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Reorganization initiatives are underway at several federal agencies. While these plans include moving offices and making cuts to programs, some efforts propose reducing the number of employees, which is making […]

Reorganization initiatives are underway at several federal agencies. While these plans include moving offices and making cuts to programs, some efforts propose reducing the number of employees, which is making federal workers wonder if they may have to retire sooner than they expected. Recently, employees close to retirement age have been offered significant buyouts. “It’s not like a half-a-million-dollar private sector buyout, it’s little bit of money, it is just going to help you make that transition, but it’s definitely not enough to give up 10 more years of federal service,” said Tammy Flanagan, senior benefits director, at the National Institute of Transition Planning. “We don’t see as many younger employees taking it unless they are marketable and want to go out into the private sector to do something different. It gives them a lifetime of health benefits and annuities.” Flanagan believes there needs to be a shift in thinking about retirement planning, due to rising life expectancy. “In 2018, we have 80,000 Americans who are 100 years old and older. By 2060, when all of us will be 100, if we’re still here, there will be 600,000 of us… we could be retired longer than we work. Maybe we need to think about working longer, or maybe working differently,” said Flanagan. “What do you do for 40 years? Playing golf or sitting on the beach? Working and retirement are shifting, and in the future, we really need to think about how that is going to evolve.”

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