In real estate, everyone knows the rule: location, location, location. Two identical houses can have very different values simply based on where they’re located. Retirement works much the same way. Two federal employees can retire with the same pension, the same Thrift Savings Plan (TSP) balance, and the same spending needs—yet experience very different outcomes. The difference often has less to do with how much they saved and more to do with where those savings live and how they’re taxed.