Your Federal and Postal Retirement Plan – Will It Work
How do you know if your retirement plan is a good one and if it will work? Think about the strategies below:
• Your overarching goals for retirement are outlined (stay flexible).
• You have clearly written down all of your financial goals for retirement
• Are you maximizing the benefits of your TSP.gov account
• You have a spending and retirement plan for all of your income sources.
• You always review your goals before spending to avoid impulse spending.
• You have included the development of a budget that you monitor now and will continue monitoring into retirement.
• Your retirement plan includes a very close estimate of how much you can spend on clothing, entertainment, eating out and vacations.
• You plan ahead for major expenses and purchases so you don’t have to rob your savings.
• You have an emergency fund to cover unexpected expenses (3-6 months or more). You decide what fits your circumstances.
• You do comparison shopping always (ie. Search for “FEGLI comparisons” on the internet).
• Set aside some money to spend as you please, only after you have paid yourself first.
Your retirement future is important business, but you should still have some fun as you set your priorities to retire well.
P. S. Always Remember to Share What You Know.