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Advice on how to prepare for life after government.

Retirement Readiness: How Do You Stack Up?

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Last week marked the debut of our Retirement Readiness Assessment, a new tool aimed at helping federal managers and employees get a better handle on where they are in the retirement planning process.

The assessment poses a series of questions on topics ranging from the Thrift Savings Plan to paperwork issues and Social Security. It then issues a rating of the taker’s retirement readiness.

Since we launched the tool, more than 10,000 people have taken the assessment in either its desktop or mobile version. Now the preliminary results are in. Here’s how those who have completed the assessment stack up:

  • Just Getting Started (those needing some help understanding the basics of benefits available to them): 4 percent
  • Beyond the Beginning (those who have started to do their homework, but need some additional guidance): 18 percent
  • On Your Way (those who are on a path to a secure retirement, and just need to take some key steps before they leave): 38 percent
  • Retirement Ready (those who have their ducks in a row and just need to set a date): 40 percent

The early returns show that a significant percentage of the initial assessment takers are paying attention to their financial future (hopefully in part by reading this column regularly) and are in the process of setting themselves up for a secure retirement. If those results hold up over time, that’s good news.

Where do you stand? If you haven’t taken the assessment yet, now’s your chance.

Take the Retirement Readiness Assessment

Tammy Flanagan has spent 30 years helping federal employees take charge of their retirement by understanding their benefits. She runs her own consulting business at www.tammyflanagan.com and provides individual counseling as well as online training for the National Active and Retired Federal Employees Association, Plan Your Federal Retirement as well as the Federal Long Term Care insurance Program. She also serves as the senior benefits director for the National Institute of Transition Planning Inc., which conducts federal retirement planning workshops and seminars.

For more retirement planning help, tune in to "For Your Benefit," presented by the National Institute of Transition Planning Inc. live on Federal News Radio on Mondays at 10 a.m. ET on WFED AM 1500 in the Washington-metro area. Archived shows are available on NITPInc.com.

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