The Foreign Service Journal, April 2023

50 APRIL 2023 | THE FOREIGN SERVICE JOURNAL RETIREMENT SUPPLEMENT attorney there review your will, power of attorney, and advanced medical direc- tive to see if they need updating. Decide whether to take out long- term-care insurance while you are still healthy enough to qualify. If you are approaching age 62, decide when to file for Social Security. If you are approach- ing 65, decide whether to sign up for Medicare Part B. If you are approaching age 73 (set to rise to 75 in 2033 under recent legislation), decide what to do about Required Minimum Distributions from taxable retirement accounts. For more information, see relevant documents on the AFSA Retirement Services web page. 6. Reassess Health Insurance. Review your FEHB coverage every few years during Open Season (mid-Novem- ber to mid-December). Even if you feel satisfied with your current coverage, switching to another plan could poten- tially save you money. For example, some plans reimburse $800 a year if you have Medicare Part B coverage. AFSA helps you weigh your options by giving you access each Open Season to the Consumers’ Checkbook, a great tool for comparing health plans. 7. Remind Family of Survivor Ben- efits. Because Foreign Service family members are often unfamiliar with offices and functions in the federal agencies, please make sure they know how to report your death to claim their federal survivor’s benefits. The first step is to email HRSC@ state.gov or call (866) 300-7419. Detailed instructions on how to report deaths of Foreign Service retir- ees is contained in the Department of State’s Foreign Service Annual Annuitant Newsletter and in the AFSA Directory of Retired Members. AFSA recommends that you make a copy of those instruc- tions, show them to your next-of-kin, and file them with your will. In addition, you could assist the executor of your estate by preparing a list of financial accounts, insurance, major assets, and other key information. 8. Avoid Financial Scams. The ever- proliferating number and ingenuity of financial scams pose a growing threat to retirement savings. Use caution when opening emails, clicking on internet links, and answering telephone calls from unknown numbers. Educate your- self and family members about scams and cyberthreats. Many financial institutions, retail companies, and government agen- cies publish guidance on how to avoid becoming a victim. For example, on the State Department Federal Credit Union (SDFCU) website, click on Services and then Learning Hub, and then select the category Security in the filter menu. 9. Focus on Health and Wellness. Retirement planning is not all about money. To make the most of your retire- ment years, you can promote good health through diet, exercise, regular doctor checkups, getting enough sleep, limiting alcohol, and avoiding smoking. Promote wellness by maintaining your connections with family, friends, and social groups. If you live in one of the nearly 20 states that have a Foreign Service retiree group, consider joining one to maintain social connections and keep intellectu- ally engaged (see the AFSA Directory of Retired Members for a list). You could also volunteer your time at a local non- profit organization. 10. Downsize. If you have not yet thinned out all the stuff you accumulated over the decades, do not underestimate the amount of time and effort involved in downsizing—especially if you want to gift, sell, or otherwise recycle unused