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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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GiannaLuna  
#1 Posted : Sunday, November 10, 2019 7:24:51 AM(UTC)
GiannaLuna

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When you’re old enough to be eligible for retirement and have enough service to get an - unreduced retirement benefit- the benefit will begin on the first day of the month after you retire. In other words, whether you retire on the 1st, 6th, 15th, or 31st of a month, your first retirement check will be for the month following your retirement date. Your last paycheck will provide compensation through the last day you’re on the payroll.


Is there a difference for a retirement benefit that is reduced - for example, when MRA plus 10 happens at age 58 and one desires to retire immediately?
In that case, is there a difference as to the date of retirement in a given month and when the pension begins?

Thank you.
postalvet  
#2 Posted : Sunday, November 10, 2019 8:12:12 AM(UTC)
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Originally Posted by: GiannaLuna Go to Quoted Post


When you’re old enough to be eligible for retirement and have enough service to get an - unreduced retirement benefit- the benefit will begin on the first day of the month after you retire. In other words, whether you retire on the 1st, 6th, 15th, or 31st of a month, your first retirement check will be for the month following your retirement date. Your last paycheck will provide compensation through the last day you’re on the payroll.


Is there a difference for a retirement benefit that is reduced - for example, when MRA plus 10 happens at age 58 and one desires to retire immediately?
In that case, is there a difference as to the date of retirement in a given month and when the pension begins?

Thank you.


your statement "whether you retire on the 1st, 6th, 15th, or 31st of a month, your first retirement check will be for the month following your retirement date"

is incorrect.
"For example, if a FERS employee retired on Dec. 31, 2018, then the employee’s retirement took effect on Jan. 1, 2019 and the annuitant’s first FERS annuity check will be dated Feb. 1, 2019. If a FERS/”Trans” FERS employee retired on Jan. 3, 2019 (like the CSRS employee previously presented) then the employee’s retirement becomes effective Feb. 1, 2019, and the retired employee’s first FERS annuity check (“Trans” FERS employee: and CSRS annuity check) will be issued Mar. 1, 2019."


https://www.myfederalret...t.com/best-dates-retire/


retiring in the middle of the month will also change the date a check will be issued.
Postal employee (retired) 38 yrs who helps even if some do not believe me! I was a Steward, officer & trouble maker. Just Sayin'
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