How Much Do You Really Need to Retire?

You may have heard that you need a certain amount of money before retirement. But those numbers do not tell you whether your individual retirement plan will work.  For federal employees, retirement income may come from multiple sources, including the FERS Basic Benefit, Social Security, and the Thrift Savings Plan (TSP). Your personal retirement number also depends on how much you expect to spend, when you retire, taxes, health care costs, and the lifestyle you want to maintain.  Instead of asking only, "How much money should I have saved?" consider asking:  How much income will I need in retirement, and where will that income come from?  A retirement strategy should bring together your expected spending, FERS pension, Social Security, TSP and other assets, taxes, health care expenses, survivor needs, and personal retirement goals.  Listen to the full episode, read the article and learn how to start building a retirement plan around your own numbers https://plan-your-federal-retirement.com/how-much-do-you-really-need-to-retire?utm_medium=social&utm_source=social&utm_campaign=fffc-26-0909   Have a retirement question on your mind? Give us a call at 907-931-1775 and leave us your question - we're here to help create solutions that fit your goals!    Happy Planning!