• Have you quantified your financial objectives? In other words, have you estimated how much money you will need to live the life you desire in retirement?
• Have you saved enough in your TSP Account?
• For Postal Employees – Are your Retirement Elections up to date in LiteBlue?
• Have you set appropriate goals for retirement?
• Do you have doable strategies to achieve those goals?
- Also Read: Early Retirement for Federal Employees: The Must-Do List Before You Hand In That Notice
- Also Read: What Does the Federal Retirement Process Look Like?
- Also Read: Basics of Civil Service Retirement System (CSRS): You Should Know These
• Do you know where all your important records are?
• Have you informed someone you trust about your important records?
• Do you have your spending under control and what strategies have you used to control your spending?
• Do you know how you spend every single dollar and cent?
• Do you keep a spending chart so that you can actually determine what you are spending, how you are spending and if changes need to be made?
• Are you saving enough money?
• Have you prepared an estimated retirement budget and devised steps to help you operate within your budget?
• Do you intend to leave a big inheritance to your children, other family members, or a charity? If so, have you set aside money or made provisions to accomplish that goal?
• Have you thought about where you will live in retirement and the cost involved?
• What would you do in the event of an unexpected and extended disability before you retire?
• Do you have an emergency fund?
• If you are a couple, are both parties completely aware of the status of the financial situation?
• If something happens to either of the parties, is each member capable of managing the family’s finances independently?
• Are you taking full and total advantage of any tax-deferred savings options offered by your employer?
• If you have dependents that rely on your income for survival, what plans have you put in place in the event of your death?
• Are you taking care of your health so that you can have a good quality of life in your retirement years?
There are many more retirement readiness questions we could pose, but I think we have sufficient fuel to allow us to take a good look at our readiness for retirement.  Remember if you have not done any of the things listed, it’s ok, you need only make them a part of your individual action plan and get started activating that plan as part of your goal to Retire Well.
P.S. Always Remember to Share What You Know.
Dianna Tafazoli
RELATEDÂ TSPÂ ARTICLES
Thrift Savings Plan (TSP) Withdrawal Options
For Postal Employees – LiteBlue and the TSP
Federal and Postal Employees – Choosing a Financial Professional
Is All ‘Your’Â TSPÂ Money Actually Yours?
