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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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whome4836  
#1 Posted : Monday, November 01, 2010 10:24:20 AM(UTC)
whome4836

Rank: Newbie

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Joined: 8/31/2010(UTC)
Posts: 11

I am a CSRS employee with 38 years of federal service (DOE) and plan to retire on June 3, 2011 at age 55.  I get paid every other Thursday and will get paid on Thursday, June 2, 2011.  I will have accumulated approximately 328 hours of annual leave.  I understand I should be receiving an annunity payment starting on July 1, 2011.  I have two questions -
 
1.  Will I receive (or am I due) a pay check two weeks later on Thursday, June 16, 2011?
2.  How soon should I expect to see a lump sum payment for my 328 hours of annual leave if I retire on June 3, 2010?
 
Also, I need some perspective on whether I should stay and max out with 80% or go with 72%.
RetirednHappy  
#2 Posted : Monday, November 01, 2010 1:30:01 PM(UTC)
RetirednHappy

Rank: Senior Member

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Joined: 3/18/2009(UTC)
Posts: 652

Whome.... Your statement needs clarification. You say you get paid every other Thursday (pay gets deposited in a financial institution?), but do not indicate when your "end of pay period" occurs. If Thursday, 2 June is the actual end of pay period for you (not the day you normally receive pay in your financial institution), then that would complete the pay period, and your pay would be deposited in your financial institution about a week later. ( I do not understand where the 16th of June comes from, unless you do not actually receive your pay at the financial institution until 2 full weeks later. In that case, your 16 June payment would include your last work day's pay of 2 June.) With sufficient notification, your employing activity MAY also include the payment of your unused annual leave in this final pay, or two weeks after that, as a separate payment to your financial institution.  Early congratulations on your soon-to-be retirement!  Retiring now or waiting another 4 years is strictly a personal decision, based on your work environment, personal health, financial obligations, retirement savings, family needs/desires, etc.  Only you can determine those issues. Some retire at exactly 55 age and 30 years service and are content with about 72% of high 3; others work extra for that almighty 80%. Unfortunately I have also seen some work those extra years, only to have medical or accident issues and die all too young, unable to enjoy the fruits of their extended labor!!
whome4836  
#3 Posted : Tuesday, November 02, 2010 6:15:46 AM(UTC)
whome4836

Rank: Newbie

Groups: Registered
Joined: 8/31/2010(UTC)
Posts: 11

Some clarification - June 4, 2011 is the end of the pay period.  I will get paid on June 2 and then two weeks later on June 16 (normal pay day if I stayed).  The pay period ends that week on June 18.  That being said, I understand I will receive some form of pay about a week after I retire on June 3 and a lump sum payment for annual leave around the same time, all before July 1 when I should receive my first partial (hopefully full but not likely) annuity check.  One of the reasons I am considering retiring is that my supervisor is hard to work for.  This might be the wrong reason to retire and move on.  Anyway, at 55 years old, I have other interests that may include part-time work, but it will be something that I enjoy.
 
An observation I have made is that all of the federal retirees I have spoken to do not regret retiring when they did.
 
Thank you for the feedback RetirednHappy.
kcman  
#4 Posted : Tuesday, November 02, 2010 10:43:53 PM(UTC)
kcman

Rank: Senior Member

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Joined: 12/26/2009(UTC)
Posts: 255

whome4836,

I retired this past January (age 55 and 38 years of service).  I have absolutely no regrets and am very happy I made the decision to retire.  Yes your annuity will be in the 72% plus range (plus your sick leave balance and any extra months), but you need to look at what your actual net retirement pay will be and that will be closer to about 85% range of your working net (you will not be paying into retirement and medicare and paying taxes on that 8.45%).  Of course you may need to factor in survivor benefits if you will be taking those.  Bottom line is if you can afford to go at 55, get out and enjoy yourself and smell the flowers of retirement (very nice sweet smell).  Good luck.
<br />"The problem with socialism is that you eventually run out of other people's money." - Margaret Thatcher<br />
whome4836  
#5 Posted : Wednesday, November 03, 2010 8:38:26 AM(UTC)
whome4836

Rank: Newbie

Groups: Registered
Joined: 8/31/2010(UTC)
Posts: 11

kcman - Your comments put a smile on my face.  I need one clarification - Is the 85% range of the working net my current working net?  I am asking this because I will be adding some current deductions back in early next year before I retire which would raise my current net.  By the way, it will be 38 years and 7 months...I joined the U.S. Navy at 17 years old in 1973, worked for the Federal Government ever since and was the best decision I ever made (GI Bill was great too).
 
Thanks for the input.
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