An IRA is an investment account that you own that typically holds stocks, bonds, mutual funds, ETFs, and more. It is structured and regulated with limitations and tax advantages for using the account to grow a fund that is then used to provide you income in retirement. The Roth IRA is a tax-advantaged retirement account, but some of its tax advantages are structured differently than the Traditional IRA.

Planning for retirement is never a “set it and forget it” activity: There are unexpected disasters, market drops, and changing laws that invariably cause retirees to reevaluate their plans. Diseases, natural disasters, or political instability are examples of things that can cause market downturns or drops. Such occurrences are difficult to predict, and their consequences can cause people to make hasty decisions with their finances. However, you can prepare yourself for a downturn by having a solid financial strategy in place. The most recent bout of “market panic” likely won’t be the last one you’ll see in your lifetime, so why not have a plan to address future market drops? If you’re concerned about your financial security as you near and enter retirement, assessing your risk tolerance, reevaluating your portfolio, and seeking professional advice could be a good idea.

Your financial strategy is the foundation of your retirement life. However, it can be difficult and complex to keep up with the changing financial landscapes, laws, and regulations, especially if you’ve been a federal employee and have worked for the government throughout your career. Creating your financial strategy is never a set-it-and-forget-it task—it requires maintenance and specific knowledge of how to best plan your retirement with the tools available to you as a current or former federal employee. So, we’ve put together the 5 key factors of retirement planning you should know.

A retirement strategy is all about affording the lifestyle you want in your later years. For most of your life, you worked hard to save for your retirement as best you could. But now, it’s about turning those savings into an actionable plan that affords you the lifestyle you planned for as safely and efficiently as possible. You’re likely faced with these questions: What do you want your retirement to look like, and how much income do you need each year to make it happen?

In 2023, we saw a continuation of market turbulence, loosening of labor markets, and lighter inflation due to economic tightening from the Federal Reserve. Compared to a couple of years ago, you may have noticed higher prices on the items you buy every week and may be wondering if we’ll continue to see high inflation. Nobody can predict the future, so if you’re nearing or in retirement, you should aim to protect yourself from the eroding effects of inflation.