A growing percentage of federal employees are either eagerly preparing for or nervously holding off retirement. The author says that you do not want to retire too soon and risk financial ruin in your Golden Years, but you also do not want to wait until too late to retire. He explains some ways to determine the best time to retire that works for you.
Are you a CSRS offset retiree? If you are in this group of federal employees, a letter coming from the Defense Finance and Accounting Service (DFAS) may interest you as you may be in for at least a small, unexpected financial gain.
One of FedSmith.com’s readers shares his personal retirement story and advice for other federal employees based on his recent experience with the process.
I retired under CSRS and then went to work for the state government under a state pension system. How will the two government pensions affect my Social Security benefits?
I am age 64 and retired from GSA in 2008 under the CSRS, having worked 36+ years. Is there a penalty for me to withdraw some or all of my TSP before age 70 1/2 ?
My husband’s personnel office just found out that he should have been in CSRS Offset after 21 years of coming from the DC Government. After his maximum SS tax was reached, his personnel office stopped the SS deduction. In the past, after the maximum was reached he has received the SS contribution in his paycheck. Was this done correctly?
I’m planning to retire at 62 and my human resources department has presented me with the option of depositing $9,645.00 (roughly 3K + 6K interest). If I don’t deposit for the period I was not under CSRS then I will receive $80.38 less per year in retirement (provided I retire now). Is this correct?
When I retire how will I receive the retirement monies that were taken out after working for over 40 years?
I am under CSRS and thinking about retiring soon. However, I am divorced and my divorce decree has a formula type clause and I don’t know how OPM will apply this formula in determining my annuity. Is there any way to get an estimate from OPM before I retire?
I have 15 years under CSRS and 15 under FERS. How will my retirement be calculated?