Want to know what can derail your retirement? Having a safe and secure FERS retirement involves more than just a TSP investment plan. In this video, Thiago teaches federal employees about a few major retirement mistakes and how to avoid these red flags.

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Federal Retirement Red Flags to AVOID

Planning for retirement is a critical aspect of every federal employee’s career. As retirement is a long-term goal, it requires careful consideration and smart decision-making. However, there are several retirement pitfalls that federal employees should be aware of in order to avoid them. Let’s explore some common federal retirement red flags and how to navigate around them.

1. Not starting early enough: One of the most significant red flags is procrastination in starting retirement planning. The earlier you start saving and investing for your retirement, the better off you will be. It allows you to take advantage of compound interest, provides more time for your investments to grow, and gives you more flexibility to meet unexpected challenges along the way.

2. Ignoring the importance of TSP: The Thrift Savings Plan (TSP) is a retirement savings and investment plan for federal employees. It offers various benefits such as tax advantages and low administrative fees. Ignoring or underutilizing the TSP can have a detrimental impact on your retirement savings. Take advantage of the TSP by contributing as much as possible and diversifying your investments.

3. Failing to review and adjust investments: It’s crucial to regularly review your investments and make adjustments accordingly. Ignoring your investment portfolio might result in being overly exposed to certain risks or missing out on potential opportunities. Consult with a financial advisor who specializes in federal retirement to ensure that your investment strategy aligns with your retirement goals.

4. Not accounting for healthcare costs: Many federal retirees underestimate the cost of healthcare in retirement. Without proper planning, unexpected medical bills can quickly deplete your retirement savings. Consider factors like Medicare enrollment, long-term care insurance, and any health conditions that may require additional coverage. Allocate a portion of your retirement savings to cover healthcare costs.

5. Relying solely on Social Security: While Social Security will provide some income during retirement, it should not be your sole source of income. Depending on Social Security alone can leave you financially vulnerable and limit your lifestyle choices. Explore other retirement income options, such as a pension, TSP, personal investments, and part-time employment opportunities to diversify your income streams.

6. Inadequate estate planning: Neglecting to create a comprehensive estate plan is a red flag that can complicate matters for your loved ones after you’re gone. Estate planning involves naming beneficiaries, drafting wills or trusts, and establishing powers of attorney. Seek professional legal advice to ensure your assets are distributed as per your wishes and to avoid unnecessary taxes and legal battles.

7. Underestimating life expectancy: Underestimating your life expectancy is another commonly overlooked red flag. Remember that people are living longer, and your retirement income needs to cover a potentially longer period. Ensure your financial plan accounts for a longer retirement horizon, and consider strategies like purchasing an annuity or longevity insurance to provide income for as long as you live.

In conclusion, avoiding these federal retirement red flags requires early planning, utilizing retirement savings programs like TSP, regularly reviewing investments, accounting for healthcare costs, diversifying income sources, estate planning, and considering a longer life expectancy. By being aware of these common pitfalls and taking proactive measures, federal employees can navigate their retirement journey with confidence and financial security.