Did 21 years as a LEO and retired on December 31, 2014 at the age of 51... The best thing I've ever did for myself!!
I wanted to hardcore it out for another 3 years, but I was done and I knew it. I didn't want to be like a couple of my friends that stuck it out to our max age of 57 and leave bitter. I left happy AND very grateful for a pension and ALL the good memories.
On the financial front, it takes my agency about 6 months to finalize your full retirement pay, but currently in our interim pay status... Basically, once everything is finalized, I'll be taking home (Net.) approx. 72% to 73% of what "I" use to bring home while working, so it was easy to adjust my monthly budgeting to fit in that reduction. My advice to anybody in the retirement window, look at what you actually bring home per month verse what your "gross" yearly earnings are. By doing this, you'll have a more realistic view of what you really need to retire and live on.
As for post retirement work, I'm taking 6 months off even before thinking about searching for work. If I do go back to work, I'm only seeking out part-time employment with no more than 24 hours per week... I don't care if I'm working as a security guard (low to zero risk) since I don't need to prove anything to anybody and I really don't care what people think of me anymore!! Basically, that income will fund my firearms addiction.
I'm planning on letting my TSP (401K) plan sit for another 3 years till it hits its half million mark and than start to draw on the yearly earned interest WITHOUT touching the principal for the foreseeable future.
Also, if you are in the military reserve... STAY with it!!!!!!!! Embrace the suckness!!! That pension is the cherry on top of everything... Granted, I have to wait another 8 years before my payments to kick in, but its nice to know that an extra $2Ks a month IS coming... Retired as an E-7.
My individual retirement strategy involves a three phase plan with the first phase being "do nothing toooooo demanding." Second phase, age 55, "seriously, do nothing tooooo demanding at all" since my monthly will be increase by an extra $1,500 a month from my earned interest rates from my TSP account. The last phase, age 60, be "fully retired" since with everything in place. Plus, I'll be bringing home an extra $2,000 a month once my military pension kicks in.
Planning is everything and if none right, making the transition will be far easier and less stressful!!
Good luck!!