If you’ve got a few years to go until retirement, there’s a chance that you might be interested in a new tool provided by the Office of Personnel Management. The Federal Ballpark E$timate is designed to let someone know just how much they need to save to have a comfortable retirement.
Before the Ballpark E$timate can give you the scoop on your projected earnings in retirement, however, it’s going to need to gobble up a few pieces of information first. Be sure to have your hire date, current income, the age you want to retire, and the number of years you expect to enjoy your retirement available. You’ll also need your current TSP balance, non-TSP savings, Social Security benefit information, and a few assumptions on inflation and investment rates of return. Don’t let those last ones scare you though. You can use the default values to move on to the good stuff.
Once all of this information is processed by the system, the Ballpark E$stimate will present a detailed report outlining the income you’re likely to see in retirement. Keep in mind that this is only an estimate, but it’s a starting point to see whether or not you’re on track to having a comfortable retirement.
The best time to start saving for your future is now.
What plans do you have to enjoy your future or current retirement? Comment here.
7 comments:
Yikes, this thread could get kind of ugly, as there are going to be way too many PMs that will not see their retirement from the USPS. In two years they will all be thrown out of their position and replaced by some non-career person, that has paid no dues to receive this position. While the rest of us have worked years, bowed to management commands, passed on some of our frustrations of work, and worked hours on our own time and budgeted our lives around our income. Now how will I spend my retirement? Working. I will continue working somewhere, who knows. I am thinking of restaurant work. Because I love serving the public, seeing and feeling the satisfaction of knowing my customers needs were met, while giving them a friendly and satisfied experience, ultimately keeping them coming back for more. I wish the best for those PMs that have worked and can enjoy their retirement. So blessed are the ones right now that are eligable and can also get a little extra monetary incentive to move on with their lives.
Until recently, I never thought that I would NOT retire from the Postal Service that I was so proud to work for. Now, it looks like I have two years to decide what the next phase of my life will be. I might check out this retirement calculator just for fun, but I know I probably won't be here that long.
It is so sad how Postmasters are being treated by Upper Management.I would love to sit and talk to the person coming up with all these ideas on hours and which offices it will affect.He or she has no idea what they are doing.There are some offices in my area that their revenue is maybe 300.00 a month and being kept at 6 hours and then there are offices with good revenue but are downgraded to 4 or 2 hours.Doesn't make sense
My office is being upgraded; and honestly should be on work load alone. I am heartbroken for the PM's losing their livelihood after years spent in dedication to their communities. I'm scared too, though. If they can take a PM and just eliminate their job, what's to keep them from letting me go and putting a PM from a closing smaller office in my position due to their having more years? I don't really trust anything they say/do or decide anymore. Wondering what I'm going to hear on Monday's telecon from the district manager? I love the Postal Service and I love the community I serve. I'm afraid that there will no longer be a Postal Service in a few short years.
How dare our management make us go through the process of hiring a pmr, and do all the studies and all the other crap for them so that we have the office ready to be replaced by someone as soon as they are ready to say to us " Thanks, now get out!" Its like making us put our own rope in a tree and tie the noose. What BS! We have enemys who are treated better than that!
Even if gas were free who will drive to the post office to work 2 hours at 9.45 hr?
Retirement is just a dream! Though my office is being "upgraded" I don't think they really have thought all of this through. I know of a Post Office that is over 25 miles from any larger office but yet they are being down graded and the PM will have to leave in 2 years. I have so much pride in my work but yet I constantly get calls from other offices that are being ran by PMR's that say well I shouldn't have to do that I am not a Postmaster. They have no ownership in their job.
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