RETIREMENT: How Will I know I have Enough Saved?

Federal Benefit Advisory

Q: “I am a decade away from my retirement, how will I know I will have enough income to retire?”

A:  First, you are wise to look this far ahead, so you are not caught short and not be able to recover:

  1. First, keep good records, so any change in your employment, pay or benefits are correct. If discovered after retirement you will likely not be able to fix it.
  2. Contribute as much as possible to your TSP. The TSP is one of the finest means of building a retirement nest egg.
    1. Manage your TSP as if it were a business. ‘Mind the store’, watch it every day, be aware of the market and inflation impact on your future.
    1. Use the G Fund as a Safe Harbor when market down swings occur.
  3. Look for promotion opportunities, the greater your income the greater the retirement.
  4. Make sure your deductions and beneficiaries are always correct.   When a life event occurs, adjust your FEHB, FEGLI and Spousal survivor benefits accordingly.
  5. Buy a home.
    1. Audit your life insurance expense, change to private if and when the benefit or cost can mean a ‘Better Deal’ for your needs.
  6. Keep your lifestyle as frugal as you can, without sacrifice of life’s happiness.
  7. Keep personal debts low or none: pay the new car off ASAP, credit cards should be kept current.
  8. Avoid unnecessary purchases: boats, play car and other toys, unless these are very important to you.
  9. Consider working into retirement, so you can have extra income for:
    1. Continued IRA contributions.
    1. ROTH contributions
  10. Build a business: Find a new income, perhaps a family future and legacy for your children.

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