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Why It’s Time for Military Retirees and Federal Civilians to Reevaluate Their Finances

Revisiting your saving and spending assumptions, sources of retirement income, tax strategies and risk management allows you to course correct when needed. It also ensures you don’t miss out on strategies that didn’t exist or suit your situation previously.

Here are 5 key tips for reviewing your retirement finances:

  1. Recalculate your retirement saving needs and withdrawal rates given longer life expectancies and higher healthcare costs. Make adjustments for any spending changes.
  2. Research new retirement income tools for federal or military personnel, like mutual funds or annuities that provide guaranteed lifetime income.
  3. Confirm that your TSP withdrawal strategy aligns with your current tax situation and risk tolerance. Evaluate which partial lump sum or systematic payment method works best now.
  4. Meet with a financial advisor attuned to military and federal retirement intricacies to identify new planning opportunities based on your updated personal situation and regulations.
  5. Check that your estate plan and insurance policies adequately protect your family and wishes given any changes in assets, marital status, dependents or goals. Update beneficiary designations as needed.

 

Revisiting retirement planning isn’t always fun, but it’s crucial for securing your ideal next life phase. Treat yourself afterwards since the peace of mind is priceless! Implement two check-ins per year or when you experience major personal or financial changes.