Income Sources for Federal and Postal Retirees

Sources of Income for Federal and Postal Retirees

The majority of retirees will get income from a number of sources.  However, the only sources they can really depend on are –certified – sources of income.  What are certified sources of income?  Income that you know will be there – Social Security, Employee Pension Plans and other Personal Savings and Investments, such as your TSP.gov account.

• Also Read: Want to Leave Before 62? Here’s the Tradeoff Most Federal Workers Don’t Consider
• Also Read: 3 Ways CSRS Retirees Can Avoid Social Security Reductions Due to the Windfall Elimination Provision (WEP)
• Also Read: Your Next Federal Pay Raise Might Come With a Tradeoff—Here’s What to Watch

Some of us may receive income from an inheritance, equity in our home, life insurance, and Individual Retirement Accounts (IRAs).  Principally income generally comes from the three primary sources named above and quite often the third one might be missing for many retirees – Savings and Investments.  Even if you are currently missing the Savings portion, it is never too late if you put a savings strategy in place and stick to it.
When you are planning for your retirement, your plans should not be based on what ifs, like winning the lottery.  We would all like to win the lottery, but the odds are pretty slim.  Therefore, your plans for retirement must be based on certified sources of funds.  As federal and postal employees, whether you are eligible for CSRS for FERS you know that your Pension and Social Security where applicable will be there.  Everything else is an add-on to enhance your comfort and security in retirement.
Whatever your financial profile, the greatest way to protect it is by always making sure that your expenses are below your income.  Careful planning can help you reach this position with what you have when you make adjustments to fit your circumstances.

P. S. Always Remember to Share What You Know.

 

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