Recent data tells us more federal employees are retiring this year than they did last year. That makes sense since retirements were down to a 10-year low in 2020 undoubtedly due to the uncertainty brought on by the pandemic. There was very little incentive to retire when travel, visiting family, and recreation activities were discouraged or even impossible last year. As restrictions start to loosen, more feds are considering retirement.
As federal employees have said in the past, choosing when to retire is a complex decision driven by a variety of factors, including their age, finances, health, and job satisfaction. An anonymous reader survey conducted by the Federal News Network showed that many feds said that lack of job satisfaction, stress, and pressures at work will be major factors in their decision about when to retire. Other employees said their increased workloads due to the pandemic have affected their retirement timetable. About 34% of all survey respondents identified their ability to work remotely as one of several factors that will influence their thoughts on retirement for 2022.
More federal employees pushed their retirement date forward in 2021 or are ready to make the move in 2022. But even though feds will see significant retirement cost-of-living adjustments (COLAs) next year, some are still looking at the rising prices at the pump and the grocery store and getting the feeling that it may be better to wait until the economy stabilizes before they retire.
The important thing to remember is that the decision to retire is complex and depends on your unique situation. It’s a good idea to talk to a trained advisor to figure out when is best for you. That’s why we’re here. Reach out to start the conversation. You can contact John Sciancalepore here.