As a federal employee, retirement can be an exciting time. It's a time when you can finally step back and enjoy the fruits of your labor. However, there are some things you should know before taking the plunge. Here are five things that every federal employee should know about retirement. Understand Your Retirement Benefits As a federal employee, you're eligible for retirement benefits through the Federal Employees Retirement System (FERS). FERS is a three-tiered retirement system that includes a basic benefit, Social Security, and the Thrift Savings Plan (TSP). Before retiring, it's important to understand how these three components work together to provide retirement income. Your basic benefit is calculated based on your years of service and high-three average salary. Social Security provides a basic benefit as well, but it's calculated based on your lifetime earnings. Finally, the TSP is a tax-advantaged retirement savings plan that allows you to contribute a portion...