I started seriously planning my federal civil service retirement in earnest on my 53rd
birthday, two years prior to my retirement eligibility date. There are
many issues to consider prior to retirement and one of the primary
concerns is whether or not you can live comfortably on your annuity and
other income sources after you leave government service. Other key
concern are protecting your loved ones if you should die unexpectedly and
what you will do in retirement.
This site will help you evaluate your personal situation, develop a
viable retirement and estate plan, and guide you to the resources you need to make
informed decisions.
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Introduction
There are so many questions that need answered and many issues that must be
researched prior to turning in your retirement papers. Everything has to be
considered including knowing what you will have to live on, what your
current bills are and what they will be after you retire. You need to know the
proper forms to use and what
benefits will carry over and who do I want as
beneficiaries on my insurance policies, accounts, and investments. This site
will guide you step-by-step through this process in the
Retirement Costs and
Estate Planning sections.
Many retirees and employees anticipating retirement
explore going back to
school either to complete a degree, obtain certification for a field of
interest, or enroll in an advanced degree course. Others pursue hobbies, find
part or full time work, travel or
grow a business.
When to Retire
Many put off compiling critical information that a surviving spouse or loved
ones will need. I know we don't like to think about these things. However, just
imagine how difficult it will be for your surviving spouse or loved ones if you
should die unexpectedly. Who do they call to continue their survivor's annuity!
How do they cash in your life insurance policies, where is the safe deposit box
key, passwords to on-line accounts, and so on. There is so much information that
only you have registered up-stairs or stashed away in a far corner of your home
or office. The
Survivor and
Estate Planning sections outline what your loved ones will need when the
inevitable happens.
Use the main menu at the top of this page to review each topic. Many of your
questions will be answered on our site or you will be directed to additional
sources when further clarification may be needed. Our "Ask
the Experts" service can provide answers for difficult benefits, finance,
lifestyle, employment and wellness questions and we offer
free online newsletter subscriptions for each service area.
This site also provides links to OPM's web
site for specific subjects and we link you direct to that information so you
don't have to waste time searching OPM's site. You can use the
search feature on this site to find key information fast and we recommend
valuable
resources, books, and software, that will help you with your retirement,
wills and general estate planning. Many of these resources are also available at
your local library. I personally used them to develop my family's estate plan,
wills and trusts. Everyone should have a basic estate plan and your personal
plan can range from a simple will, living trusts, a combination of both - or
more if your estate exceeds current death tax limits.
Retirement will change your daily routine and It's best to be prepared for
this change and know in advance what you will have to live on and what you will
actually do in retirement. Some start small businesses,
work part time at something they love to do - such as volunteer work,
complete a college degree or take
courses that interest you, pursue hobbies, travel more,
work overseas, take cooking lessons, and the list goes on and on. Many of us
dream about retirement and long for the day that we can break free from our
daily routine and start life anew. Dreams and reality often conflict and
the best way to make dreams come true is to plan to make them happen.
The key to a successful retirement is proper planning and I am confident that
the information provided on this site will help you evaluate your personal
situation and design your own unique retirement plan.
The Realities of Retirement – Is
It Your Time To Exit? by Dennis V. Damp (FAA Retired)
Excerpted from Dennis Damp's column dated a year after he retired.
Tom Shoop, Executive Editor of Government
Executive, wrote an excellent article titled "Do the Retirement Wave." Mr.
Shoop reported that, "the ‘Great Retirement Exodus' has become the Y2K problem
of the new millennium: It is a ‘crisis’ far worse in the fevered imaginations of
its proponents than in reality." For several years now OPM and others in
government have reported that half of the federal workforce is or will shortly
be eligible for either regular or early retirement and that a “human capital
crisis” is looming. I referred to these statistics many times in my writings.
The fact of the matter is that not many take advantage of early retirement in
the public or private sector for a number of real and imagined concerns.
I was one of the “Boomer” statistics, born in 1949, age 55 with 35 years and
7 months service and made the decision to cut the cord and go on to other things
on January 1, 2005. Those of you who have followed my retirement journal entries
know my journey well. I hear from many federal employees and most
simply fear the unknown, are very apprehensive, and in 90% of the cases
unprepared to leave. Many put off making the decision until other factors in
their life make the decision for them – typically; poor health, inability to
keep up with new technology, reorganization and downsizing initiatives, and
other factors.
It has always amazed me that many of us will spend months researching and
planning a vacation, sometimes years. Some of my friends spend hours each week
digesting the sports page and know every statistics about their fantasy football
teams, but in both cases spend little to no time researching and planning for
retirement. I’ve reported that you have to be
emotionally,
physically, and
financially prepared before signing on the dotted line and submitting your
retirement papers. I started planning for retirement over a decade before I left
and the sooner you start planning and saving the sooner you will be able to
leave. The good news is that it’s never too late to start, it just takes a
little incentive on your part and some reliable resources for you to get your
plan off the ground and running. You can’t or at least shouldn’t leave
retirement to chance, it’s far too important to take it as it comes. I would
much rather enter retirement on my terms – and I did.
Retirement isn’t for everyone and I for one will never really retire. Sure. I
retired from the federal sector but I have other coals in the fire and have had
them smoldering for years. All a part of my plan. Now that I’m retired the fire
is stoked, the steam is up, and things are going well all around and this gets
back to my point – you have to be emotionally, physically, and financially
prepared and there is no time like the present to
start the planning process. If
you do nothing else but read the introduction and download and complete the
Retirement Costs spreadsheet on this site you will
be well on your way to knowing what to expect financially in retirement. The
spreadsheet lists both pre and post retirement income and expenses with a column
for your survivor. There is and easy to follow sample displayed on this site
with explanation and guidance.
When I was considering retirement the only way I was able to get personal
insight on what to expect was to call friends that retired. That’s why I
developed this site and posted my retirement journal online. The fear of the
unknown is one of the primary factors people put off retirement. I am hopeful
that my retirement journal and the site in general will help ease your concerns
and help you make the decision that is right for you.
Related Links
Thinking About Retirement -
http://www.opm.gov/forms/pdfimage/RI83-11.pdf
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