Federal Employees, Are You In The Right Financial Position To Retire?
After decades of working, you surely have been coveting retirement. Retirement is an important milestone that the smartest employees prepare for in their youth. Check out if you’re really ready for retirement. And, if you’re not yet 100% ready, read on to see how our ACCESS LOANSTM loan products can help you.
Signs That You Are Ready For Retirement
You’re Not Supporting Kids Or Parents
Are you still supporting your children or aging parents? If your kids are not yet financially independent or if you still have elderly parents, it may be too early for you to retire. Having dependents means that you still have regular and possibly expensive responsibilities that post-retirement income may not be able to support. You may end up using all your retirement savings early.
You’re Completely Debt-Free
Are you still paying your mortgage, an auto loan, or your credit cards? Having a lot of debt may put a heavy strain on your post-retirement income. It is best to settle all your debt before retiring so that you don’t have to split up your retirement income. If you want to accelerate your retirement, you may consider credit card debt consolidation or loan refinancing to help you pay off your debt faster while also benefiting from lower interest rates.
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You Have A Diverse Investment Portfolio
Although federal employees enjoy great benefits, these may not be enough to cover your daily expenses and any unexpected or emergency expenses. This is why it’s important to have savings and investments that will bring in regular income. A diverse investment portfolio is beneficial for retirees since it safeguards your money from inflation* in ways that a regular savings account does not, and the interests can serve as an additional income. So, before retiring, ask yourself if you have a sufficient and diverse investment portfolio.
You’ve Planned For Your Retirement
Financial stability is all about planning, and the same goes for retirement. If you have planned for your retirement, then that’s a good sign that you are ready for retirement. What does it mean to plan for retirement? No, it’s not about where you want to travel. For starters, you should have estimated your monthly or annual expenses post-retirement, you have saved and invested, and you have a post-retirement budget.
A sure-fire sign that you are ready for retirement is if you are confident that you can live comfortably even after you stop getting a monthly salary. If you’re not quite there yet but want to retire soon, our loan products can help you, from debt repayment to acquiring funds for investments.
* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).
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