Federal pension jealousy

[Anonymous]

Anonymous wrote:I work in a non-profit, so arguably, really serving--not faux "public service" that government employees claim. So I probably make less and do not get a pension. So please spare me the "years of public service." We're all working hard, so there's no argument there. You are not changing the world, and you didn't go into government work to make the world a better place, you did it for security, the fact that it's nearly impossible to get fired, and for the pension. Public service. Please.

Honestly I feel the same way.

If you were in the military, you served.

If you’re a 100% remote non-sup GS15 who’s spent 20 years with the U.S. govt, I’m not convinced that you spent your career “serving the public.” Most Feds I know are bored at work and stick around for flexibility and security.

But either way you’ve earned your pension so I won’t begrudge you!

[Anonymous]

Anonymous wrote:I think people know the pension is not what it used to be and the salaries and bonuses are lower. I think I more jealous of the bonuses and perks I hear about in the private sector.

+1, not sure why anyone would be jealous of fed pensions

[Anonymous]

I have a relative who’s a teacher in New York State. After 35 years, they can retire at 80% of their salary.

Yes, I’m envious.

- A fed

[Anonymous]

I’m 48 years old in private industry and have a pension with 25 years worth of service contributions. Looks like I can start receiving pension payments in the amount of $9K per month at the age of 55. Are federal pensions significantly higher than this? I also have $2.9M in my IRA and another $1.3M in my 403b.

[Anonymous]

Anonymous wrote:I’m 48 years old in private industry and have a pension with 25 years worth of service contributions. Looks like I can start receiving pension payments in the amount of $9K per month at the age of 55. Are federal pensions significantly higher than this? I also have $2.9M in my IRA and another $1.3M in my 403b.

Feds under the current retirement plan can get around $60k/ year for the highest levels if they completed 30 years. But someone making $100k as their final salary would get around $30k/year pension. It’s not that great for all the years worked.

[Anonymous]

Best parts of federal retirement are the pension COLA and subsidized, high-quality healthcare. Many pensions and annuities don’t have COLAs. After 15-20 years, the COLA makes a big difference, like the original pension amount can almost double.

[Anonymous]

It’s very crass to talk about money in social situations; attempt to change the topic when this occurs.

[Anonymous]

Anonymous wrote:Best parts of federal retirement are the pension COLA and subsidized, high-quality healthcare. Many pensions and annuities don’t have COLAs. After 15-20 years, the COLA makes a big difference, like the original pension amount can almost double.

Yeah, I have a pension from my first job that will pay $3500 per month and it has no COLA. In 15 years when I am eligible to collect, it is going to have the buying power that $2400 per month has today. By the time I’m pushing 90 this drops to a buying power equivalent to $1300 per month today. Barely enough to cover property taxes or a car payment.

[Anonymous]

Anonymous wrote:I’m 48 years old in private industry and have a pension with 25 years worth of service contributions. Looks like I can start receiving pension payments in the amount of $9K per month at the age of 55. Are federal pensions significantly higher than this? I also have $2.9M in my IRA and another $1.3M in my 403b.

It depends. My pension will be 50k a year but my DH’s will be 150k (at a finreg agency at top of pay scale with many years of service).

[Anonymous]

Anonymous wrote:Best parts of federal retirement are the pension COLA and subsidized, high-quality healthcare. Many pensions and annuities don’t have COLAs. After 15-20 years, the COLA makes a big difference, like the original pension amount can almost double.

It is a reduced cola...below the rate of inflation

[Anonymous]

Anonymous wrote:

Anonymous wrote:Best parts of federal retirement are the pension COLA and subsidized, high-quality healthcare. Many pensions and annuities don’t have COLAs. After 15-20 years, the COLA makes a big difference, like the original pension amount can almost double.

It is a reduced cola...below the rate of inflation

Much better than no COLA

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m 48 years old in private industry and have a pension with 25 years worth of service contributions. Looks like I can start receiving pension payments in the amount of $9K per month at the age of 55. Are federal pensions significantly higher than this? I also have $2.9M in my IRA and another $1.3M in my 403b.

It depends. My pension will be 50k a year but my DH’s will be 150k (at a finreg agency at top of pay scale with many years of service).

Which Finreg agency? I know it’s not the FDIC, SEC, Treasury. Their pension would not go over $100k if retired today.

Assuming 30 years of service, very rough, back of the envelope calculaton is:
$150k pension /30 yrs = $500k salary

Your husband makes $500k? That’s more than the US President.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m 48 years old in private industry and have a pension with 25 years worth of service contributions. Looks like I can start receiving pension payments in the amount of $9K per month at the age of 55. Are federal pensions significantly higher than this? I also have $2.9M in my IRA and another $1.3M in my 403b.

Feds under the current retirement plan can get around $60k/ year for the highest levels if they completed 30 years. But someone making $100k as their final salary would get around $30k/year pension. It’s not that great for all the years worked.

Agree with this poster. Majority of the Feds will get between $30k-$60k for 30 years of service, and not the $150k as boasted by the unicorn poster.

[Anonymous]

I'm a teacher and people are definitely jealous of our pension/health care. We pay 7 percent of our salary for 60 percent of our salary in retirement along with subsidized health care. Still a great deal and it will allow me to retire young after 30 years of services. I invest more aggressively because I know I will have set money coming in The newer hires (2011) will get less money for more years needed for retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I work in a non-profit, so arguably, really serving--not faux "public service" that government employees claim. So I probably make less and do not get a pension. So please spare me the "years of public service." We're all working hard, so there's no argument there. You are not changing the world, and you didn't go into government work to make the world a better place, you did it for security, the fact that it's nearly impossible to get fired, and for the pension. Public service. Please.

Honestly I feel the same way.

If you were in the military, you served.

If you’re a 100% remote non-sup GS15 who’s spent 20 years with the U.S. govt, I’m not convinced that you spent your career “serving the public.” Most Feds I know are bored at work and stick around for flexibility and security.

But either way you’ve earned your pension so I won’t begrudge you!

I'm a fed who is bored at work and have stuff cuz around for the security and pension, and I still think what I do is public service.

I'm a structural engineer with now 20+ years of technical expertise. In the private sector I would make double what I make for the fed, plus years of bonuses. What I do is essential and I'm good at it, even if at this stage I'm bored and don't feel that passionate about it anymore. Without people like me, there are a lot of basic government services that people take for granted (like, I don't know, having safe roads and bridges) that would be hard to provide, or would cost much more than it currently does because you'd have to contact it out to the private sector. You can have me at a lower salary with a pension commitment, or another version of me at twice my current salary. But either way, people like me are a necessity and our work dies in fact serve the public interest.

A lot of people in public interest don't really effect much change or do any good. Many nonprofits are pretty useless. That can be true if government workers too. The idea that ALL feds are just lazy and useless is so ignorant though.