A recent survey has revealed that only 42% of federal workers feel prepared for retirement. Even more surprising is the fact that those covered by the Federal Employees Retirement System (FERS) reported they are less certain about their retirement readiness than those covered under the Civil Service Retirement System (CSRS). If you’re interested in seeing how you compare to your other federal workers, here’s a quick review of other findings.
The Concerns Of Federal Workers Close To Retirement
With rising inflation driving up the cost of living, federal workers close to retirement report a number of concerns in regard to their financial preparedness for retirement:
- 58% are concerned about changes in their federal benefits.
- 49% are concerned that a health crisis may disrupt their financial readiness.
- 48% are concerned about stock market volatility and/or an economic recession.
Considering the top concerns it’s no surprise that some federal workers also expressed concerns over not contributing more to their Thrift Savings Plan (TSP) over the years.
“Only 36% said the reason they want to retire is because they’ve saved enough money to live comfortably while 30% stated they were dissatisfied with their career.”
Reasons Why Federal Workers Want To Retire
When survey respondents were asked why they want to retire from their federal career, 63% said they wanted time to experience leisure activities and pursue new interests. Other reasons include spending more time with family and friends (52%) and growing older (38%). Only 36% said the reason they want to retire is because they’ve saved enough money to live comfortably while 30% stated they were dissatisfied with their career.
Anxiety About Adjusting To The Retirement Lifestyle
When asked if they have concerns about the mental or emotional transition to a retirement lifestyle, 33% were worried about finding ways to occupy their time while 32% were anxious about ending their career. This may be why 30% reported concerns about losing their workplace social network while 20% were worried about experiencing a loss of their identity or status. Overall, far more federal employees cited anxiety about their financial wellbeing in retirement than those concerned about the emotional effects of retirement.
Anxiety About Adjusting To The Retirement Lifestyle
When asked if they have concerns about the mental or emotional transition to a retirement lifestyle, 33% were worried about finding ways to occupy their time while 32% were anxious about ending their career. This may be why 30% reported concerns about losing their workplace social network while 20% were worried about experiencing a loss of their identity or status. Overall, far more federal employees cited anxiety about their financial wellbeing in retirement than those concerned about the emotional effects of retirement.
