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Welcome to How to Pick your FERSRetirement Date like a Pro and 4 little-known Mistakes to Avoid So what's the best day to retire While that's a reasonable question it often leads to that water cooler conversation There's so much misinformation about retirement benefits what's worst or best and what you should or shouldn't do Unfortunately this leads to a lot of mistakes and potential misfortune This video is brought to you by the FEES Blueprint Online FEES retirement training, and I'm Kelly Monroe creator and chief illustrator We know how hard it is to build your retirement benefits knowledge because retirement trainings are hard to come by and that can leave you vulnerable to getting information from financial salespeople who just want to sell you an annuity or something Josephus they don't always have accurate information That's why I decided to take the FEES retirement training that I've been teaching for years at agencies and turn it into simple online video lessons the FEES Blueprint That way you can get your retirement training when you want it and without a pushy salesperson trying to get you to buy a product At the end of this video I'll tell you how you can get a retirement date checklist that you cause to help you plan your own retirement You'll need to know this first Before you pick your retirement date you need to know the answer to this question When does your first pension actually start The technical answer is the first day of the following month after you retire, but I think gets a lot easier if we just used picture Let's pretend that Franny FEES retires on January 15th, so her pension doesn't start until February 1 Now this could leave Franny in a bit of a pickle because she won't be getting any pension until the next month That's why the general rule of thumb in FEES is to retire on the last day of the month no matter what day of the week Is that all I wish it were that easy, and I bet you do too, but there's a bit more to picking your retirement date, and I'm going to show you some mistakes that you'll probably want to avoid Mistake No 01 Giving up or losing annual leave When you retire any annual leave that you have on the books or that you haven't used as vacation is paid Otto you in a one-time lump-sum payment Pretty cool benefit right But if you're in a use-or-lose scenario with annual leave, and you want it to be paid out at retirement then you'll need to retire by that leave ending date for that year Otherwise you'll miss out on that use-or-lose leave But isn't it the same every year Well here's the challenge the leave ending dates change every year so that can make it tricky For instance the leave year ending date for 2017 is January 6th 2018 And yet the leave year ending date for2018 is January 5th 2019 OPM does publish a leave year date calendar, and I've put the URL for it below this video for your reference Mistake No 2 Paying more income taxes unexpectedly If you've saved a lot of annual leave then you'relikely to...
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