If you’re a Postal Service employee who is enrolled in the Federal Employees Retirement System (FERS), are you on track to meet your goals?
You should know that replacing your income in retirement requires a combination of your annuity, Social Security benefits and Thrift Savings Plan (TSP) contributions.
A 30-year employee who earns $50,000 a year will need $600,000 in his or her TSP account to replace 100 percent of their income.
If a FERS employee contributes 5 percent to his or her TSP, the Postal Service will match it, doubling the contribution.
FERS employees who aren’t contributing a minimum of 5 percent to their TSP aren’t taking full advantage of the program.
You can use the Federal Ballpark Estimate page to calculate approximately how much you’ll need to save for a comfortable retirement.
USPS is encouraging employees to explore their retirement options in April, which is Financial Literacy Month. The Financial Wellness LiteBlue page has more information.