The number one fear of retirees is running out of money- either out living their assets or not having enough income to keep up with future expenses. This fear is justified as we are all living longer and as inflation goes up, so do our expenses. So how do you protect yourself?
When it comes to saving for retirement as a federal employee, one of the options at your disposal with the widest variety your TSP, or Thrift Savings Plan.
DO YOU HAVE A WRITTEN BUDGET AND A PLAN!?
As a federal employee preparing for retirement, there are several things that you need to be concerned about. The key to making sure that everything goes smoothly is to have a budget and a plan. You wouldn’t go on a road trip or board a plane without knowing where you’re headed or preparing enough resources to make it there, right?
What is Life Insurance? Life Insurance is an Insurance Policy in which you pay a small premium amount at a certain frequency and in return the insurance carrier agrees to pay a large sum to your beneficiaries in the event of your death. This tax-free lump sum will assist your beneficiaries in covering your final expenses, provide income protection, assist in estate planning and mortgage protection and will also assist in legacy purposes for your family and beneficiaries. There are Three Main Types of Life Insurance Policies which all offer unique strengths and benefits.
Whenever retirement in the United States is discussed in any capacity, even by non-federal employees, Social Security always comes up. Many people have arranged their retirement plans with Social Security assumed as part of it…but many times they are unaware of what Social Security will actually look like and how it works.