The sooner you apply the better but.....
During the TERA of the mid 90's I was offered the Early Retirement. I circled accept and crossed out decline on the form. Got CC's sig and thought great. Did transition assistance program briefings, exit physical and Interviewed! I waited on orders for moving. I waited some more. Finally I call MPC since I need to get retired and move. They do the phone to phone circus for a while and finally I get someone who tells me "Sir, there's been a problem with your retirement. The CSAF has denied it" I could not believe what I heard. I asked why. She said "needs of the Air Force". He denied twenty some retirements that year and I was one of them
So, best get your paperwork in before the Air Force wakes up but anything can happen. They hold the trump card.