News from the web:
About half of all federal and postal workers who retire, do it either at the end of, or the beginning of, the year. For some it is a financial decision. By retiring in late December or early January, they can carry over the maximum amount of unused annual leave and get a tax break. Most, if not all, of the leave will be lumped into their retirement-income tax year. Also, if there is a pay raise (which there isn’t this year) most of that leave would be paid at the new, higher rate.
The number of December retirees is expected to be up for a variety of reasons. Some people — facing another year without a pay raise — decided it was time to pull the plug. Their high-three annuity calculation isn’t going anywhere and, for the first time in two years, people who were already retired got a 3.6 percent cost-of-living adjustment. Some figured they have a better chance of getting a raise (in the form of a COLA) retired than they do working.
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