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Toward Financial Literacy

Toward Financial Literacy
By Laura Hires
Grand Rapids, MI, Branch 130 treasurer and the postmaster of Grandville

Are you thinking of retiring or starting to save for retirement? Whichever end of the spectrum you are on, making your money work for you should be a top priority. There are many factors related to retirement planning; it’s never too early to begin.

You may need to start a Thrift Savings Plan (TSP) or IRA schedule many years in advance. If you are enrolled in the Federal Employees Retirement System (FERS), are you on the right track to meet your goals? One thing you should know is in order to replace your income in retirement years, you need a combination of three components: your annuity, Social Security benefits and TSP contributions.

As a FERS employee, if you contribute 5 percent to your TSP, the Postal Service will match it, which doubles the contribution. If you are not contributing, you are not taking full advantage of the program. You don’t have control over your Social Security benefits and calculations on your annuity could change, but you do have control over your TSP.

Time is money. Take the time! Visit liteblue.usps.gov Financial Wellness. The Human Resources Department has provided numerous tools to get us pointed in the right direction. Many of the questions you have now and in the future can be answered here. Financial knowledge is the key to financial growth.