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.