Filing your retirement application is the final step in a process that should have started months, sometimes years, earlier. Before you sign and submit, these five questions are worth answering with confidence.
1. Have you confirmed your High-3 and verified your service computation date? Your pension calculation depends entirely on accurate numbers. A miscalculated High-3 or an incorrect service computation date can mean a smaller annuity than you’ve earned, and these errors are far more common than most employees realize. Request your official estimate from your HR office and review it carefully before filing.
2. Have you decided on a survivor annuity election? This decision is permanent once your first regular annuity payment is processed and the 30-day change window closes. It affects not just your monthly income, but whether your spouse retains FEHB coverage if you pass away first. This is not a decision to make quickly on the retirement application form itself.
3. Do you know what your TSP withdrawal strategy will be? Filing for retirement does not require an immediate TSP decision, but having a plan in place, whether that’s leaving funds in the TSP, rolling to an IRA, or a hybrid approach, prevents costly delays and missed opportunities once you’ve separated.
4. Have you confirmed your FEHB five-year enrollment requirement is met? Carrying health insurance into retirement depends on continuous FEHB enrollment for the five years immediately before retirement, or since your first opportunity to enroll. Confirming this before you file your retirement application prevents an unwelcome surprise after the fact.
5. Do you know when your first annuity payment will arrive? Retirement application processing can take weeks or months, and most retirees experience an interim payment period before receiving their full annuity. Understanding this timeline and budgeting for it prevents financial strain during the transition.
Filing your retirement papers should be the easy part. Getting these five answers right beforehand is what makes that possible.
A Federal Retirement Consultant (FRC®) can help you work through each of these questions and make sure your retirement application reflects an informed, confident decision. No cost. No obligation.
