The Retirement Process: Some Changes at the Last-Minute
In these last three weeks, it was observed that you and your agency OPM had to do something to make you a retiree from being an employee. But a question arose. What if you have doubts?
There can be several reasons for this. One, there are better times to retire than now which can ultimately affect your decisions. Second, you are worried about the allowance that would not be enough for you to carry on normally and maintain your regular lifestyle. Or you heard that your company is taking over, and you do not plan to miss it. Do you want to know something better? The best thing about it is that you can change your decision anytime. You can retract your retirement application before OPM passes a judgment and finalizes an answer. But if you have gotten an interim stipend, you might have to return it.
You may have lost your job and cannot return to it. Why did that happen? There might be reasons for that too. Either the job position has been filled by someone else or has been abolished. Both of them will influence your mind. Even if no one fills the position, and you would like to return to the place, your agency can deny your request. And they would even explain in writing if they did deny your request. If you do not want to change your mind, you can still alter the amount you chose for the annual stipend for your spouse. Since the law allows it, you will still have to provide a survivor allowance for your spouse. You can only reduce the amount if your spouse allows it in writing.
There is a very small chance that permits you to do so. You only have 30 days from the first monthly payment to less than 18 months when your annuity begins. Moreover, if your spouse agrees to have a lesser monthly stipend or no allowance at all but you want to increase it, there is another thing that can be done. You will have to make a payment to OPM, which is one time and equals the amount difference between the old and new payment. There is a certain percentage, of 24.5% if you upgrade from no survivor benefit to a full one. And 12.25% if you are making them a partial one.
You will have to write a letter to OPM and request a change in your original survivor benefit. The address is OPM, Retirement Operations Center, P.O Box 45, Boyers, PA 16017. You must write the details of the claim number and the amount of your new survivor election, including the name of your spouse. Also, add your DOB and a copy of your marriage certificate.
This gives you a more exact idea of whether you can retire.
Contact Information:
Email: [email protected]
Phone: 9143022300
Bio:
My name is Kevin Wirth and I have worked in the financial services industry for many years and I specialize in life insurance and retirement planning for individuals and small business owners, with a specialty in working with Federal Employees. I am also AHIP certified to work with individuals on their Medicare planning. You can contact me by e-mail or phone. I look forward to the opportunity of working with you on these most relevant areas of financial [email protected] 914-302-2300
