Of course, there's a limit to how long you can wait to lay your cards on the table and cash in. Image: Aquarius Studio/Shutterstock.com
By: FEDweek StaffBecause planning ahead is a crucial step in assuring that your transition from employment to retirement is smooth, you need to make sure that you avoid any last-minute bumps in the road. Fortunately, OPM has an excellent pamphlet called Thinking About Retirement, which you can download from their website at http://opm.gov/forms/pdfimage/RI83-11.pdf.
In it they recommend that you begin planning a year or more in advance. However, even if you need to compress your schedule to less time than that, the advice they give is still sound.
Although you’ll eventually have to go to your servicing personnel office, for the time being you can shield your intentions from outside view by downloading the forms you need from OPM’s website. For CSRS, you’ll need a Standard Form 2801, Application for Immediate Retirement; for FERS a Standard Form 3107. You can download either of them by going to www.OPM.gov, clicking on Forms, then clicking on Standard Forms and scrolling down to the right form number.
Other forms you might need include a SF 2803 or 3108 – if you plan to make a deposit or redeposit to the retirement system to get credit for prior federal service – and the SF 2808 or SF 3102 to designate either a beneficiary or beneficiaries of your retirement benefits if you should pass on. You’ll need different forms to designate a beneficiary for your life insurance or TSP account. You’ll find the former at the OPM website and the latter at www.tsp.gov.
You may wonder why I’m suggesting that you hide your intentions while preparing for retirement. It’s because showing your hand too early may cause you to be cut out of your organization’s future plans. And it may even cause you to be skipped over for a promotion that might have come your way if you hadn’t tipped your hand too far in advance.
Clearly there’s a limit to how long you can keep your plans a secret. You’ll eventually have to go to your personnel office to confirm that you are eligible both to retire and to carry your life and health insurance into retirement. Further, you’ll want to give them enough time to process your retirement application, so you won’t end up without an annuity for a couple of months. That can happen if you hand in your paperwork while you’re figuratively – or actually – walking out the door.
Finally, you’ll want to let your boss know that you’ll be leaving well enough in advance that he or she can plan how to both deal with the unit’s workload after you go and to find a replacement. And, unless you are leaving under a cloud, you’ll want to give your coworkers enough time to plan your retirement party!
Key Bills Advancing, but No Path to Avoid Shutdown Apparent
TSP Adds Detail to Upcoming Roth Conversion Feature
White House to Issue Rules on RIF, Disciplinary Policy Changes
See also,
Legal: How to Challenge a Federal Reduction in Force (RIF) in 2025
The Best Ages for Federal Employees to Retire
Alternative Federal Retirement Options; With Chart
Primer: Early out, buyout, reduction in force (RIF)
Retention Standing, ‘Bump and Retreat’ and More: Report Outlines RIF Process
