When Should I Start Retirement Planning

hello this is brandon christie president

of retirement benefits institute i'm

glad to be talking with you today about

that ideal question of when should i be

talking about retirement planning when

it comes to talking about once federal

benefits many people are so confused

they don't know where or when to start

federal retirement planning in today's

day and age there is a ton of federal

retirement information on the web and

sometimes too much information can

easily cause confusion this confusion

can lead to a lack of planning for

retirement the lack of planning could

end in not having enough money to retire

do you really want to go back to work in

retirement once you understand your

federal benefits clearly your confusion

will be exchanged for clarity having

clarity then allows you to effectively

create a plan for a confident retirement

furthermore because so much is riding on

your future the sooner you start federal

retirement planning the better let's go

through a few reasons to make this work

number one you want to catch things

early if you had the Oh a deposit or

redeposit on any period of employment

interest accrues so the earlier you make

a deposit or redeposit the less you pay

it's important for you to consider

whether or not it's worth you making the

deposit for your retirement plan every

penny counts in retirement so

identifying this early could save you

money next you want eligibility to keep

federal benefits in retirement in

something to be aware of early on as

well for instance in order to carry your

FHB your health insurance into

retirement you need to have the coverage

for at least five years prior to

retirement retire on an immediate

annuity and be insured on your

retirement date if you didn't realize

that until two years prior to retirement

and we're unable to keep FHB then you

might be slightly unhappy or find

yourself working longer in order to keep

that benefit many

factors play into similar scenarios such

as the one just mentioned attending

retirement trainings throughout your

career can help keep you up-to-date with

the ever-changing rules of federal

benefits so planning ahead also creates

less stress by having a plan you are

tackling the many decisions early at

your own pace versus last-minute you

also will have fewer surprises because

you have dealt with your retirement

early on having a plan keeps you on

track and accountable this allows you to

set yourself up for a potentially

successful retirement many federal

employees have found that working with

financial professionals will also reduce

stress starting the plan early allows

you more time to vet and build strong

working relationships with professionals

who can help you long term you need to

build a bigger nest egg how much money

will you need when you retire well Chris

Hogan the nation's number one

best-selling author of retire inspired

it's not an age it's a financial number

set at best if you want to have options

in your golden years you need a sizeable

nest egg we can all agree that saving is

easier said than done here are some

helpful tips to get you started number

one save save save no matter what you

tell yourself it's never too late to

save however it takes self-discipline

time and diligence while there are

numerous types of savings one important

basic account is an emergency fund if

your car breaks down or your air

conditioning unit stops working in the

middle of July you have the money in

your emergency fund to cover the expense

now let's talk about a few different

seasons in life that individuals may

want to save for keep in mind that we

can begin saving for these seasons as

early in life as we choose purchase your

forever home that's something that could

happen in your 30s or 40s

traveling in vacation in your 40s and

50s leaving a legacy for your children

that may happen 50 plus these are all

items that you want to consider saving

for earlier than later now you want to

talk about contributing to your TSP or

thrift savings plan remember the TSP is

a separate entity in and of itself

similar to the private sectors 401k

accounts the earlier you begin

contributing to your TSP the more time

it has to potentially grow according to

one of Dave Ramsey study half of baby

boomers have less than $10,000 set aside

for retirement the federal government

encourages FERS individuals to

contribute to the TSP by matching your

contributions up to five percent think

about it if you're a FERS employee and

contribute five percent to your TSP the

government will match you five percent

that's a 100 percent return on your


contributing to your TSP in such a way

over the years of your federal career

can help you build your retirement

savings for the future in short it is

never too early to begin planning for

federal retirement federal employees are

blessed with numerous options and

potential income streams

however as previously stated the many

black sent blessings can at times cause

confusion my third main point in getting

ready for retirement reduced debt debt

as a whole is a huge concern for many

considering federal retirement planning

one of the biggest questions is should I

pay off my home mortgage before I retire

the answer varies by situation but it is

worth looking into

credit card debt student loan debt among

others is also something to consider

reducing before retiring as well

reducing debt prior to retirement freeze

up income and could reduce stress in

your retirement years to exchange

confusion for clarity as you walk

through these factors you can request a

consultation with retirement benefits

Institute and spend some time with us

why the

because your future depends on it give

us a call at eight seven seven eight six

four one one four five get support from

us we'll be glad to engage you on the

very specific fronts of understanding

your benefits what your pension is going

to be help you if you need help building

a plan to make sure there's enough

income to match your expenses in

retirement and help you with that key

word here's the one word I'll give you

why you should give us a call and let us

help you today that word is enough can

you have enough to be able to

successfully retire we look forward to

talking to and helping you soon well

this is Brandon Christy

signing out for retirement benefits

Institute thank you