have designated someone to manage their own finances
• CFPB Financial Scam Prevention Placemats — free, printable materials to help older adults avoid common financial scams
• Eldercare Locator — U.S. Administration on Aging tool connecting older adults and caregivers to local services including benefits counseling and legal aid
• BenefitsCheckUp® — helps older adults identify federal, state, and local benefit programs they may qualify for
• Ready.gov – Financial Preparedness — tips for financial preparedness before a disaster

Additional Resources

• FDIC Money Smart — financial education program for people of all ages and backgrounds
• SEC Investor.gov — guidance on making sound investment decisions, managing crypto assets, and avoiding fraud
• FTC Consumer Information — practical information on everyday financial issues
• CFPB Paying for College — tools for making informed decisions about college financing
• Federal Student Aid — grants, loans, scholarships, and loan repayment information
• HUD-Approved Housing Counseling Agencies — housing counseling for homebuyers and homeowners
• Centers for Medicare & Medicaid Services — information on Medicare, Medicaid, and health insurance options
• NCUA Consumer Assistance Center — help resolving disputes with credit unions and understanding share insurance

What is Required

Under the Thrift Savings Plan Open Elections Act of 2004 and OPM's retirement financial literacy and education strategy, each agency must develop and maintain a retirement financial education plan. The plan is the agency's roadmap for ensuring employees at every career stage have access to the financial education they need to plan for a secure retirement.

Day-to-day administration of Federal benefits programs is handled at the agency level, and benefits officers are the primary point of contact for employees. The financial education plan formalizes and structures that role.

What the Plan Must Include

Each agency's retirement financial education plan must:

• Describe how the agency will assess employee financial education needs
• Include programs that target employees at a minimum of three career stages: new employees, mid-career employees, and employees nearing retirement
• Identify the tools and resources the agency will use to address identified needs
• Confirm that all financial education activities are informational and educational in nature — programs must not provide specific financial investment advice
• Include an annual report to OPM on activities conducted and recommendations for improvement

A Note on Shared Service Centers

Agencies that have shifted or are shifting HR functions to shared service centers (SSCs) should coordinate with their SSC on plan implementation. SSCs are expected to serve as program partners in delivering retirement financial education alongside the agency.

Important Reminder: Education, Not Advice

Benefits officers provide information and education — they do not provide personalized financial or investment advice. All financial education activities must stay within this boundary. When employees need guidance beyond what a benefits officer can provide, the appropriate role is to refer them to qualified external resources.

Guidance Documents

• BAL 11-104 — "Agency Retirement Financial Education Plans": detailed guidance on financial education programs and how to structure an annual plan
• BAL 07-102 — foundational guidance on developing a retirement financial education plan for your employees
• BAL 06-107 — "Guide to Financial Education Fairs": step-by-step guidance for planning a successful financial education fair, including suggested topics, publicity ideas, and evaluation forms