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9 Mistakes Federal Employees Make When Doing Retirement Planning

While a lot of federal employees will be eligible to retire in the next 15 years or so, the sad news is that some of them will realize or discover that they won’t be able to retire at the time they intend because of some of the important tasks that should have been performed at the time of their federal service were not fulfilled. Here, we’ll talk about the 5 biggest retirement planning mistakes federal employees make before leaving the civil service. Let’s get into it.

1 Inability to carefully review personnel records before their federal retirement.

2 Inability to make timely requests estimates of unpaid deposits or redeposits.

3 Inability to fulfill or update necessary beneficiary designations.

4 Failure to realize the rules for maintaining federal health insurance during the retirement.

5 Not contributing sufficiently to the Thrift Savings Plan (TSP) and starting it at the earlier years of the service.

6 Not considering the TSP as a long-term investment plan, thus no properly investing in the TSP funds.

7 Not planning ahead for “incapacity” both when employed or after the retirement.

8 Not considering an updated and proper estate plan.

9 Failure to plan in the right manner for retirement, with respect to income, housing and lifestyle changes for themselves and also for the other family members, particularly spouses.

If you are looking for federal employee retirement planning, then you must stay away from committing any of these mistakes and hire a reputed service provider.

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