April 18, 2016
This week on For Your Benefit, Bob Leins will host Tammy Flanagan, Federal Benefits Expert, to discuss the best dates to retire. 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 show will focus on the "best dates" to separate from federal service under CSRS and FERS in 2016 and 2017, but 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? This includes:
- 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.
For questions or comments, email us in advance at ForYourBenefit@nitpinc.com or call 202-465-3080 this coming Monday. Program begins at 10:05 ET and questions are accepted between 10:20 AM and 10:55 AM.