For Your Benefit

Best Dates to Retire


May 17, 2021 on ForYourBenefit, host Bob Leins, CPA® welcomes co-host Tammy Flanagan, Senior Benefits Director at NITP, Inc., and Mike Causey, Senior Correspondent at Federal News Network.

This topic has become more complicated for employees retiring under the three-tiered FERS retirement system that includes Social Security, the FERS Basic Benefit (government pension) and the Thrift Savings Plan.

Today’s program will focus on the “best dates” to separate from Federal service under CSRS and FERS, and will also address the questions that are on many employee’s minds:

  • Has the COVID-19 Pandemic impacted your plans to retire?
  • Are you thinking about retiring sooner than later or are you staying on board longer?
  • Learn how to prepare for delays in retirement processing that have occurred throughout the retirement planning process.
  • How do you know it’s “time” for retirement?
  • How do you choose the best date for you?
  • What else should you do to prepare to retire?

The discussion may also include the following related topics:

  • What are the mental, financial, Federal benefits and tax preparations that need to be done before selecting your date?
    • What are your plans for your life after retirement?
    • Can you afford to be retired to age 99?
    • Have you done your retirement tax planning?
    • Do you understand the withholdings, reductions and computation of your CSRS and FERS retirement benefit?
  • How do you select the best date to retire under FERS and CSRS?
  • The last day of the month for FERS, CSRS and CSRS Offset optional retirements
  • The first three days of the month for CSRS and CSRS Offset
  • Why not any other day of the month?
  • What about disability, early retirements and deferred retirements?
  • What is so special about the end of the leave year?
  • What happens to your leftover annual and sick leave at retirement?
  • What about your Thrift Savings Plan?
  • What is the best time to “turn on” your Social Security retirement?
  • What if you are working past your full retirement age?
  • Do you plan to work after you retire?
  • Are you retiring under age 62?
  • Will you receive a CSRS retirement benefit?  Consider the Windfall Elimination Provision and the Government Pension Offset.

 

Send in a question:  Email us in advance at ForYourBenefit@nitpinc.com

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