Q. I am a FERS employee and will have 32 years of service at age 50. I want to retire, but what penalties will I incur?
Browsing: Early retirement
Q. I have worked since I was 14. I am now just about to turn 50. I have been a hard worker during my life and my body just cannot take it anymore. I have made between $30 and $110,000 a year. My wife works and makes decent money. What are my options? I have not worked for the last two years.
Q. I will be turning 60 in December. I have been working steady now for 20 years, and am still working. My health is so bad now I’m in so much pain working. I won’t apply for disability due to the fact that it takes two years, I’m told, to process a claim. I can’t be without income for that long. I want to retire at 60. Can I do that? Will there be a large penalty?
Q. I will have 30 years in service on Aug. 8, 2018. I will apply for retirement under the Voluntary Early Retirement Authority (VERA) at that time and see where the dart hits the dartboard. I will be 49 years old (plus a few days) — young enough to perhaps move onto something else. Is there anything I should know?
Q. Where are all these early retirement/buyouts happening? I’m definitely not seeing them in my department at the VA — we haven’t had widespread early retirement/buyout authority since the 1990s!
Q. I have 30 years of service (FERS) and I will be 52 years old this November. If my agency offers a buyout at the end of 2016, would I be able to take it and retire then or must I wait til I am 56 (minimum retirement age) in order to receive an unreduced annuity?
What happens to your Federal Employees Health Benefits program coverage if you accept an early retirement offer? It all depends. The law originally stated that an employee had to be enrolled in the FEHB program for the five years of service immediately before retirement or from that employee’s first opportunity to enroll. Later Congress granted the Office of Personnel Management limited authority to waive the five-year requirement, and only where it would be against equity and good conscience not to do so. The requirement then was broadened so that OPM can pre-approve waivers for employees retiring under the Voluntary Separation…
Q. I’m planning to retire in October 2019. I will be 58 years old with 30 years of FERS (including 11 years as a law enforcement officer), and eight and a half years of military service (I bought back my time). Will I incur penalties for retiring before 60? Am I eligible for the OPM supplemental Social Security benefit?
As a result of all the early retirement offers and buyouts, a lot of employees leave government for what they hope will be greener pastures. Whatever their motivation, quite a few of them think about returning to work for the federal government. If you are one of them, a potential impediment to your coming back to work is this. If you received a buyout and return to work before the end of five years, with rare exception, the law requires that you repay the entire amount no later than the date on which you report for duty. If you didn’t…