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Asked by selrachco 6 months ago in finance
I'm 54 yrs old, and I am facing the possibility of early retirement. I work for the federal government, and I have 5 years of honourable service as a member of the U.S. Army. So all in all I will have a little less than 30years. My active duty time in the army was Nov 14, 1979. For purposes of the FF Government mt Servivce Computation date is Oct 7, 79. When I got out of the service I worked as a Prison Guard For the D.C Government.(Does this svc count towards fed gov retiremnt?) While working for the Federal Gov, I attended two schools. The Army Signal School. and Abeerdeen Md. According to the government's record I was in a non-pay status for about 5.5 months. I don't know if I paid back the military time. After graduating from the Ordnance School in Md., I was in a car accident. I ran into a mailbox, a telephone pole, and a brickwall, after being hit by a Lincoln. I suffered a head injury, and I had to learn all again. I was dropped from a GS-9 to a GS-2. I worked myself up to a 9 again, then dropped to a 7, because they said I couldn't do the job. Eventually I worked my self up to a GS-7/9. Now I have a decision to make. And that is to accept moneyfor early retirement, along with my retirent pay for life. To get the money I have to decide by Sept 30, or else I don't get it. I also can't retire on disabilty in order to get it. And after study this morning, i found that get paid for my leave time, and the my sick leave counts toward retirement. So you see I have a short suspense date, and a lot of major decisions. The major one, is Sept 130 dec, and Oct 07. A period of 8 days for easy money. What would you do?, and do you see any loopholes or extenuating factors that I may have missed.
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Richard / Retired Dentist
Answered 6 months ago
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This is another decision that you can not afford to get wrong.
The general rule is that the early retirement packages are a good deal for you, but only you know the exact details. If the total package is enough for you to meet your responsibilities, take it. While some avenues of employment will be closed to you, there may be others that are not. That may be a consideration.
About getting disability: You practically have to hire a special firm to get it and they will take a chunk. This is not a good option.
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kc5255 (KarenCARES) {{hugs}} ☺♥ / NO WORRIES
Answered 6 months ago
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First I would get the info what service time I was eligible and figure out what that meant in terms of retirement. I would then evaluate the different scenarios. It would be a good idea to consult a fee-only financial planner to assist in making this decision.
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cash3869 chris
Answered 5 months ago
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you better take the offer now so you dont get messed over. there are plenty of part time jobs if you get bored. enjoy your family and or loved ones while you are still a resonable young age. good luck to you .......
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