They say that practice makes perfect, and that we should do something over and over again until we get it just right. But of course, that rule simply cannot apply to everything in life. You’ll only retire once, so you can’t just keep starting over and fixing mistakes that you make along the way! But you can achieve a similar result by talking with other retirees, asking them what they would do differently if they could plan for a more secure retirement, and then put those lessons to work in your own life.
“I didn’t think about medical expenses”. Even the best health insurance plans do include some out-of-pocket expenses. When we’re younger and healthy, we tend not to imagine how burdensome those expenses can become in retirement, when we begin to experience health problems. Yet many retirees say that the healthcare part of their budgets is much larger than they anticipated.
“I didn’t take advantage of all of my options”. You’ve heard the saying about hindsight being 20/20. Many retirees look back at the past, and wish they had taken advantage of additional savings opportunities. For example, if you aren’t utilizing your Thrift Savings Plan, or maxing out your contributions each year, you might someday wish that you could enjoy that third stream of income. And of course, things can happen in life that make us wish we had investigated our insurance options.
“I wish I had started saving earlier”. This is probably the most common retirement regret. As a federal employee you know that you’ll have your pension and Social Security, but don’t forget about your TSP. Contributing even a small amount each year when you’re young can really add up to a nice nest egg by the time you retire. Other things to consider are a “rainy day” fund, or paying off debts before you retire.
As you continue to plan for your future, remember to stay in touch with us. We work with federal employees, so we understand all of the options available to you, and can help you navigate a path to a happy retirement.
