I’ll admit, it is not an easy making one of life’s major decisions, that being retirement, when, what strategies, what have you not thought about, who to listen to and who not to listen to? Your life, as a federal employee was highly structured, manuals, pamphlets and supervisors made clear, or should have made clear, what to do in any open situation. However, now, decision time will arrive sooner that you may wish, so you want to make sure, you are not making the wrong choices.
Let’s walk through this:
- One day you will be out of there, be it on your terms or death. So, we need a date, at least a beginning date and we can adjust later.
- We need to know if, on that date, you can afford to retire, so:
a. We need a budget of income and expenses
b. Look closely at your lifestyle, will it need to be changed.
c. Do you plan to downsize, take on another job, build a business or go fishing?
- Look at health:
a. How is your health?
b. How is your spouse (significant other) health.
c. Look at family history of health, longevity or is there something in an inherited gene that give you concern?
- Resources are your tools, what do you have to use in retirement:
a. Home, home equity and other property such as rentals, vacation, vacant lot?
b. TSP, IRA, 401(k) etc.
c. Cash and investments.
e. Life insurance and annuities.
- Declutter possessions, resources, and un-needed items as they are not needed or a tool in retirement, perhaps dust collecting and converted to cash.
- Allow for down-sizing in place, location or just relief of stuff to maintain and consume time.
Plan your time:
- The biggest enemy of retirement is lots of time and not much to do.
a. Build a business.
b. Work part time.
c. Take on a job
f. Transportation for those who cannot drive
- Remember, you will, be moving from structure to a no boundary status, depression may occur, plan on it.
Retirement may begin with the feeling of the first day of vacation, but after the new wears off, then the feeling of “Oh, what have I done?” can set in.
WE at Federal Benefit Advisory, are here to help, but we are not emotional counselors, but pretty much the other stuff we can help guide you, but what ever path you take, you are the boss and in charge of your life.
We have prepared a Federal Benefit Advisory RETIREMETN KIT. This kit is full of guidance in preparation and all personnel forms you will need. Please send email request to:
George@nationalbenefitadvisory.com, I will send it out to you immediately.