Few people in this world want to spend the remainder of their lives working. In fact, most of us look forward to retirement. This is a when we reach a time in our lives where we no longer clock in and out but instead enjoy our days doing whatever it is we want to do. Whether that be sleeping past 10 am, traveling around the world, or just spending more time with our loved ones. Many of our blogs emphasize the importance of decision making. This blog will address 4 retirement planning mistakes and how each mistake could impact a federal retiree’s retirement.
As we all know, 2018 has been a whirl wind of uncertainty, not only for federal employees and their families but for our nation as a whole. News of the government shutdown 2018 spread like wild fire. The government shutdown 2018 indeed happened on Saturday, January 20. This left Americans across in the nation in shock and disbelief. So the question that we are all dying to know is, “What happens next?”
The holidays have come and gone and reality has set back in. As we go about our everyday lives some of us have spent the last few weeks reflecting on 2017. If you remember last year took us all on a roller coaster ride. To recap, we gained a new president, endured a federal hiring freeze, worried over proposed changes to federal benefits, among many other eventful changes. However, there is light at the end of the tunnel because guess what readers, it is a new year! Which means a new you! Now that we are all back in the swing of things it is time to face the music. Today’s blog will address some of the changes to the 2018 federal employee benefits.
In an effort to provide real-life situations to show how the different federal benefits apply, we will be presenting hypothetical situations and potential solutions each month. The following case study addresses: Federal Health Insurance in retirement — Denny and Louise. All names and situations are fictional and for educational purposes only.
Denny enjoyed his federal career with the United States Department of Agriculture (USDA) for many years but is now approaching federal retirement. He would like to have a quiet retirement that is close to home. He considers himself blessed with the fact that his children and grandchildren live nearby. As he looks toward retirement, he realizes that he has some important decisions to make. His main concern is ensuring that his wife, Louise, is well taken care of. Having been diagnosed with multiple sclerosis five years ago, Louise will need to continue to receive federal health insurance coverage after Denny retires.
At 3 p.m. while sitting at his desk staring at the computer screen, Tom looks up and says, “It’s time! Time to get my act together and plan to retire. But where do I start?” Think of retirement as a puzzle. A puzzle is made up of intricate pieces and can even be intimidating. They require time and patience. Retirement is much the same. We think about retirement and realize that it is a big deal, however, let’s be honest. Some of us avoid planning for retirement because of the unknown. Therefore we procrastinate planning. Feeling confused every time you think of retiring? Poor decision making before federal retirement can affect the rest of your life! Are you looking to gain clarity so you can retire? If so, you are in the right place!