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WORKFORCE


Tis recommendation stems from several factors, such as provid- ing the opportunity to maximize TSP contributions (if covered by FERS), including catch-up contributions for those over the age of 50, ample time for financial planning to determine if you can afford to retire and to verify if all personnel files are accu- rate and available (including both civilian service and military service, if applicable). Tis can be reviewed and verified through the Electronic Official Personnel Folder (eOPF).


Te most significant reason for the five-year recommendation concerns health insurance coverage. To continue health insurance after retirement, you must be covered at the time of your retire- ment and have maintained coverage for five consecutive years beforehand without any gaps and begin your annuity payments within 30 days of retirement. Health insurance premiums are deducted from your annuity payments.


Planning this far ahead also provides the opportunity for the retiring employee to begin transferring job responsibilities to others and to offer training and mentoring to junior employees.


TAKE IT ONE STEP AT A TIME As you approach your retirement eligibility date (within one year), it is important to verify the date you will begin receiving your retirement benefits. At the same time, you should determine your desired retirement timeframe and inform your supervisor of your plans.


According to OPM, the entire process typically takes three to five months. Begin by requesting your estimated annuity state- ment and your SF-50. You can download both documents from the Government Retirement & Benefits platform or from eOPF. Alternatively, you can request them directly from your human resources (HR) department. Once you have chosen your exact retirement date, you should complete the retirement applica- tion—either SF-2801 for CSRS or SF-3107 for FERS—and submit it to your HR department. You will also need to fill out an SF-2818, which is the Federal Employee Group Life Insur- ance retirement form. Tis form allows you to continue your employee life insurance and elect a beneficiary.


If you are planning to withdraw from your TSP upon retire- ment, keep in mind that it may take up to eight weeks to receive your first payment. You are not required to withdraw your TSP funds immediately and can choose to do so at any time. FERS employees should contact the Social Security Administration approximately three months prior to becoming eligible to apply for benefits.


https://asc.ar my.mil 87


CONCLUSION Everyone’s experience with the retirement process—before, during and after—will be different. Te important thing to keep in mind is there is always help available to navigate the process, either from your agency’s HR representatives or from OPM. Te OPM website has several resources including application tips, quick guides, FAQs and retirement calculators. OPM has also digitized the CSRS and FERS retirement handbook. Many agencies offer pre-retirement seminars that can be helpful with planning for those who are still mid-career and for those much closer to retirement age.


Once retired, many will need to adjust to their new lifestyle. Financial insecurity, a changing routine and social isolation are a few factors that may lead to potential mental and emotional stress among retirees. Having support systems in place can be helpful during this life-changing transition. Working with a financial planner and sticking to a budget will help keep you on track to ensure your retirement savings lasts. Establishing a new routine can bring comfort after your previous one is disrupted. Feelings of social isolation can be avoided by spending time with family and friends and engaging in hobbies. You may also enjoy volun- teering within your community or pursuing jobs that align with your passion.


Additionally, never underestimate a healthy diet and exercise. Maintaining a well-balanced diet and a daily workout not only provides a positive impact on your physical health, but your mental and emotional health as well. Staying healthy, both physi- cally and mentally, can help you enjoy every day like it’s Saturday.


For more information, go to www.opm.gov or contact your agen- cy’s HR department.


REBECCA WRIGHT is a writer and editor with Army AL&T and the U.S. Army Acquisition Support Center at Fort Belvoir, Virginia. She has more than 15 years of experience writing and editing for DOD and the U.S. Department of Justice.


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