inner_banner

Law Blog

Early Retirement for Injured Federal Workers – Should I Take The Buyout Offer?

Posted on November 24, 2017
Blog Post Image

The government is going through tumultuous times, with the debt clock slowly rising to inexorable levels. As a federal employee, you probably are worried about furloughs or reductions in force which have historically happened and caught many people unawares. Maybe you have an injury and are thinking that early retirement is the best option for you. You want to be ready for everything and anything, and are thinking of leaving federal service with your dignity still intact.

Are you looking for a federal retirement attorney? Please give us a call today on 1-855-233-3002 for your free consultation into all things federal retirement, or if you suffered an injury and are worried about your compensation. 

A buyout offer from the government involves the powers that be providing you with a lump sum amount so you can retire early. For some, this may sound like a godsend, but as we all know, a mirage from afar may seem like a lush jungle until you are several feet away from it.

When considering a government buyout offer, here are the things you should keep in mind:

  • The amount you will get after federal, income, Social Security and Medicare takes. For instance, if the government provide you with a $30,000 buyout, expect to get a little over $20,000
  • Your spouse’s financial state. You don’t want to start relying on your loved one’s pension, 401k or other benefits in an unequal manner since this will put a strain on your marriage.
  • What are your sources of income should you accept early retirement by way of a buyout? In addition, how long will this income last? It is important to note your standard of living will go up, and you may not receive any protection on your sources of income from the government until you reach official retirement age.
  • Do you have a plan after accepting the buyout? You may have a few years before you hit the official retirement age, so it may be a good idea if you considered taking on another job, becoming an independent consultant, or starting a business within an area you’re passionate about.

Need Federal Retirement Advice? Call Us Today!

We understand that early retirement is an unpleasant topic for many, but it must be tackled with finesse and an abundance of knowledge. Before making any decisions, please call us on 1-855-233-3002 and speak to a federal retirement benefits attorney to make sure you maximize all your pre-retirement opportunities. Thanks, and we look forward to hearing from you.

Back

Leave a Reply

Your email address will not be published. Required fields are marked *