5 Early Career Habits For Federal Employees Looking To Retire Smoothly

By Bobby Maggi

Just got a new job? Congrats! Now, it’s time to start planning for your retirement. No, it’s not too soon to think about it. Whether you’re in your early twenties, late fifties, or anywhere in between, your retirement should always take precedence over your decisions and how you save. It’s best to start as soon as possible, so take a look at this guide on early career habits for a smooth retirement brought to you by your trusted professionals at Federal Educators! Reach out to our team today for advice on how to make the most of your federal benefits.

1. Get to Know Your Federal Retirement Benefits

To maximize your federal employee benefits, you must first know what those benefits are. Understanding what you qualify for is the first thing you should do, and it’s made easy when you have free online tools like the ones we provide at Federal Educators. The Thrift Savings Plan (TSP) is a good place to start for those who want to begin saving for their retirement.

After familiarizing yourself with your TSP when you meet with your trusted Federal Educators benefits advisor, you can begin to understand ways to manage your savings through strategic investing. Learn more about risk management, diversifying assets, and adjusting contributions according to the economic landscape.

2. Start Saving ASAP (That Means Today)

The earlier you start contributing to your TSP, the more it will help you when you retire. Consistency is key, and taking advantage of employer matching will greatly compound your savings over time. Jumping on maximizing employer-matched contributions the moment you begin your career is the best decision you’ll ever make, as every month of compounded savings matters in the long run. Imagine receiving matched contributions to your retirement savings as early as 23 years old! What will that look like by the time you retire at age 66? You can probably picture the sheer amount of wealth you’ll have by then if you keep it up.

3. Train Yourself On Good Spending Habits

Managing your expenses goes hand-in-hand with saving for retirement. Creating a reasonable budget and remaining debt-free starting from early in your career will help you stay on track with your retirement goals. Think about it. You know you should maximize your contributions, but you’ll have a hard time doing so if you spend your income on frivolous wants or if you have credit card debt to prioritize. Financial freedom is essential to making it all work out by the time you retire, and it can be easy to fall victim to the common pitfalls of poor financial habits.

4. Set Yourself Up For Future Success

Setting yourself up for a smooth retirement isn’t just about how you handle your finances (although that’s a big part of it). As soon as you’re hired into a company that offers federal employee life insurance plans, it’s wise to get on it immediately. Federal Employees’ Group Life Insurance (FEGLI) is a common federal employee retirement program that many FERS employees rely on for security into retirement age. This is precisely why we offer a free FEGLI analysis at Federal Educators as a vital aspect of every federal employee retirement plan.

5. Take Advantage of Free Education Whenever Available

It all comes down to what you know, and at Federal Educators, we do everything we can to ensure that everyone fully understands their rights and FERS retirement benefits. We encourage you to look into Federal Educators benefits analysis workshops and other free resources that arm you with the knowledge you need to succeed in your retirement goals early in your career.

Meet With Expert Retirement Planners Near You. Reach Out to Federal Educators Today!

Did you just land your first job? Be smart and start planning for a smooth retirement with Federal Educators! Schedule a consultation today or call (813) 568-1212 to speak with experts who can help you make the most of your federal government retirement benefits

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