Best time to retire: Not now!

News from the web:

Thanks to buyouts, baby boomers, plumbing problems and an active anti-fed Congress, the year 2012 is shaping up to be one of the worst-ever times to retire.

For that matter, 2011 wasn’t so hot either.

At the end of February, there were about 53,000 retirement applications in the Office of Personnel Management pipeline, according to the National Active and Retired Federal Employees Association. While that’s a lot, the number was down from the previous month. It also means that some, maybe lots, of retirees are getting interim payments that are 10 percent to 60 percent (in extreme cases) less than their anticipated monthly annuity.

The average wait time is about four months (OPM’s goal is to trim it to 60 days). But some people have been getting reduced annuity payments for much longer time periods. OPM has made unclogging the retirement pipeline and streamlining the process a top priority. New people have been hired to process the claims (still mostly a paperwork production). But it will take time to get them up to speed.

Read the whole story HERE

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