Federal / Postal Retirement Planning Report Card
Retirement Planning Report Card
From your Thrift Savings Plan to FEHB to FEGLI, each of us will be ‘graded’ on our Planning Report Card. Much like when we were kids in school how well prepare ourselves on these topics, will have an impact on how well we do. If you got good grades in school, your parents often rewarded you with something special, sometimes even money to show the value and significance of getting good grades. Your Retirement Planning Report Card, however, is far more important than if you got an ‘A’ in your Social Studies class. This Report Card will truly impact the rest of your life.
You have reached another milestone in our lives where once again a report card is important. The difference is if you get a good report card by planning ahead for retirement (such as using your Thrift Savings Plan fully), your reward is to live in comfort and security. Proper planning allows you to retire on your own terms and take the worry out of how you are going to survive now that your income is much lower than it was as an active employee.
Your planning report card should include estimates of your pension income which will resemble reality the closer you get to retirement. Your Retirement Planning Report Card should also include information on your TSP.gov account any Social Security Benefits you might be eligible for and even your life expectancy. If you are postal employee you will need to access your LiteBlue account and gather any forms that you would like to maintain in retirement. Look to include your total estimated monthly retirement income and your estimated monthly expenses. Do not forget to include any additional savings and IRA’s that you have along with your spouse’s savings too. Other items you think are relevant will help you paint the best picture possible of your retirement future. It is always a good idea to consider talking with a financial professional who focuses on Federal and Postal retirees (Liteblue information can be found HERE). They are tough to come by and the average ‘Advisor’ probably doesn’t know much about your benefit package, but if you can find a FERS, CSRS and FEGLI expert – you should do yourself the favor and sitting down with them to discuss your needs.
There is quite a bit of work to do to get ready for retirement, but the sooner you get started the closer you are to reaching your retirement goals.
P. S. Always Remember to Share What You Know.
