1:13 am, April 17, 2014

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  • Best Day to Retire
    contrarian
    I hope someone keeps this going for at least another 5-10 years, when I will go. Or at least provide some rules of thumb. I haven't taken the retirement seminar yet, but there's probably something in that material. In any case, I'm guessing the actual date may be a personal decision and less crucial than picking insurance coverages, etc. Plus, I'd like to see easier ways of changing beneficiaries on Fed Forms. Seems like they go to several different places. Streamlining seems a low priority around here.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Take the retirement seminar sooner rather than later
    FERS Fed
    One of the universal comments by folks who have attended the retirement seminar, at least at my agency, is that they wish they had taken it much earlier in their careers. And yes, the actual date you retire is a personal decision. But in the context of your personal circumstances, consider the actual date very carefully. For example, if you will be cashing in a substantial annual leave balance when you retire, you may want to consider a retirement date near the end of the calendar year in order to push receipt of that lump sum leave payment into the following year. Why? Because in the year following your retirement, your federal income tax bracket probably will be lower, meaning that you will pay less tax on that lump sum leave payment. That's an example of the kind of things you can pick up from the retirement seminar.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Best Date
    Linda
    There is more than just timing to look at. And some retirement advisors are better than others. I had a friend ready to retire who was FERS/CERS. She said she was going on December 31st. I asked how old she was, as I knew she was at least part FERS, and she said 61. She wasn't going to be 62 by the time she retired, so I asked why she wasn't waiting the additional 4 months? Her advisor hadn't told her about the 1.1% bonus at age 62 vs. 1% per year at age 61. For 4 mnoths it made a big difference. Then she got a different advisor who asked her why she was retiring in April, not June, when she would get a step increase and qualify for an award? She worked two more months. It would have been nice if she had had this information earlier or if someone had explained all of it with the first advisor.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Retirement seminar
    Moderate
    Although I have not gone to a seminar, I have watched it on CD a number of times . I benefited a great deal from that. I do not know your agency's procedures, but you might want to try to order the disk and the accompanying book. Make sure you order the FERS version. The only thing is I could not ask questions. This was no big deal for me, but it might be for you. Anyway, I recommend that you get a disk and accompanying booklet.-----Hope I helped a little.
    worker
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  • Best Day to Retire
    Paul in Jersey
    I'm a retired Army employee that retired on 30 June 2011. At the time, I spoke to an OPM retirement representative who told me that the lead-time for full retirement benefits for CSRS retirees was approximately 4 months. In actuality, I didn't receive my first 'full' retirement until 7 months after my retirement date. Since the acceleration of retirements is increasing, it seems likely that longer delays for receiving full retirement pay are very likely. Recommend that folks getting ready to 'hang it up' be aware that some financial planning may be required to maintain your current standard of living while waiting for the extra 20% of your annuity to kick in.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Time to Full Check
    Linda
    I had a friend who retired April 2011. He is finally slated to get his first full retirement check in April of 2012! So if you retire this year prepare for a long wait to the full check! And, if you have State Income Tax, OPM doesn't withhold State Taxes until you get your full check, so be prepared to make payments. And.....they don't withhold health insurance premiums, although you get the insurance. That all comes out of the first full check.....which to me could cause a very short check! And of course, OPM doesn't pay interest. There has got to be a better way!
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Best day to retire
    tuesdayschild
    Perhaps "contrarian" is revealing too much in his/her name! Please don't be ... I hope that "contrarian" and and all other readers get themseleves to a retirement seminar ASAP. You must do your planning in order to get a handle on your future. Promise yourself you will sign up today! I have 6+ years to go, and I plan to have a great retirement! My best date to retire is January 3, 2019!
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Careful
    Moderate
    If you are CSRS then you may or may not be right. I believe, but I am not sure, that if you are FERS you must retire on the 31st of the month to get the next month's pension check. Thus if you are FERS and retire January 3, your first pension check is February. Please check it out as I am no expert.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Retirement
    Bud
    I'm a CSRS retiree who did attend the retirement seminar.After retirement I learned a very interesting fact,if you're a CSRS retiree.Lets say you contribute $150k to your CSRS retirement.The Govt.matches it for a total of $300k.If God forbid,you die soon after retirement,your heirs only receive the difference between your $150k and what you collected as a pension.They don't get the Govt.'s $150k.What I don't know is what happens if you elected surviving spouse.Then the spouse probably receives a monthly check for life.It happened to a close friend who was single,retired and died suddenly one month later.All his estate received was just his CSRS contribution,not the Govt. share.So all of you CSRS types out there who are still working and contemplating not choosing surviving spouse option OR single CSRS types may want to double check my info with your retirement HR types.If this scenario still exists,then it should motivate those CSRS types into retiring as early as possible so you can collect your contribution plus the Govt. contribution before you die.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Hi Bud
    Moderate
    If you are married, you had to elect out of survivor benefit. That is not bright because the survivor loses the survivor benefit plus the right to continue the FEHB benefits. The survivor benefits are 55% of what the pension would be before the election(which is an almost 10% reduction of the pension.) Thus, if your high 3 is $100000 with a 60% benefit, your pension would be 60000-(10% of 57000)-(3% of $3000) or 54275. (Experts correct me if I am wrong). Your survivor would get 55% of 60000 or $33000.
    worker
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }