~~NEWSLETTER WEEKLY – WINTER RETIREMENT SUMMIT
I had the wonderful opportunity to receive an invitation to attend and cover for this newsletter the 2014 Winter Retirement Summit sponsored by the United States Securities and Exchange Commission (SEC) and the American Retirement Initiative Program in the nation’s capital on February 4, 2014.
While we realize that understanding the entire arena of retirement issues, questions, anticipation and anxiety associated with retirement is more critical today than ever before, we still need to take action to meet the new challenges we face as part of the retirement community. It is true that the average American is earning more money today than their parents ever dreamed of earning; yet, they are saving less towards retirement.
The fact that Americans are saving less is troubling given we are living longer, some experts suggest as much as 30 or more years after retirement. Given Americans are living longer, then their financial resources must work harder and smarter to outlast them. The converse is that the burden of being under-resourced will ultimately become the burden of family, government institutions or both.
It is, therefore, a matter of national urgency, that retirement educators and human resources offices prioritize and redouble efforts to get the largest workforce in the world (federal and postal service workers) to fully and completely understand how their benefits work in retirement.
The Winter Retirement Summit opened by Mr. Keith Green, President of the American Retirement Initiative with welcoming remarks from Dr. Luis Aguilar, Commissioner, United States Securities and Exchange Commission, reminded the audience of the importance of savings and preparing for retirement through consistent education.
The literature in handouts also demonstrated that an increased emphasis on retirement is needed. It also indicated that a great seriousness should be placed on getting employees to maximize their contributions to the Thrift Savings Plan (TSP), the government version of the 401(k) plan. Additionally, the literature further stated that a major barrier to maximizing participation in the TSP is the lack of education about how these plans work. This statement alone simply reiterates the underpinning importance of educating the federal work force in understanding how their benefits work in retirement.
In our most recent posts on the Federal Employees Group Life Insurance (FEGLI), we discussed, among other critical aspects of FEGLI, the need to understand how all benefits offered to federal and postal employees work to build a more secure financial retirement future. Understanding the TSP and how consistent participation, fully maximizing employee contributions, whether you are CSRS or FERS, are primary components to making your resources outlast you.
We will continue discussing (in many a future newsletter) the many faceted areas of retirement to assist federal and postal employees in gaining the knowledge and information needed to retire well. Stay up to date by following our future newsletter posts.
P. S. Always Remember to Share What You Know.
