Welcome Guest! To enable all features please Login or Register.

Notification

Icon
Error

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.


To read today's top news stories on federal employee related news visit FederalDaily.com.

Options
Go to last post Go to first unread
smithandjones  
#1 Posted : Tuesday, June 23, 2020 3:37:04 PM(UTC)

Rank: Groupie

Groups: Registered
Joined: 7/1/2011(UTC)
Posts: 88

Thanks: 1 times
Was thanked: 11 time(s) in 10 post(s)
I am now eligible for early retirement. My DC landlord agreed to a month to month lease so I’m not tied to much here. I know they recommend beginning the retirement process 90 days prior to departure but is there actually any requirement? Or can I give two weeks notice and let the process catch up? Are there risks doing that? Not really worried about money now as long as it catches up at some point.

Also, does retirement work as a bargaining point? Any chance they offer to give me a raise - move positions - or other incentives to stay? Is that part of the process I should allow time for or is it too far gone by then?

Thanks for any thoughts on this.


GordonG  
#2 Posted : Tuesday, June 23, 2020 3:45:10 PM(UTC)

Rank: Senior Member

Groups: Registered
Joined: 1/26/2013(UTC)
Posts: 3,389
United States
Location: Paradise

Thanks: 785 times
Was thanked: 1204 time(s) in 774 post(s)
If you're at a point where you can go and you're not worried about the money because it will eventually catch up to you... just tell them you're retiring that day and leave.

"Fear, not clemency, restrains the wicked."


"Everyone has a plan 'till they get punched in the mouth." Mike Tyson
someoldguy  
#3 Posted : Tuesday, June 23, 2020 6:17:13 PM(UTC)
someoldguy

Rank: Senior Member

Groups: Registered
Joined: 10/28/2013(UTC)
Posts: 4,180

Thanks: 310 times
Was thanked: 936 time(s) in 787 post(s)
Originally Posted by: GordonG Go to Quoted Post
If you're at a point where you can go and you're not worried about the money because it will eventually catch up to you... just tell them you're retiring that day and leave.
That is what a friend was thinking of doing, but he ended up sticking around and was glad he did because there were a lot of 'questions' that came up and he felt he was in a better position to reply to HR while he was still an active employee and had access to official email.
DISCLAIMER: You read it on an open internet forum :)
GordonG  
#4 Posted : Tuesday, June 23, 2020 6:39:00 PM(UTC)

Rank: Senior Member

Groups: Registered
Joined: 1/26/2013(UTC)
Posts: 3,389
United States
Location: Paradise

Thanks: 785 times
Was thanked: 1204 time(s) in 774 post(s)
Originally Posted by: someoldguy Go to Quoted Post
Originally Posted by: GordonG Go to Quoted Post
If you're at a point where you can go and you're not worried about the money because it will eventually catch up to you... just tell them you're retiring that day and leave.
That is what a friend was thinking of doing, but he ended up sticking around and was glad he did because there were a lot of 'questions' that came up and he felt he was in a better position to reply to HR while he was still an active employee and had access to official email.



That's the smart move.

You can fill out the retirement application on your own and I'd bet that the majority of people would get a few things wrong.

The phone retirement counseling was a very good thing too.

The goal is to send a complete and error free application to HR.

HRSSC received mine yesterday...:)

"Fear, not clemency, restrains the wicked."


"Everyone has a plan 'till they get punched in the mouth." Mike Tyson
thanks 1 user thanked for this useful post.
Taitai :-] on 6/27/2020(UTC)
MovinUp  
#5 Posted : Tuesday, June 23, 2020 9:33:20 PM(UTC)
MovinUp

Rank: Member

Groups: Registered
Joined: 9/6/2016(UTC)
Posts: 20
United States

Thanks: 4 times
Was thanked: 4 time(s) in 3 post(s)
I was going to be eligible to retire in 6 months when I got my last promotion offer. Prior to that, I tactfully (and occassionally forcefully) discussed my frustrations about not being at the next grade level and the fact that retirement would be available in a short time. Let them know what you want. I now have the high 3 at the next grade level.
Citrine  
#6 Posted : Tuesday, June 23, 2020 10:22:58 PM(UTC)
Citrine

Rank: Groupie

Groups: Registered
Joined: 10/13/2018(UTC)
Posts: 51
United States
Location: midwest

Thanks: 1 times
Was thanked: 6 time(s) in 5 post(s)
I would not want to risk messing up the FEHB continuation.

Much more important to me than the timing of the first retirement check.
Sofedup  
#7 Posted : Wednesday, June 24, 2020 5:31:32 AM(UTC)
Sofedup

Rank: Advisor

Groups: Registered
Joined: 11/4/2017(UTC)
Posts: 142
United States

Was thanked: 15 time(s) in 13 post(s)
The absolute must do thing you need to complete is making a copy of your ENTIRE electronic official personnel file. It will be deactivated in less than 48 hours after you separate from your agency. You may think you have every form 50 you ever received, but there are so many other items that saving is essential, like FEHB, and FEGLI forms. Trust me, a quick screen shot of everything in the e-OPF is worth it. Congrats on getting to the finish line.
GWPDA  
#8 Posted : Wednesday, June 24, 2020 5:55:32 AM(UTC)
GWPDA

Rank: Senior Member

Groups: Registered
Joined: 2/26/2011(UTC)
Posts: 2,491

Thanks: 251 times
Was thanked: 525 time(s) in 437 post(s)
There are two parts to retirement, but the one is not contingent on the other. You can file the required forms with your HR - and it's not going to be the HR office where you work, but a central location - and walk out the door that day, or you can file those papers and then tell your employers when you're going at some future date. Once you file the HR papers and follow the protocol for that filing, including the 'counseling', fixing the exit date, deciding how you want your allocations and insurance paid, once HR says "you're done, we'll take it from here", you are done. After that it is purely a matter of courtesy and convenience when you turn in your keys and CAC card.

The current situation of teleworking and such complicates your work environment, but not the HR side. Anything HR has to say to you they'll say, whatever your worksite thinks. Once you have the HR sign-off the process is not only out of your hands, it's out of the hands of your employers. The arrangement is between you and the government - your worksite has no input.
smithandjones  
#9 Posted : Thursday, June 25, 2020 9:27:51 AM(UTC)

Rank: Groupie

Groups: Registered
Joined: 7/1/2011(UTC)
Posts: 88

Thanks: 1 times
Was thanked: 11 time(s) in 10 post(s)
Thanks everyone. You’ve covered it pretty well. It is nice to know I can walk out the door any day I feel like it. Will try to give at least 30 days notice but 90 just seems excessive and pointless. Probably wait for some of the current turmoil to settle and see if anyone cares enough to keep me - but not optimistic so prepared to go on with my life real soon.
GWPDA  
#10 Posted : Friday, June 26, 2020 2:30:09 PM(UTC)
GWPDA

Rank: Senior Member

Groups: Registered
Joined: 2/26/2011(UTC)
Posts: 2,491

Thanks: 251 times
Was thanked: 525 time(s) in 437 post(s)
Go well! Stay safe!
King_Fed  
#11 Posted : Saturday, June 27, 2020 7:23:50 AM(UTC)
King_Fed

Rank: Senior Member

Groups: Registered
Joined: 10/26/2013(UTC)
Posts: 579

Thanks: 34 times
Was thanked: 62 time(s) in 53 post(s)
Originally Posted by: smithandjones Go to Quoted Post
Thanks everyone. You’ve covered it pretty well. It is nice to know I can walk out the door any day I feel like it. Will try to give at least 30 days notice but 90 just seems excessive and pointless. Probably wait for some of the current turmoil to settle and see if anyone cares enough to keep me - but not optimistic so prepared to go on with my life real soon.


Wanted to point out that you can inform HR and ask them to limit who they inform.

We had a guy do that and he left one Friday and never returned. Even said "see you Monday" to me as he left the office. I'll never forget that since he never spoke to me before (I was sitting in the office but belonged to another department... we had no issues, but never crossed paths).
thanks 1 user thanked King_Fed for this useful post.
smithandjones on 6/30/2020(UTC)
Taitai :-]  
#12 Posted : Saturday, June 27, 2020 6:52:33 PM(UTC)
Taitai :-]

Rank: Senior Member

Groups: Registered
Joined: 5/3/2013(UTC)
Posts: 257
Location: Nu'uuli, American Samoa

Thanks: 91 times
Was thanked: 69 time(s) in 58 post(s)
Originally Posted by: GordonG Go to Quoted Post
Originally Posted by: someoldguy Go to Quoted Post
Originally Posted by: GordonG Go to Quoted Post
If you're at a point where you can go and you're not worried about the money because it will eventually catch up to you... just tell them you're retiring that day and leave.
That is what a friend was thinking of doing, but he ended up sticking around and was glad he did because there were a lot of 'questions' that came up and he felt he was in a better position to reply to HR while he was still an active employee and had access to official email.



That's the smart move.

You can fill out the retirement application on your own and I'd bet that the majority of people would get a few things wrong.

The phone retirement counseling was a very good thing too.

The goal is to send a complete and error free application to HR.

HRSSC received mine yesterday...:)



Gordon... Best wishes to you and your Mahal in your retirement! Watched the FERS optional retirement application video, submitted papers with no issues. Kept everything quiet but Manager out found by email from HR 4 days before my last day.

Once COVID is over and travel is allowed again, MY Mahal and I will be spending more time at our other home near the beach resorts of Dauin, Philippines (where the dollar goes farther than in American Samoa).
9 mai le 10 leo i loʻu ulu fai mai ou te valea. Tasi le maliega.
thanks 1 user thanked Taitai :-] for this useful post.
GordonG on 6/27/2020(UTC)
Tanker1497  
#13 Posted : Tuesday, June 30, 2020 4:30:08 AM(UTC)

Rank: Rookie

Groups: Registered
Joined: 1/19/2013(UTC)
Posts: 44

Think its best to do the three month retirerment deal! There are things you could have missed or added included that are wise tails that aren't true! OPM will let you retire and you will not get a check if you screw somthing up till your 62. This is not fixable! I have seen people retire the day the turn 56 and retirer only to find out the SS isn't coming cause they left on 15th of month(birthday) instead of 30th or 31st which is the requirement! Or added SL wrong! Forgot the exceeded maternity leave 3 times! Always best to go past the date by few months. You could have lost time? The booklet is a simple exercise but some surprises could pop up and make sure your phone call you ask if your getting all what your suppose too, that your not leaving a day week or month too soon!
Rss Feed  Atom Feed
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.


This page was generated in 0.569 seconds.