Once you enter the workforce, at one point or another, you will consider retirement
- Also Read: Balancing FERS, TSP, and Social Security May Sound Easy—But the Timing Could Make or Break Your Income
- Also Read: Miss This Medicare Deadline After Retirement and You’ll Face a Lifetime Penalty
- Also Read: The Truth About FEDVIP Plans That No One Talks About Until It’s Open Enrollment Panic Time
Unfortunately, with basic living expenses on the rise and inflation influencing every facet of our lives, simply planning to live off of Social Security benefits isn’t going to cut it. To fully retire and live off retirement income, citizens need to plan for multiple sources of income before reaching retirement age. Whether or not you plan to work into retirement, skip retirement altogether, or work part-time, there are a few ways to prep before you get there.
You can get started creating the retirement income you are comfortable with by living on a reliable budget well before retirement. Taking advantage of the retirement fund-matching offered by your employer is one of the best ways to kickstart your retirement savings fund. This may come from a 401(k), IRA, or even an annuity. In terms of federal employees, a Thrift Savings Plan (TSP) may be of greatest benefit.