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Return to Article: Test Your Retirement Knowledge

• 40272
  

  thanks for all the great information. I hope people at least do half of what you write about, they should be prepared.

  32yr employee Posted December 21, 2007 9:38 AM
• 40266
  

  I like this quiz better than your one for 2007; this one tested retirement concepts (and I had 90%). The 2007 quiz tests your knowledge of specific dates, or at least most of the questions did, (and I'm afraid I only scored 40%).

  R.W. Posted December 21, 2007 9:27 AM
• 20514
  

  Tammy: Try as you may to ensure everything is correct, it never fails for me at least, that something will go wrong. Due to BRAC, I was basically forced to retire in September. Well, I have not been paid my remaining monies correctly since. Being retired I (you) have no assistance. I have contacted everyone I can think of and I am stuck on my own and no one wants to help, to include the Navy IG. If you know of anyone I can turn to, please let me know. My point is -- be prepared to face a long period of not being paid correctly.

  Dave Posted January 9, 2007 1:53 PM
• 20358
  

  By retiring on 1/3/07 under CSRS, you receive your annuity Feb 1, 2007, and don't have to wait an extra month to receive it. True you don't accrue leave on pay period 26 because you don't work the entire pay period. This is the tradeoff. I'll take the annuity Feb. 1 and lose the leave accrual for that pay period any time. Also you collect your A/L rollover, 440 hours if you roll over 240 hours from previous year. Please explore purchasing term insurance, 500,000 or more, 25 year level term or more depending on your needs in lieu of Survivorship Reduction -- this is a government rip-off. Just take the minimum reduction to allow your spouse to have medical coverage if you die, no more.

  I wish more retirees were explained this option in greater detail near retirement. The key of course is if you are insurable at or near retirement. If you do the numbers, you usually make out much better net in buying the term insurance as opposed to taking the full/ or partial survivorship reduction option. The government wants you to take the survivorship option because of the payout reduction. Remember the survivor gets the insurance proceeds income tax free, as opposed to the taxable annuitant. Most financial planners , CFP's, will advise this course of action because of the savings to the annuitant net and the tax free payout of life insurance proceeds to the survivor.

  Mark J Acton Posted December 23, 2006 10:54 PM
• 20305
  

  If you retire before the end of a leave period (before you have completed the 80 hours of work for that period), you will not accrue leave for that time. Therefore, if you retire on Jan. 3, 2007, you will only accrue leave through leave period 25 -- that is, unless you complete your 80 hours of work for leave period 26 by Jan. 3.

  Tammy Flanagan Posted December 20, 2006 11:33 AM
• 20268
  

  Good article, but you missed the most important question of all: "When can I leave?" Answer: As soon as possible, given the gradual destruction of the civil service system by George Bush and company! Staying around the office prevents a person from enjoying all the benefits of retirement that they worked for, and the productivity of older federal workers is minimal anyway. Say goodbye daily grind and hello to freedom!

  GovExec.com reader Posted December 19, 2006 1:24 PM
• 20184
  

  Tammy,

  I am retiring on Jan. 3, 2007 under CSRS. Do I accrue 4 hours of sick and 8 hours of annual leave in that pay period that is credited to my retirement or, in the case of annual leave, reimbursed?

  Randall Grimes Posted December 15, 2006 1:50 PM
• 20166
  

  Thanks to all of your past articles, Tammy, I passed the quiz. Good job, and thanks again.

  Rick Posted December 15, 2006 2:11 AM