Federal Retirement Claims Increase 24 Percent in Fiscal 2018admin
The Office of Personnel Management has released new data regarding the number of federal employees who filed for retirement. The number of retirees increased 24 percent in 2018 over the previous year.
OPM published retirement statistics earlier that showed that 7,142 employees filed for retirement in September 2018. That brought the total federal retirement claims in fiscal 2018 to 105,298, marking a 24.1 percent increase over the number of claims from the federal workforce in fiscal 2017, which totaled 84,807.
Federal employees are often older than the private sector workers and observers have noted that there would be a wave of federal employees retiring within the next few years. In July, 14 percent of the federal workforce was eligible to retire and within five years, that figure is expected to jump to 30 percent.
The stock market is doing better than ever, which also creates a possibility for earlier retirement. If you need information about what your federal benefits are and what your federal employee retirement is going to look like, just make a call to The Benefit Coordinators. We know the laws and the different ways you can enhance your retirement and benefits you are entitled to. Feel free to contact us at your convenience to make an appointment with us.