I have, however, met hundreds that regret not contributing to a Roth while they were still eligible. Take time to make sure that your loved ones will be provided for and you make the proper survivor annuity decision. Investors who don't need their money for many years really shouldn't sweat the current situation – eventual recovery is likely based on the stock market's history, and anyone who avoids liquidating investments when they're down avoids losses. If you plan to retire this year, there are a number of things you can do to prepare. May 7, 2020 - Until Further Notice - More... April 16, 2020 7:56 AM , Updated April 28, 2020 1:36 PM, Retiring This Year? Not sticking to a budget in retirement years is one of easiest ways to run out of money. Contribute to a Roth IRA. If you are retiring early in the year, or mid-year, you may want to contribute the max to TSP prior to your retirement date. It's everything I could have dreamed of, so, thank you and thank you all. All opinions expressed by individuals purporting to be a current or former student, faculty, or staff member of this institution, on websites not affiliated with Danville Community College, social media channels, blogs or other online or traditional publications, are solely their opinions and do not necessarily reflect the opinions or values of Danville Community College, the Virginia Community College System, or the State Board for Community Colleges, which do not endorse and are not responsible or liable for any such content. This may or may not be a good idea in the year you retire, but it’s something to evaluate annually. Similar to most plans, the premiums go up with age. COVID-19: DCC's Response and Reopening Plan. If you have a 60/40 allocation, what is the anticipated drawdown in a bear market and are you comfortable with that? Celebrating 15 years at the college were Beth Astin, Dee Drinkard, Lynn Turner, and Ruth Whitt. We also use analytics & advertising services. It may be best to take care of the expense prior to retiring. Rather, be flexible. All rights reserved. Scheduling time for enjoyable activities and social interactions can help you to feel productive and fulfilled. While there is nothing inherently wrong with moving money out of TSP, you’ll want to make sure you do it for the right reasons. If you contribute to your FSA, you will want to be sure and use that money prior to retirement. Employees should contact their supervisor with any questions regarding Agency- or office-specific operating status. Brad Bobb is a financial planner with over a decade of experience working with federal employees. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. Having a plan to occupy your time will help you ease into your new phase of life. I have written about this in my other articles, and I still highly recommend it. Assistant Professor of Electrical/Electronics Teresa Hawker was named outstanding faculty member of the year and, in a break with tradition, two recipients were named for the outstanding staff award: DCCEF Administrative and Office Specialist Cheryl Hill and DCC Human Resource Analyst Ann Taylor. Running out of money tends to be one of the biggest retirement fears. Of course, anyone planning to retire in the next month or so would be wise to consider postponing that milestone to let the stock market make a full recovery. Spend some time to determine what allocation and investments will provide you with the best income in retirement. Employees have the advantage of contributing to TSP, but only while working. This is another huge decision when it comes to retirement. There are a ton of nuances when it comes to choosing the right social security collection strategy. As such, you don't need to write off the idea of retiring in about a year -- but don't get your heart set on it, either. You can continue FEGLI into retirement as long as you have had it for the previous five years, but it will likely be very expensive. Ann Taylor, left, and Cheryl Hill, right, each received the Outstanding Staff Award. There is no more important phase of life to set a budget than retirement. As such, it might really pay to postpone retirement if your goal is to end your career anytime within the next few months. You’ll also need to consider the impact your collection strategy will have on your spouse. Thank y'all for always being so supportive. The stock market could very well recover fully by then, and even if it doesn't completely recoup its recent losses, if you have enough of your portfolio in cash, or enough of an income stream to avoid tapping your 401(k) or IRA early on in retirement (say, you can get by between Social Security and some money from a pension), you can protect your portfolio while also paying your living expenses. Let's conquer your financial goals together...faster. @themotleyfool #stocks, 3 Money Moves to Make Now With the Election Too Close to Call, 401(k) Rules for Highly Compensated Employees, The Rich Will Pay More Social Security Taxes in 2021, No Matter Who's President, Copyright, Trademark and Patent Information. POUGHKEEPSIE, N.Y. — Dutchess Community College President Pamela Edington is retiring after leading the school for six years, DCC announced Monday. What will the sources of that income be? We use cookies on our website to support technical features that enhance your user experience. Have written about this in my other articles, and Cheryl Hill, right, each received the Outstanding Award. School for six years, DCC announced Monday of easiest ways to run out of money tends to one! Motley Fool 's new personal finance brand devoted to helping you live a life. It ’ s something to evaluate annually, DCC announced Monday things you can to! 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