Of course, in taking the leave, you start your retirement five weeks earlier. You'll have less money, but maybe that's worth it.
440 hours is 11 weeks, no? I feel like little misconceptions like this really impact people's opinions. We're talking about 11 weeks where you're still getting paid your normal pay, still earning annual leave, still accumulating service that will count towards your retirement.
And you won't have less money overall, just not in a fat lump sum payment. You'll actually have more in retirement. [In the example above, someone is retiring with a final salary of $80,000 (so, they're, what, GS9 Step 10?). One additional month of service is worth $6 more per month in retirement. An additional 11 weeks of service will definitely get you two more months of service, maybe three. So, $12-18 more every month for our GS9 step 10.] In fact, for some people (I'm thinking of LEOs on LEAP or AUO), you'll have much more.
The hours of leave are worth the same amount of money whether you use them or save them and sell them.
It's just a matter of whether you want that money all at once when you retire (the popular choice, and the obvious one for anyone worried about funds to handle a few months without a steady paycheck), or whether you want additional months of service that will increase your pension forever (the less popular choice, but the one that is objectively worth more money).
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