For Federal Employees – Tips To Creating A Retirement Budget

Federal Employees and Retirement Budgets

You don’t have to follow any particular format for creating a budget except to measure income against expenses.  The tips below might help you get started.

• Determine a time horizon for tracking your income and expenses.
• Outline all of your sources of income and then total the sources.
• Outline all of your expenses, everything you spend money on.  Break down your expenses into variable and fixed income so that you can really see where there is room to make adjustments if needed. Total all of your expenses.  Remember “savings” are a fixed expense; therefore you must pay yourself first (PYF).
• Also Read: How Federal Benefits Changes Could Make 2025 a Big Year for Retirees
• Also Read: How FEDVIP Enrollment Choices Could Impact Your Healthcare Costs Long-Term
• Also Read: Will Your Loved Ones Be Taken Care Of? Here’s How Federal Survivor Benefits Work After You Pass
• Subtract your expenses from your income.  If expenses outweigh income, you have some work to do in the ‘adjustments’ arena.  If income outweighs expenses, then you should consider paying yourself a little more so that your financial goals might be achieved earlier than planned.  Plans are made to be flexible and this is good flexibility.
• Now that you have the tools necessary to develop both a financial plan and a budget, take sometime to compare one to the other and see how they mesh and if any refurbishing  needs to be done.  Your spending plan should be in harmony with your financial goals. Do this often throughout your life.

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

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