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My husband called social security to start collecting. Bless his heart, he thought he could call and get it done in one day. However, the wait time for a telephone appointment is 2 1/2 months. He'll have to wait until mid-July to see what the procedure is and what documents are needed.
It can be done in under 30 minutes on-line. But...have all the identified documents at your fingertips so the info can be quickly entered into the screen.
I strongly recommend creating your personal MySSA account as the first step. I hope I remembered the name correctly.
I coached my wife thru this as computers make her nervous.
I notified HR & my bosses a year before I retired. Surprisingly for a government job, there was no form to fill out. This allowed me to train my replacement for 5 months. OPERS wants 2-6 months notification, and wants you to retire at the end of a month. I gave them 6 months. My employer prefers retirement to occur at the end of a 2 week pay period. So I made my retirement date conform to both criteria. Since I am single, never married, and never changed my last name, it was not difficult to provide the necessary documents.
After I retired, I got a part-time job and earned the remaining Medicare credits I needed (As a grandfathered OPERS member, I did not pay into Medicare). I notified Medicare 3 months before I turned 65. I thought I was familiar with Medicare premium billing, since I had been paying mom's bills for 6 years. Mom was billed monthly, with the Part B & Part D IRMAA surcharges itemized. Instead, they have been billing me every 3 months, and the bill was not itemized. Earlier this month, I got a 6 month Part D IRMAA bill (I had been charged the Part B IRMAA, but not the Part D IRMAA). Maybe my next Medicare bill will be itemized with both Part B & Part D IRMAA surcharges included.
OPERS is paying the Part A premium for grandfathered employees who do not have 40 credits. Since I went to the trouble of earning the credits I needed, I am saving OPERS $259 a month. Did I get a Thank You? No, it doesn't work that way. But should they stop these payments at a future date, I am protected.
I retired from government and the process was actually pleasant. It was a 2 separate process, one was to inform my local HR and they processed me no different than if I was leaving the agency for another employment. The other was to contact the agency central HR where they processed my retirement benefits.
Federal Government...or state/local??
I ask because I'm thinking of retiring early next year from the Federal Gov't so wonder how smooth that will go.
I ask because I'm thinking of retiring early next year from the Federal Gov't so wonder how smooth that will go.
There is a tremendous backlog in processing retirement packages but it is getting better. I suggest you turn in your retirement paperwork at least three months prior.
I would have money set aside in case your retirement checks are running late. See link below:
What’s a pension? What’s an off-boarding consultant? Most of corporate America gets a COBRA health care letter required by law and that’s it. It’s not like the web portal to my 401(k) changes. At the moment, only 31% of Americans retiring have a pension. In the private sector, that’s going to drop to close to zero in another decade or two.
Exactly. I have these conversations with older people that grew up in the days when pensions were common. Employers won't offer pension at all in another 10 years. And the ones that are out there are likely to go belly up. Government will be the last holdout for pensions. Most of us are on our own at this point.
No pension here but we've been on the phone for 2 weeks trying to get disbursements from my Dh's 401. Have to transfer the balance from 1 company back to another company that manages it. Can't transfer the money until his last paycheck - vacation pay - which will put us behind with getting the disbursement.
My biggest peeve is the amt of grief I'm getting when telling them what type of disbursement I need. I've crunched the numbers - I know what we need monthly and how long it will last - everyone wants to push you into this lifetime annuity carp.
........ I've crunched the numbers - I know what we need monthly and how long it will last - everyone wants to push you into this lifetime annuity carp.
BINGO!
Wouldn't happen to be Great Western would it?
That is the crap I have been getting from G-W, along with tons of bad attitude and sneering comments. Luckily this is the 401(k) from my relatively short second career so the balance is not a significant part of our retirement funds.
It took 4 or 5 phone calls to finally receive the document which must be manually completed, scanned, then uploaded to my account on their system.
G-W Is so incompetent that one of the forms which must be returned to establish an account which a person can draw from, is 190% of their maximum allowable upload size!
What’s a pension? What’s an off-boarding consultant? Most of corporate America gets a COBRA health care letter required by law and that’s it. It’s not like the web portal to my 401(k) changes. At the moment, only 31% of Americans retiring have a pension. In the private sector, that’s going to drop to close to zero in another decade or two.
I'm with you. Nobody I know in the private sector gets a pension...including me. Most employers ditched those 20+ years ago.
There is a tremendous backlog in processing retirement packages but it is getting better. I suggest you turn in your retirement paperwork at least three months prior.
I would have money set aside in case your retirement checks are running late. See link below:
I don't know about getting better - I turned my package in about 4 months prior yet they could not get it done in time for processing until almost 2 months after - almost 6 months for something that is supposed to take a month or 2.
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