Retirement Planning – Now or Later?

Retirement Planning

Retirement PlanningThe most important step a Federal or Postal employee can take toward a successful retirement is recognizing how and when to begin the retirement planning process.  As a FERS or CSRS eligible employee the earlier you begin educating yourself and gathering as much information as possible about how your benefits will work in retirement the better off you will be.  Due to the complexity of the FERS and CSRS programs Federal and Postal employees may wish to speak with a financial expert who has a clear understanding of the FERS, CSRS, FEGLI and your account.


When is the ‘Right Time’ to start planning for retirement?

As the adage goes – The best time to plant a shade tree was 40 years ago.  The second best time is right now.

Although our early years are not typically spent planning for retirement, they should be.  Retirement planning is a very important component of the work-life cycle.  The earlier we start building your nest egg (such as making contributions to your account), the longer it will be able to grow for you.  Not only will your work and your savings begin to add up, but the compound growth that can take place over time means that your money is working for you.  Reviewing your account regularly and making sure that your the investments and the ‘allocation’ you have matches your desired retirement plan is a must.
The first day of your first full-time adult job is when you should start your retirement planning.  Don’t just take that myriad of papers handed to you by Human Resources and stuff them in your desk drawer.  Read them, ask questions and learn what you can do right away.  And absolutely, make contributions to your account.
Although it is never too late to start preparing to retire well, the earlier we start the greater our options and opportunities to design the kind of life we want to live in retirement.  Your account and other investments are important when you are younger but they grow even more important as you get closer to retirement.  This is when a financial professional can help you ensure that your retirement goals and income needs will be met.


P. S. Always Remember to Share What You Know.


Will your income will be enough in retirement?

Are your TSP funds getting you to where you need to be?

For eligible employees your Social Security Benefits are incredibly important to your financial health.



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