The Foreign Service Journal, September 2022

78 SEPTEMBER 2022 | THE FOREIGN SERVICE JOURNAL RETIREMENT SUPPLEMENT consider buying. Living overseas in government-provided housing while a renter covers the monthly mortgage on a property back in the U.S. is a great way to become an owner. Then, at retirement, you can either move into that property, sell it to buy property elsewhere, or con- tinue to rent it out to generate income. While overseas, you will probably want to hire a property manager to vet potential tenants and deal with urgent maintenance requests. Do Your Due Diligence. There are numerous financial issues to keep up with as you move through your career. For example, update your beneficiary designations after a relation- ship change. Obtain and keep updated estate planning documents such as a will, power of attorney and medical directive. Review your FEHB plan each year during open season to check for better plans. Set up online access to Employee Express, your TSP account and your My Social Security account to monitor them and make online transac- tions. Maintain your Federal Employee’s Group Life Insurance coverage during the last five years before retirement if you want to continue that coverage in retirement. For a checklist of financially savvy moves to make just before retire- ment, see “Retirement Planning: One Year Out” in the Retirement Services section of the AFSA website under “Get- ting Ready for Retirement.” Consider Post-Retirement Employment Options. As your retirement date approaches, educate yourself about options for continuing to work. Many Foreign Service retirees work part-time as a You should contribute as much of your salary as early in your career as you can [to your TSP account].