[vc_row][vc_column width=”2/3″ el_class=”section section1″][vc_column_text]Today, about 1.5 out of ten federal workers qualify to be retirees as per the government’s human resource office data. This number is however expected to double in the next five years. The federal officials have been warning the baby boomer generation about the retirement waves and how to plan early enough and understand about pension eligibility rather than waiting to get there so they can start rushing to look for a remedy.
The total number of retired federal workers has shown a slight increment over the last ten years, but it has dropped for three consecutive years. The number of voluntary retirees has also fallen in recent years but has increased by approximately 18 percent over the last decade.
According to information given by the Office of Personnel Management to the Government Executive, about 14% of federal workers are currently eligible to retire. This number is expected to rise to 30% in the next five years. The government has been trying and striving to employ the youths to balance this number, but until now, some agencies are yet to get in the right shape.
An example is the Housing and Urban Development Department which has the highest number of workers who qualify to be retirees of any significant government agency with 24%. This number is likely to spike to 45% in the next five years, and if they do not do something to deal with this, things could go wrong. The agencies are however working hard to solve this.
NASA has 21% of workers eligible to retire, and this could jump to 44% in five years, but the officials say they are not worried about the coming wave. They claim that the agency’s work is exciting and fun, which makes employees to stick around even after reaching their eligible age for retiring. This agency is currently ranked as the best place to work.
Employees are considered to be retirement eligible once they qualify to receive the full benefits under the Civil Service Retirement System or the Federal Employees Retirement System. The Small Business Administration has the lowest rate with only one out of 10 workers currently eligible to retire. Homeland Security Department is also safe with only 10%.
This issue is pushing across agencies and lawmakers, and officials have shown efforts in trying to recruit young workers and some agencies incorporating potential workers evacuation in their risk assessments. Nothing is better than letting your workers understand the retirement eligibility trend.
Currently, over five IRS workers are eligible for retirement. Approximately 58,000 federal workers retired voluntarily in 2017, which is a rise from 39,000 voluntary retirees ten years ago. The number had significantly risen in fiscal 2014 when 61,000 workers voluntarily retired.[/vc_column_text][/vc_column][vc_column width=”1/3″][vc_single_image image=”34348″ img_size=”292×285″ style=”vc_box_shadow”][/vc_column][/vc_row]
