Financial Health For Retirement

Mar 2, 2022 | Financial Health, Retirement

How do you know if you are financially healthy enough to retire? There are several factors to consider. By analyzing your current investments, anticipating expenses, lifestyle choices, and taking into account your debts, you should be able to determine what your future looks like as a retiree. Let’s start by asking the following questions.

Do you have enough money to retire?

Federal employees enjoy one of the greatest retirement benefits packages in the country. After your years of service are finished, you have three tiers of the Federal Employee Retirement System that make up your income. Your Pension, Thrift Savings Plan, and Social Security will provide three streams of income in retirement. Ideally, the goal is to have close to the income you made when you were working and, in some cases, possibly make even more.

How do you know if you have enough? It all starts with an evaluation of your financial situation. If you aren’t comfortable navigating the planning yourself, you can get a Fed-Focused Advisor to help you look at your current situation. 

Should you be debt-free before you retire?

The most significant debt, for many people, is their mortgage. For others, it could be a combination of credit cards, auto loans, and medical expenses. No doubt paying off debts before you retire could give your budget significantly more room. However, if your debts are manageable within your budget, you may make more by investing your money rather than paying off all your debts. If you can get a higher return on investing your funds instead of paying extra to cut down your debts, you may not need to be entirely debt-free before you retire.

How does health insurance factor into your financial health?

If you’re a federal employee who appreciates your healthcare program, you might be happy to learn that you can indeed continue your Federal Employee Health Benefits (FEHB) into retirement.

This provision, available to federal employees, is unlike most healthcare systems offered to private-sector workers. Carrying your FEHB into retirement means you don’t necessarily have to wait until the age of Medicare eligibility (65) to retire. 

Additionally, if you carry your FEHB into retirement, you don’t need to worry about enrolling in a potentially expensive health insurance plan on the open market. Taking all this into consideration, health insurance, and medical expenses are just another factor to keep in mind as you head into retirement and create a financial strategy.

How do you know what will be the best option for my situation?

If you have any uncertainty when it comes to planning and starting your retirement process, Benchmark Financial Group can help. All it takes is an initial consultation to get started. There is no cost for the initial meetings, and it can help you get clear on your goals and how you want to move forward in retirement.


If you have any questions regarding your federal retirement, Benchmark Financial Group is here to help. We will take a closer look at your financial situation because retirement may be closer than you think! Schedule an appointment today with Benchmark Financial Group by filling out the form online or calling David Raetz at 913-534-8256 to discuss your financial needs. Benchmark Financial Group is happy to help you navigate your options and determine the best path to move toward your financial goals.

*Securities and Advisory Services Offered Through Client One Securities, LLC  Member FINRA/SIPC and an Investment Advisor.  Benchmark Financial Group, LLC and Client One Securities, LLC are not affiliated.

9300 W. 110th Street, Ste 160
Overland Park, KS 66210

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