To have a successful retirement, the most important thing to consider is that you must live on a budget so you can afford the activities you'll take up. Image: hurricanehank/Shutterstock.com
By: Abraham GrungoldWhen you become a new Federal Retiree on January 1, 2025, what will you end up doing with yourself?
The most important thing about retirement is that you cannot play golf and pickleball seven days a week. There must be something else that you are interested in. You must have a plan and then a backup plan if you find yourself losing interest in your initial plan.
I am in my third year as a federal retiree. Most of my clients, friends and former co-workers find themselves doing a combination of the following three things during their retirement. And I must admit, that includes myself.
Working/Volunteering
Many of my federal friends are working full time or part-time after leaving federal service. They are collecting their federal annuity but they still want to have a fulfilling employment experience doing something they enjoy. It could be a business making floral displays, working at Home Depot in the gardening department or even being a farmer with farming equipment and farm animals. Yes, these people do exist.
And I have a friend who is working as a federal contractor and he is volunteering with handicap adults, training them with weights. In addition, he works at a food bank and he leads prayer services for nursing home residents. I am exhausted just listening to his weekly activities.
Traveling
My former boss travels to exotic places. He travels with his girlfriend to locations I would never think of. They are having the time of their lives. Another former co-worker travels to soccer games, football games and concerts and they are in cities around the US and in other countries. What amazes me is that he is doing this with his long-time friends. Coordinating a trip with many people is never easy to accomplish. And I have another former co-worker that goes on two significant trips a year. These trips can be to an exotic place for an extended period. The photos are just breathtaking, and at times, I wonder if he moved there.
Remodeling their home.
Also, I have a former co-worker who is remodeling his home and this is the second home that he has remodeled in recent years. He is now talking about getting a vacation property that he will most likely remodel it as well. Remodeling homes for him is a passion that is exciting and rewarding.
I have another friend who inherited his mother’s home and is remodeling it from the roof to the flooring. He is doing most of the work himself. He spends two days a week on the project and he is in no rush to finish it. He views it as his weekly exercise.
Now, there is nothing wrong with playing pickle ball every day if that is your passion. Some even teach and help introduce others to the game. There are many ways to approach your passion.
To have a successful retirement, the most important thing to consider is that you must live on a budget so you can afford all these activities. Remember your Thrift Saving Plan is not an ATM machine. Withdrawals are important and certainly you worked hard your entire federal career and deserve to make them. But remember you do not want to deplete your savings with all your projects and interests.
Abraham Grungold is a retired federal employee with 36 years of federal service – including with the USPS Inspector General, the VA Inspector General, the US Dept of Justice, and the US Dept of Labor. Through his company AG Financial Services he helps federal employees with their TSP and federal retirement planning and decisions. Mr. Grungold has written over 80 articles regarding the TSP and FERS retirement and been a guest on several podcasts with the Federal News Radio and Government Executive Magazine.
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