Should You Put Your Countdown to Retirement on Hold?
Federal employees have a lot to gain (how's $10,000 more per year in retirement sound?) by sticking it out until age 66.


Few milestones in life are as eagerly anticipated as retirement. You may already even be preparing for the magical age of 62 — the earliest age you can draw Social Security. The thought of working an extra four years to the full retirement age of 66 might not be a sacrifice you’re willing to make.
Federal employees have a complicated set of benefits. For some, they could fall into different retirement plans. Those who began work before January 1984, for example, were hired under the Civil Service Retirement System, CSRS. Those hired after January 1984 became part of a new plan called the Federal Employees Retirement System, FERS. These employees were also required to pay into Social Security.
Women’s Risk Factors
Female federal employees face a unique set of issues when planning retirement. Historically, women earn less, don’t have enough saved, don’t work as many years (because of such reasons as caring for children or other loved ones) and in general have low retirement confidence. Some married women may expect that their spouse will take care of them, but that doesn’t always happen. Therefore, women often take fewer proactive steps in planning for retirement.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Today, women are outliving men in every country in the world. According to the Social Security Administration, a woman turning 65 today can expect to live, on average, to 86.6, compared to 84.3 for a man. In addition, it’s important for women to have a strategy in place for long-term care, since women make up the majority of those living in nursing homes.
A Simple Solution
The golden rule for retirement planning is earn more, save more and spend less. Remember the extra-four-year calculations above? They’re looking more attractive.
Hold off on that retirement celebration. Instead, begin a four-year countdown and look forward to a retirement that will allow you to comfortably enjoy your senior years.
Rozel Swain contributed to this article.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

Ann Vanderslice, president and CEO of Retirement Planning Strategies, specializes in helping federal employees understand and maximize the value of their benefits and plan for retirement. Vanderslice holds the Registered Financial Consultant designation from the International Association of Registered Financial Consultants. She is the author of "FedTelligence 2.0: The Ultimate Guide to Mastering Your Federal Benefits."
-
Your Online Security: 10 Things You Should Know
Online security is more tenuous given the rise of AI. Arm yourself against internet criminals with these tips to strengthen online security.
-
A Financial Planner's Prescription for the Headache of Multiple Retirement Accounts
Having a bunch of retirement accounts can cause unnecessary complications. Consolidation can make it easier to manage your savings and potentially improve investment outcomes.
-
A Financial Planner's Prescription for the Headache of Multiple Retirement Accounts
Having a bunch of retirement accounts can cause unnecessary complications. Consolidation can make it easier to manage your savings and potentially improve investment outcomes.
-
Overpaying for Financial Advice? A Financial Planner's Guide to Fees
Take five minutes to review how much you're paying for financial advice. If you're overpaying, you could be better off with an adviser who charges a flat fee.
-
The Big Red Bucket Theory: A Financial Adviser's Simple Way to Visualize Your Retirement Plan
When you think about retirement, picture a big red bucket brimming with all the money you've saved. It's everything you've got, and it has to last you.
-
Are You a Doormat at Work? The Hidden Cost of Excessive People-Pleasing
I talked to the author of the upcoming book 'Fawning,' and she explains how the 'fawn' response can lead to blurred boundaries, difficulty asserting needs and a loss of self, with serious emotional consequences like anxiety and PTSD.
-
A Guide to Personalizing Your Retirement Plan for Maximum Impact
This strategy challenges conventional retirement rules of thumb by combining traditional savings, home equity and annuities to provide higher income and liquid savings and help cover long-term care costs.
-
How Advisers Can Rev Up Sales With Medicare
Help boost your revenue stream by integrating Medicare solutions into your financial practice for long-term client value and profits.
-
Take It From a Tax Attorney: This Is a Magic Multimillion-Dollar Tax-Saving Strategy
The qualified small business 1202 stock exemption is a $10 million exclusion that seems too good to be true and is often overlooked.
-
What Would You Like to Leave Behind? A Financial Planner's Guide to Family Wealth Discussions
Communicating about your assets and plans for passing them on increases clarity while preventing surprises and family disputes.