Not affiliated with The United States Office of Personnel Management or any government agency

Not affiliated with The United States Office of Personnel Management or any government agency

federal workers - Aubrey Lovegrove

Retirement Dates: What’s Ideal? by Michael Wood

[vc_row][vc_column width=”2/3″ el_class=”section section1″][vc_column_text]Michael Wood has been a licensed professional for almost 20 years, and he has focused exclusively on those consumers who are close to or already retired.

To leave a government job after a long career can feel rewarding in most cases. For those employees that cannot stand their boss, or don’t share anything in common with coworkers, or maybe hate to commute or their jobs it’s a no-brainer; it makes sense to leave as soon as possible. For those that love their jobs, sometimes it’s hard to say goodbye. Either way, picking a retirement date is inevitable.

After deciding on the year you will be retiring, the next issue is to determine the ideal date; December 31 and January 1-3 are common dates for most federal employees.

This is because to pick a late retirement date on December or the beginning of January can mean extra money, lower your tax bill for the next year, and enable you to carry over and benefit from thousands of dollars in cash of annual leave. This is the reason that most people do not go on a vacation within the final year of employment. A particular date can be useful for employees in Federal Employees Retirement System (FERS) while the other is best for those that will retire under the Civil Service Retirement System CSRS.

Availability of a January pay raise this year could be reflected in the majority, if not all, of the annual leave an employee has carried over.

To those hired in the 1980s, they may still be kicking themselves for selecting to opt-in to FERS because CSRS has a more generous annuity. Contrarily, individuals in FERS qualify for and pay into Social Security, and there will be the 5 percent government match in their Thrift Savings Plan (TSP).

Michael Wood

Contact Michael Wood
[email protected]

[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”35750″ img_size=”292×285″ style=”vc_box_shadow”][/vc_column][/vc_row]

Contact Michael Wood

Search for Public Sector Retirement Expert.

Receive the Best advice.

PSR Experts can help you determine if Public Sector Retirement is right for you or if you should look for alternatives.

The Best Advice creates
the best results.

Recent Articles

More Articles by Michael Wood

federal workers - Aubrey Lovegrove

Deciding on Retirement Survivor Annuities by Michael Wood

[vc_row][vc_column width="2/3" el_class="section section1"][vc_column_text]Michael Wood has been a licensed professional for almost 20 years, and he has focused exclusively on...

TSP millionaire by Bill Eager

Benefits and Drawbacks of the (Antiquated) TSP Annuity by Michael Wood

[vc_row][vc_column width="2/3" el_class="section section1"][vc_column_text]Michael Wood has been a licensed professional for almost 20 years, and he has focused exclusively on...

Is A $1M Annuity Affordable for You? by Michael Wood

[vc_row][vc_column width="2/3" el_class="section section1"][vc_column_text]Michael Wood has been a licensed professional for almost 20 years, and he has focused exclusively on...

Search For Public Sector Retirement Expert

Receive the Best advice.

PSR Experts can help you determine if
Public Sector Retirement is right for you or if you should
look for alternatives.

The Best Advice creates

the best results.

Subscribe to our Newsletter

"*" indicates required fields

Our Readers Deserve The Best PSHB and USPS Health Benefits Guidance

Licensed insurance agents who understand PSHB, Medicare, and USPS Health Benefits Plan are encouraged to apply for a free listing.

This field is for validation purposes and should be left unchanged.

Book Phone Consultation

"*" indicates required fields

This field is for validation purposes and should be left unchanged.

Get In Touch

Stay up to date on the latest information about Public Sector Retirement.

The Best Advice Creates The Best