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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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GordonG  
#1 Posted : Wednesday, April 8, 2020 7:56:55 AM(UTC)

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Have your plans changed because of the turmoil happening?

With the economy in the tank and the uncertainty of how quickly things become stable maybe hanging onto a job versus giving up a job isn't so bad of an idea.

"Fear, not clemency, restrains the wicked."


"Everyone has a plan 'till they get punched in the mouth." Mike Tyson
smithandjones  
#2 Posted : Thursday, April 9, 2020 6:49:51 AM(UTC)

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I didn’t plan to retire yet. But this mess coincides exactly with my becoming eligible to retire. With leave, I passed that date yesterday. Sure scrambles all calculations! Agree hanging on to a job seems the smart thing now.

Edited by user Thursday, April 9, 2020 6:51:22 AM(UTC)  | Reason: Not specified

TheRealOrange  
#3 Posted : Thursday, April 9, 2020 7:16:24 AM(UTC)
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Originally Posted by: smithandjones Go to Quoted Post
I didn’t plan to retire yet. But this mess coincides exactly with my becoming eligible to retire. With leave, I passed that date yesterday. Sure scrambles all calculations! Agree hanging on to a job seems the smart thing now.

Out of curiosity, are you covered under FERS? If so, it is my understanding that you cannot use accumulated sick leave to become eligible to retire. It can only be added/used to calculate your annuity after you have already met the age and service requirements. So, I am unsure what the "with leave" comment means. Again, just curious.
smithandjones  
#4 Posted : Thursday, April 9, 2020 8:36:58 AM(UTC)

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Hadn’t given that aspect of that much thought. Will look into it. Just thought if I was eligible on June 1 and had enough annual leave to take off from now until then I could start the process?

In any event, I’m not going anywhere just yet. I am in a period with lots of options and time has frozen.
TheRealOrange  
#5 Posted : Thursday, April 9, 2020 8:47:26 AM(UTC)
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Originally Posted by: smithandjones Go to Quoted Post
Hadn’t given that aspect of that much thought. Will look into it. Just thought if I was eligible on June 1 and had enough annual leave to take off from now until then I could start the process?

In any event, I’m not going anywhere just yet. I am in a period with lots of options and time has frozen.

Thanks. That's a different issue, and I think a lot of people would do that immediately prior to retirement -- use annual leave like "terminal leave" in the military -- if their agency/management would allow it. Apparently, there is a WWII era ruling by the Comptroller General indicating that “terminal annual or vacation leave may not be granted immediately prior to separation from service in any case where it is known in advance that an employee is to be separated from service.” I know there are ways around that, but I think most agencies still push back, especially in the employee has a lot of accumulated leave. Thanks again for the clarification.
GWPDA  
#6 Posted : Thursday, April 9, 2020 8:55:05 AM(UTC)
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I put in my papers on 2/20/20 and am out the door 18 July. Thank God. Nothing's changed except that I'll be spending the last days teleworking rather than in the ghastly facility where I was working, and I won't be exposed to the fastest increasing exposed population in the community. Amusingly, I got a question yesterday from 'management' wanting me to redesign a program to be presented ... 19 July. Apparently, nobody's keeping score.
thanks 4 users thanked GWPDA for this useful post.
FrankJr on 4/10/2020(UTC), S. Stammerjohan on 4/22/2020(UTC), GordonG on 5/6/2020(UTC), SD Analyst on 5/8/2020(UTC)
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