4 Motivations Behind a Federal Retirement Decision

federal retirement decisionAt some point, each of us will find ourselves in a mental tug of war; weighing the pros and cons of some difficult decision. Decision making can be a struggle because in many cases there are legitimate and good reasons to do one thing or another. For a federal employee, deciding whether or not to federally retire may be one of these tough decisions. If you are struggling with whether or not to retire perhaps looking at the motivations of other retirees may help.

Here are 4 common motivations you might be facing.

1. Circumstances

The first motivation behind a federal retirement decision is your current situation. The stage of life you are in may be pushing you towards retirement. For example, your job or agency is going out of business, a loved one is sick and requires additional care, or grandchildren are on the way. If your current situation seems to be beckoning you towards retirement, it may be time to consider the possibility. This is especially the case if your situation is time sensitive.

To stay ahead of these types of situations, plan, plan, and plan some more. Having a plan in place will help you in the most unexpected, dire circumstances. Keep your hand from being forced into making a hasty decision.

Planning tip: Try living on a retirement budget today. This can help you can gain the confidence needed to retire if you had to.

2. Feeling Retirement Ready

The second motivation behind your federal retirement decision is emotion. When asked why a person would want to retire, many federal employees say, “I have had enough.” As we enter our golden years, sacrificing holidays and pulling in long hours are not as easy as they used to be. Federal employees long for lazy Saturdays, time with grandchildren, and reduced stress.

Emotions can get in the way of making sound decisions. You can change your emotion, but your retirement pension will not typically change. The biggest emotion that you want to avoid in federal retirement is regret. By fully understanding the benefits of going or staying you can make a confident retirement decision.

3. Information

Do you know all that you need to know to make an informed retirement decision? Retirement should not be a shot in the dark, but a decision guided by knowledge. Ask your financial advisor if they are familiar and knowledgeable with your federal benefits. Find out if your Human Resources is up to date on federal benefits and any changes. Be sure to seek out all the information need to make an informed decision. Once you have all of the right information, you may be able to retire sooner than you originally thought!

4. Financial Readiness

The number one question that federal employees often face — Will I have enough money to retire? Another frequent question — Will I be able to sustain my current standard of living? If the answer is yes, what are you waiting for? If the answer is no, you might not be ready to retire. In which case, it is time to consider seeking a financial advisor who can help you make an informed federal retirement decision. Begin planning today for a brighter tomorrow.