As you approach retirement, there are many things to think about. Experts advise that you will need about 80 percent of your pre-retirement income to continue your current quality of life. The exact amount, of course, depends on your individual needs. Some important factors to consider include:
At what age do you plan to retire?
Can you participate in an employer's retirement savings plan, such as a 401(k) plan, or a traditional pension plan?
Will your spouse or partner retire when you do?
Where do you plan to live when you retire? Will you downsize, rent, or own you home?
Do you expect to work part-time?
Will you have the same medical insurance you had while working? Will your coverage change?
Do you want to travel or pursue a new hobby that might be costly?
More than 38 million people in the U.S. haven’t claimed pension benefits they have earned. Find out if you, or someone you know, is owed a pension.
Pension Counseling Program for Seniors
The Administration on Aging (AoA) offers Pension Counseling and Information that assists older Americans in accessing information about their retirement benefits and helps them to negotiate with former employers or pension plans for due compensation.
In addition to the defined or basic benefits provided by your CSRS or FERS plan, if you are a current federal employee, you can boost your retirement savings by participating in the Thrift Savings Plan (TSP). The TSP offers the same types of savings and tax benefits as a 401(k) plan.
Combine Military Service and Civil Service Retirement
Military service does not automatically count toward civil service retirement.