We all strive to make more money and the start of a new year can represent good place to start. Â For federal employees, there are a lot of different strategies for boosting federal employee retirement savings and something that we need to put at the top of our list of things to do. If you are also trying to double up on your savings, then read on as we have some interesting tips for you:
Increasing Federal Employee Retirement Savings:
- Set goals: The first thing that you need to do is to set up your monthly goals. The biggest mistake people make is setting up goals for the whole year which (because of the longevity constraints) they fail to achieve. Try to set up as vivid monthly goals as you can.
- Also Read: New TSP Withdrawal Rules and What They Mean for Your Federal Retirement Plans
- Also Read: TSP Investment Moves That Could Help Federal Employees Retire on Their Own Terms
- Also Read: Early Retirement Myths Federal Employees Need to Stop Believing
- Set default saving options: Always make the default decision when it comes to making additions to your savings accounts. You can just choose to make 401 (k) deductions from your pay check right away and that should be the ideal practice.
- Defer your saving boost: IF you are not capable of bearing a smaller check in the start of the year, don’t just put it off completely. Defer it till later in the year and do it eventually.
- Your future you needs the present you: You will love yourself dearly if in the future you end up having enough money to live a dandy life. So think about your future and make decisions accordingly.
- Keep it increasing: Throughout the year, try to increase the rate at which you put money in to your account and you will be good to go. A small percentage in January and a large one in October can do the trick.
