If you’re even thinking about retiring this year, or next, two things: First, welcome to the club. Lots of people have been delaying retirement, some for years, due to a variety of factors. Now some experts are saying conditions are right for the long-predicted retirement tsunami — a tidal wave of long-time feds leaving government — is about to happen. So things at HR offices may get crowded.
Secondly, you got some homework to do to insure that you get the best financial deal whether you are under the old Civil Service Retirement System (CSRS) program, or the newer Federal Employees Retirement System (FERS) program. In addition to getting the best deal available, much involves what to do with your Thrift Savings Plan. But for the majority of feds who are under the FERS, there are lots of moving parts. Lots to consider. And 2021-22 could be a tough time to decide to retire, or at least tricky.
Insight by ProPricer: During this webinar James Woolsey, the president of the Defense Acquisition University, Frank Kelley, the vice president of the Defense Acquisition University and Michelle Currier, the professor of contract management at the Defense Acquisition University, will discuss the future of DoD contracting, pricing and acquisition. In addition, Michael Weaver, the professor of contract management at ProPricer will provide an industry perspective.
In large part because experts are predicting that long overdue retirement tsunami, the massive government brain drain, will actually happen next year. So do you want to be ahead of the action or caught up in it?
Between now and late December of this year, or early January 2022, thousands of federal and postal workers will put in their retirement papers and end their careers. Some have been planning for a long time and have, hopefully, all their ducks in a row. For others it may be a spur-of-the-moment decision, maybe a political or personal one. Also, for the first time, many of the potential retirees, and the people assisting them, will be working from home. For many retirees, this next phase of their lives could last at least as long as they worked. Retirements of 20 or 30 years are not uncommon, so planning for the very long haul is critical.
People under the CSRS program will get larger annuities and full cost of living adjustments (COLAs) to keep pace with inflation. But the majority who will exit this year and in the future are under the FERS. They will have to live with smaller monthly annuities, diet COLAs, and depend on their Social Security and TSP investments for their retirement income. Long range planning isn’t just important, it is absolutely essential.
Federal benefits expert Tammy Flanagan thinks this next December-January season may produce the tidal wave of retirements experts have incorrectly predicted for decades. But maybe this time it will happen. But whether you are going out this year, next summer or departure day is years away, plan ahead. Starting yesterday. But beginning now is better than nothing. A lot better.
For starters, Tammy will be my guest today on Your Turn (10 a.m. EDT). You can listen live here or on the radio at 1500 AM in the D.C. area. She is going to cover the waterfront and focus on the seven things you should NOT do when mapping out your retirement.
Below is her list. It’s a long one, but trust me, your retirement will seem a lot longer and leaner if you skip it. Here goes:
By Alazar Moges
Squirrels are among the top causes of power outages across the U.S. In 2016 alone, utilities reported 3,456 outages caused by the ubiquitous rodents that cut off power to more than 193,873 customers.
Learn about everything from pay, benefits and retirement, to buyouts, COLAs and pay freezes. Call the show live Wednesdays from 10-11 a.m. at 202-465-3080 with your questions. Dial 605-562-0264 to listen live from any phone. Follow Mike on Twitter and send him an email with your questions and comments. Subscribe on Apple Podcasts or Podcast One.
|Sep 28, 2021||Close||Change||YTD*|
Closing price updated at approx 6pm ET each business day. More at tsp.gov
* YTD data is updated on the last day of the month.