Financial Literacy for Feds

By Tammy Flanagan

April 9, 2010

Did you know that April is Financial Literacy month? In 2003, President Bush declared the United States should use the month to promote healthy financial habits. There's even a Web site to help you understand more about being financially healthy. On this site you can follow a 30-step process (one for each day in April) toward financial wellness.

I thought I'd take a few of the steps and modify them for federal employees in an effort to help you learn more about properly preparing for a financially secure retirement.

Step One: Goal Setting

According to Money Management International, the organization that came up with the 30-step path to financial wellness, goal-setting is critical. The organization says smart goals have five characteristics:

You should set short-, mid- and long-term retirement planning goals with these characteristics. Here are some examples to get you started: Short Term:

Mid Term:

Long Term:

Step Two: Secure Your Financial Future

Step Three: Plan for the Unexpected

Tammy Flanagan is the senior benefits director for the National Institute of Transition Planning Inc., which conducts federal retirement planning workshops and seminars. She has spent 25 years helping federal employees take charge of their retirement by understanding their benefits.

For more retirement planning help, tune in to "For Your Benefit," presented by the National Institute of Transition Planning Inc. live on Monday mornings at 10 a.m. ET on or on WFED AM 1500 in the Washington metro area.

By Tammy Flanagan

April 9, 2010