Understand Your Finances
Important and primary programs, benefits, and contracts for general retirement.
The Federal Government established the Federal Employees’ Group Life Insurance (FEGLI) Program on August 29, 1954. It is the largest group life insurance program in the world, covering over 4 million Federal employees and retirees, as well as many of their family members.
An annuity is a contract between you and an insurance company that turns your savings into guaranteed income, either immediately or at a future date. You pay a lump sum or series of premiums, and the insurer agrees to pay you back over a set period or for the rest of your life.
You can typically get monthly Retirement benefits starting at age 62 if you’ve worked and paid Social Security taxes for 10 years or more. In most cases, you can apply while still working.