4 Essential Retirement Assets | FedSmith.com

We all know that the Thrift Savings Plan (TSP) is important in retirement, but there are 4 other assets that are often overlooked but are key factors in having a great retirement.

After all, I don’t know anyone who just wants a decent or average retirement. I definitely want an amazing retirement and I hope you do too.

Vroom is synonymous with freedom

Having a reliable car is one of the most important things to own in retirement for two important reasons.

  1. A reliable car gives you the power to do what you want when you want.
  2. As you get older, it’s much harder to deal with car problems.

A good car gives you the freedom to enjoy all your long-awaited retirement adventures without worrying about major car problems. After all, having car problems on a road trip is much harder at 75 than at 45, but a reliable car doesn’t necessarily mean an expensive car.

Health is wealth

Your retirement will only be as good as your health. You can only experience things if your body lets you experience it. Your body is often the limiting factor, so it’s crucial that you take care of it, especially as you age.

One of the best ways to ensure an active retirement is to stay active now. Having gym equipment at home or even a gym membership can often mean the difference between a long, active retirement and a much shorter one, but of course it’s up to you to use the equipment

Emergencies love retirement

Emergencies happen, but for some reason they seem to happen a lot more once you retire. It’s only a matter of time before your roof needs replacing or your car gives out.

Having an emergency fund even after retirement is essential to ensure you’re prepared.

Some people can use their TSP as an emergency fund and this can sometimes work well, but keep in mind that traditional TSP withdrawals are taxable, so having some sort of emergency fund outside of the TSP (on which taxes are already paid) can make emergencies less stressful because you won’t have to worry about tax implications when something happens.

The paradox of media coverage

Having the right retirement insurance can make the difference between a good retirement and a great one.

The three types of insurance that tend to be most important in retirement are Health, life and long-term care insurance.

  • For health insurance, you want to make sure you have a great FEHB that merges well with Medicare.
  • For life insurance, you need to think about whether you need coverage and then find the best place to get it.
  • For long-term care insurance, you need to think about whether taking out an insurance policy makes sense for you or whether you should simply self-insure.

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