OPM Retirement Claims: 2024 Sees Strong Finish and Promising Future!

As we wrap up 2024, the retirement landscape may seem relatively calm, but there’s more beneath the surface than meets the eye. The Office of Personnel Management (OPM) has seen a slight bump in its retirement backlog, ending December with 13,876 applications—a mere 0.23% increase since November. While this uptick might raise eyebrows, it’s essential to note that the backlog is still near its lowest levels for the year, setting the stage for what’s likely to be a significant influx of retirement applications come January.

In December alone, OPM welcomed 5,020 new retirement applications but managed to process 4,988, with an average processing time of 57 days. What does this mean for federal employees eyeing retirement? It suggests that while the tide is calm now, a wave of applications is just around the corner.

Now, you might be wondering why we didn’t see a more significant number of retirement applications rolling in as the year drew to a close. Historically, the end of the calendar year is a prime time for federal employees to retire, but remember—the bulk of those applications typically shows up in January’s figures. Mark your calendars, because based on past trends, the next report could be a game changer. For instance, January 2024 saw a staggering 46% increase in the backlog, following previous years where jumps of 15% in 2023 and 17% in 2022 were reported. Buckle up—it’s going to be an exciting start to the year!

With a change in the administration and the Department of Government Efficiency eyeing potential workforce reductions, it’s going to be fascinating to see if more federal employees decide to cash in on their retirement eligibility at the end of 2024. Will we see a mass exodus? Only time will tell! Stay tuned for insights on the January data as soon as it’s available—we’ll keep you in the loop!

How Many Federal Employees Submitted Retirement Claims in 2024?

In total, OPM received a whopping 88,157 retirement claims from federal employees in 2024, processing 88,573 of those claims. That breaks down to an average of 7,346 claims submitted each month and 7,381 processed—impressive numbers that show the dedication of the OPM team.

The average monthly inventory of retirement claims hovered around 15,899 for the year, with a low of 13,844 in November and a peak of 20,822 at the end of January. This fluctuation really paints a picture of the seasonal nature of retirement claims!

Total Retirement Claims Received and Processed: 2020-2024

Here’s a snapshot of the retirement claims landscape over the last five years, showcasing the total number of claims received and processed by OPM.

	Total Received	Total Processed
2024	88,157	88,573
2023	88,773	96,077
2022	102,819	107,953
2021	104,699	97,656
2020	92,088	89,309

Historical Retirement Processing Averages: 2020-2024

Let’s take a deeper dive into the monthly averages of retirement claims—from submissions to processing—as well as the average inventory figures.

	Received	Processed	Inventory
2024	7,346	7,381	15,899
2023	7,398	8,006	18,652
2022	8,568	8,996	29,715
2021	8,725	8,138	26,614
2020	7,674	7,442	19,847

The year 2024 wrapped up with OPM’s retirement claims inventory hitting levels we haven’t seen since 2016. Although December witnessed a slight bump compared to November, it’s worth noting that the backlog has not dipped below the 13,000 mark since June 2016, when it stood at 13,529. A fascinating trend to keep an eye on!

Tips for Federal Employees Planning to Retire Soon

If you’re a federal employee ready to step into retirement, OPM has a fantastic resource on their website that’s packed with tips and essential forms to streamline your retirement process. Don’t let common pitfalls slow you down!

Here are a few critical mistakes to avoid that can delay your retirement application:

• Ensure all required signatures are in place and double-check that your forms are complete before hitting send!
• Use your personal contact details (email, phone, and mailing address)—not your work info. This is how OPM will reach you post-retirement!
• If you spot an error on a form, don’t just scribble it out—fill out a new form instead. Corrections with cross-outs or white-out can cause significant delays.

OPM Retirement Processing Status: December 2024

Month	Claims Received	Claims Processed	Inventory (Steady state goal is 13,000)	Monthly Average Processing Time in Days	FYTD Average Processing Time in Days
Oct-23	6,924	6,098	16,678	73	73
Nov-23	5,207	6,059	15,826	66	69
Dec-23	5,662	7,196	14,292	68	69
Jan-24	12,997	6,467	20,822	66	68
Feb-24	8,794	10,025	19,591	47	62
Mar-24	7,943	10,711	16,823	55	61
Apr-24	6,901	7,647	16,077	61	61
May-24	6,751	8,793	14,035	60	61
Jun-24	6,919	5,614	15,340	64	61
Jul-24	6,451	5,994	15,797	65	61
Aug-24	7,083	7,702	15,178	64	61
Sep-24	5,618	6,302	14,494	63	62
Oct-24	6,872	6,458	14,908	62	62
Nov-24	6,808	7,872	13,844	55	58
*Dec-24	5,020	4,988	13,876	57	58

It’s important to note that the pending number includes disability determinations post-approval. The Average Processing Time in Days indicates the timeline from when OPM receives your retirement application to the final decision.

*In terms of processing times, initial retirement cases completed in under 60 days averaged just 38 days, while those taking longer than 60 days averaged a much higher 124 days to complete.