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Basic retirement advice.
- Thread starter Jenay1032
- Start date
justacarrier
Well-known member
Yes, you want to retire as near the end of the month as possible. Preferably at the end of the pay period so you get full leave credit. DO NOT use any AL that you have not earned as apposed to what is advanced. Make sure you understand all of the FEGLI (life insurance) options, you can do the 75%reduction and when you turn 65 it becomes free. Any of the other options you may have now will get very expensive in retirement so don't give up basic (preferably do the 75% reduction) it just makes sense.I’m hoping to retire around September I’ll be 60 with 20 + years. Any basic advice like when to start online process, does specific dates matter ( end of pay period) etc. Any odd things you wish you had known.
Voglio-il mio
Well-known member
I would recommend getting the retirement package 6 months in advance if you go the paper route! If you complete the forms online I believe that package would still be valuable to have so you can make decisions and be prepared to record answers during the online completion. I would also recommend submittal of the completed application be at least 3 months in advance.I’m hoping to retire around September I’ll be 60 with 20 + years. Any basic advice like when to start online process, does specific dates matter ( end of pay period) etc. Any odd things you wish you had known.
justacarrier
Well-known member
I hate to say this but I'm pretty sure there is no option for a paper application. It is required to be online. I do think that if it's a disability application you still may do paper but that's the only one.I would recommend getting the retirement package 6 months in advance if you go the paper route! If you complete the forms online I believe that package would still be valuable to have so you can make decisions and be prepared to record answers during the online completion. I would also recommend submittal of the completed application be at least 3 months in advance.
Voglio-il mio
Well-known member
But they must still supply a Retirement book. There's a lot of good information in it that can be used to make decisions...........................?????????????????????????I hate to say this but I'm pretty sure there is no option for a paper application. It is required to be online. I do think that if it's a disability application you still may do paper but that's the only one.
justacarrier
Well-known member
Not sure but I think the blue book is a thing of the past, someone who has used the new process please fill us in.But they must still supply a Retirement book. There's a lot of good information in it that can be used to make decisions...........................?????????????????????????
Voglio-il mio
Well-known member
Did they cut out the counseling session also?Not sure but I think the blue book is a thing of the past, someone who has used the new process please fill us in.
I'm so glad I got out when I did, so many different aspects of employment with the USPS has gone down hill. It used to be such a sought out and desired job, it's so sad!
justacarrier
Well-known member
No I think they still do those and when I did mine it was well worth the effort. It's only the paper aspect that they changed. In the end it will probably be a good thing but will take a while. I heard of people that had made a mistake on their paper form and "corrected" it in some way just to have it rejected because they allowed NO stray marks or smudges on the papers.Did they cut out the counseling session also?
I'm so glad I got out when I did, so many different aspects of employment with the USPS has gone down hill. It used to be such a sought out and desired job, it's so sad!
Voglio-il mio
Well-known member
I agree 100%No I think they still do those and when I did mine it was well worth the effort.
If you don't have the forms (No Blue Book), how would the counseling review occur?It's only the paper aspect that they changed.
I heard the same stories, someone in my office was on their 3rd time sending it in.In the end it will probably be a good thing but will take a while. I heard of people that had made a mistake on their paper form and "corrected" it in some way just to have it rejected because they allowed NO stray marks or smudges on the papers.
What I did was scan the forms on to my computer. I then would type in the replies right on my computer. After filling them out and making edits I printed them.
Same. It was more than time. Everyday I say a brief thank you for working when I did. I left because I couldn't tolerate either side anymore - they were both incompetent.Did they cut out the counseling session also?
I'm so glad I got out when I did, so many different aspects of employment with the USPS has gone down hill. It used to be such a sought out and desired job, it's so sad!
Tired carrier
Well-known member
Be sure to use all of your annual leave. Don’t take it in a lump sum, they rape you on taxes. Also if you can find a doctor that will put you off use all your sick leave. Make sure you have plenty of money to fall back on just in case your retirement process takes longer than usual. It took me eleven months to get mine finalized. Schedule an online retirement counseling session . This was very helpful for me. They go over everything and will answer any questions you have.I’m hoping to retire around September I’ll be 60 with 20 + years. Any basic advice like when to start online process, does specific dates matter ( end of pay period) etc. Any odd things you wish you had known.
justacarrier
Well-known member
As far as annual leave, most people count on using the payout to tide them over till the retirement check starts coming. As far as taxes go in the end taxes are taxes and when you file your return it all balances out. You don’t pay more just because it’s a lump sum. They just may take more out initially but you will get it back.Be sure to use all of your annual leave. Don’t take it in a lump sum, they rape you on taxes. Also if you can find a doctor that will put you off use all your sick leave. Make sure you have plenty of money to fall back on just in case your retirement process takes longer than usual. It took me eleven months to get mine finalized. Schedule an online retirement counseling session . This was very helpful for me. They go over everything and will answer any questions you have.
Charlie Brown
Well-known member
No they don't "rape you on taxes" Because your terminal leave payment (annual leave payout) is often a large amount of money they will withhold a larger percentage of it than you are used to. Because your total income didn't really go up at the end of the year your tax rate will probably be the same as it's been for years. What it does mean is that you are more likely to get a tax refund.Be sure to use all of your annual leave. Don’t take it in a lump sum, they rape you on taxes. Also if you can find a doctor that will put you off use all your sick leave. Make sure you have plenty of money to fall back on just in case your retirement process takes longer than usual. It took me eleven months to get mine finalized. Schedule an online retirement counseling session . This was very helpful for me. They go over everything and will answer any questions you have.
Because it can take a while to get everything settled many carriers rely on that terminal leave payment to help bridge the gap between getting paychecks and getting annuity payments. If you can do it, use up as much of your sick leave as possible.
I was planning on holding on to my annual, and cashing it in. I have a co worker who is going thru the online process. And told me it was very quick and easy and he spoke to no one ( no counseling session.) He mentioned just basic questions about spouse,
Health insurance, life insurance. Upload a few documents and it was done. Is it that simple now? Also how long before the date I would like is best to apply. Is there any harm in applying early?
Health insurance, life insurance. Upload a few documents and it was done. Is it that simple now? Also how long before the date I would like is best to apply. Is there any harm in applying early?
I don't know if they have changed THIS part of it since they went to online applications but I retired about a year and a half ago and was told by HRSSC and OPM that applications were processed by retirement date and not necessarily when the application was received. You could call HRSSC and see if it's still that way.I was planning on holding on to my annual, and cashing it in. I have a co worker who is going thru the online process. And told me it was very quick and easy and he spoke to no one ( no counseling session.) He mentioned just basic questions about spouse,
Health insurance, life insurance. Upload a few documents and it was done. Is it that simple now? Also how long before the date I would like is best to apply. Is there any harm in applying early?
justacarrier
Well-known member
Pretty sure this is probably still the case. HRSSC will not send to OPM until your date is reached because you can always cancel your retirement right up until that date. Don't know for sure but the rationale they told you still is the same today.I don't know if they have changed THIS part of it since they went to online applications but I retired about a year and a half ago and was told by HRSSC and OPM that applications were processed by retirement date and not necessarily when the application was received. You could call HRSSC and see if it's still that way.
