Retirement Income Planning

A big challenge in retirement is creating a lifestyle-sustaining income that lets you enjoy life on your terms. But it isn’t the only challenge. You also want to be  sure that you won’t run out of money in retirement.

Whether your aspirations include time with family, R&R with friends, a “second act” in business, travel, or a new pastime, you should have a plan set for your retirement income goals. Taking steps to protect your wealth can help you find peace of mind and focus on what’s meaningful to you.

A Unique Situation for Federal Employees

But here’s the thing. As a Federal Employee, you have a different situation than investors in the private sector.

Your Federal Benefits come with their own provisions, rules, and deadlines. Those benefits will likely change over your career and in retirement.

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Because of that, your retirement income can start, stop, or change in ways that generic financial planning won’t solve. And while you, as a Federal Employee, have access to high-quality benefits, you are also in one of the most complex benefits programs around.

Should you make some wrong choices or mistimed elections, you could lose out on potentially tens of thousands in benefits over your career (and in retirement).

What Income Will You Need for Retirement?

The amount of income you will need in retirement will depend on a number of things:

  • The age that you expect to retire
  • Your lifestyle goals in retirement
  • The duration of how long you expect to live
  • Personal health, family history, and what they imply for longevity
  • Rates of growth you anticipate for assets and savings

As a Federal Employee, you may have a number of benefits and vehicles you can use for income: a pension annuity, Social Security benefits, payouts from your TSP account or TSP Voluntary Contribution Plan, a FERS supplement, to name a potential few.

Of course, they are only part of the puzzle. An effective retirement plan will harmonize Federal Benefits with the rest of someone’s financial picture – any individual retirement accounts, assets, savings, insurance policies, and all.

Taking Steps to Enjoy an Income-Rich Retirement

While you navigate your retirement benefits, it’s important to remember that they will be a big part of you attempting to maximize your retirement income. As you think of the future, consider these potential strategies:

  • Do you have clearly outlined retirement goals and priorities?
  • Are your assets protected adequately from equity market risk?
  • Do your existing investment and financial strategies align with your risk tolerance, age bracket, and ‘countdown timeline’ to retirement?
  • Does your plan help you to make the most of your wealth while safeguarding it from unexpected risks and threats?
  • Do you have a comprehensive plan set for investments, retirement, income, life insurance, legacy, and estate planning?

Many Postal and Federal Employees have increased their retirement benefits and income with guidance from a financial professional who understands their benefits as well as their nuances.

Need Help with Your Benefits and Retirement Planning?

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If you could benefit from the guidance and expertise of a professional in maximizing your benefits and income, we are here to help you at Federal Benefits Information Center.

Contact us or request a free Personal Benefits Analysis so we can start discussing your future.