Building your Federal Retirement Individual Action Plan (IAP) starts first with building your Financial Plan – the key element to your retirement future. In order to achieve our collective goal of retiring with comfort and security, we must underscore the inescapable urgency of identifying and setting goals. Without setting SMART goals we cannot develop a workable financial plan, a sensible budget or an Individual Action Plan (IAP).
Federal Employee Retirement PrioritiesÂ
We all philosophically know the difference between ‘WANT’ and ‘NEED’. Prioritizing need over want is the age old challenge. There is nothing wrong with ‘wants’. As a matter of fact, wants often push us to succeeding. The challenge is being able to know the difference between want and need and utilizing that knowledge to choose options and decision-making strategies that are critical to the SMART goals we set in our lives.
The Federal Employee Financial Plan
One of the most important components of financial planning is the decision-making process. As we think about retirement, it is imperative that we make choices that maximize our capacity to accomplish SMART goals with perhaps a different level of income. Decision-making, like goal setting may need to be modified depending on changing circumstances and other factors. However, there is a process of effective decision-making used by most of us without ever consciously thinking about it. We are constantly setting goals consciously or subconsciously. We must analyze data when determining what we can afford and what we cannot. We create plans to turn thoughts into action, the implementation process. Lastly, we monitor how things are working which often calls for modifying the original plan we put in place. Are you ready to put your retirement plan in action.
P. S. Always Remember to Share What You Know.
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