How much money do I need in my retirement account?
How much do I need in savings if I want $XXX per year in retirement and not run out of money? The answer everyone wants to know!! This answer differs for everyone and there is no simple, cut and dried answer. Everyone’s situation is different. Let’s take a look at how you can come up with a ballpark answer. Remember that a civil service retirement is now composed of four legs…..your social security (for FERS), your Thrift Savings Plan (TSP), your civil service annuity, and whatever other savings and retirement accounts you have been able to gather. As a mathematical equation, it would look something like this: Social Security Civil Service Annuity TSP withdrawal Other Savings/Retirement Accounts = $XXXX You should have a good idea of what you will receive monthly from two of those sources. You can generate an approximate social security income projection by visiting ssa.gov and accessing your account (click in top right corner where it says Sign In/Up)....