The federal retirement plan is one of the biggest benefits of being a federal employee. Changes are coming that will impact many readers and most of the changes are not going to improve the program.
Starting Social Security at age 62? Or anytime before your Full Social Security Age (65-67)? Most Federal Employees are too – but they usually haven’t heard of the three big whammies that come with starting Social Security early. Don’t let these whammies catch you by surprise.
The author says that proper planning for retirement from a federal career must take place throughout an employee’s entire career. He covers some important areas federal employees should consider as part of this planning process.
The author recounts his experience with retiring from the FBI and successfully transitioning to work in the private sector. He shares advice about what he learned from the experience with other federal employees who may be considering a similar career change.
It is a common misconception that anyone receiving military retired pay cannot also receive federal civilian retirement credit for their military service. However, a significant exception applies to people receiving military retired pay based on reserve service.
Although it is arriving about two months late, the White House has released its budget proposal for 2014 this week. The budget contains some recommendations that would directly impact the federal workforce including higher retirement contributions for current federal workers.
The author compares the historical pay increases of current federal employees to retirees on Social Security to see which group comes out ahead.
OPM continued to see a large number of retirement claim applications in March according to its latest monthly report.
