Retirement Planning

Tammy Flanagan | National Institute of Transition Planning | November 22, 2018 | 0 Comments

Retirement by the Numbers

pxhere

I meet federal employees on a daily basis at seminars, through email and as clients who are getting ready to retire after a long career of service. I find that many have prepared well for this next chapter in life and are looking forward to retirement. Others, however, find themselves in a situation where retirement is necessary due to an untenable work situation or changes at home that require more time with family. Many are uncertain if they have adequately prepared,  and are hoping for the best even though their net retirement income will be less than what they brought home while employed.

It isn’t hard to retire from the federal government. All you have to do is fill out a three-page application. That means it can be easy to retire impulsively at a vulnerable time. But if the time isn’t right, remember that it’s very hard to undo retirement and return to federal service.

So before you make your final decision, consider some statistics—starting, for example, with these from the Social Security Administration’s Office of Retirement Policy:

Most federal employees don’t have to worry about falling below the poverty line when they retire, or relying solely on Social Security. So what do the numbers look like for them? Consider these fiscal 2016 statistics from a recent Congressional Research Service report:

Are you worried about your retirement situation? If so, remember that the key to being financially and mentally ready all comes down to one word: preparation.

Comments
JOIN THE DISCUSSION