Phased retirement and financial awareness

Monday - 9/1/2014, 9:54pm EDT

For Your Benefit

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September, 2014 -- Is phased retirement something you should consider and how will you be affected financially?

This week on For Your Benefit, our host, Bob Leins, welcomes Ray Kirk, a federal benefits expert, to provide his insight on the Office of Personnel Management's recently released phased retirement guidelines.

Our discussion addresses the known aspects of the program and its financial aspects to consider.

Topics include:

  • Exactly what is phased retirement?
  • Who's eligible?
  • How does it work?
  • When can phased retirement start?
  • What happens to your federal annuity if you become a phased retiree?
  • What happens to your pay and benefits?
  • After a phased retirement is completed, how will your annuity be impacted when you fully retire?
  • How could it affect your TSP, Social Security and income tax?