Federal employment
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Anonymous
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For someone at 55 who is making 200K in a non-managerial role, is federal employment makes sense? Work is stressful and lot of office politics and not much pleasure. Don't feel like moving to another company as it may not be that different based on my 30 y experience.
Will pension and medical benefits in federal job with lesser stress for next 10 years is enticing? |
Anonymous
| Yes. |
Anonymous
| Do you mind a salary hit? |
Anonymous
| wHaT??? |
Anonymous
Yes ready to take some hit |
Anonymous
Post- retirement medicals I meant. Is it a bad idea? |
Anonymous
Made a move from private firm to state government at age 41. Pay cut was huge for me: $135k to $88k. But I work 38 hours instead of 60-85. I have probably 15% of the stress I had before. Pay has crept back up to 110k now at age 43. It was worth it for me and my family--and I'm the sole breadwinner. I now have the time to think about other things, which has replaced some of the income (rental property). I go to the gym. I have time for vacations and meeting my family at the lake at lunch. Do the math, but I'd do it over 100/100. |
Anonymous
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Think about whether your job is stressful because of you or because of the job. Some of us are Type A and tend to find our way to stressful jobs, or the most stressful tasks at a job. If that's you, see if you can scale back at your current job first.
There are stressful federal jobs, and federal jobs with office politics. I jumped to the government over 15 years ago, and while I'm happy, objectively it would have been smarter to learn to coast in my high-paying private sector job. Easier said than done, maybe, but now I work a stressful job for a lot less money! |
Anonymous
| OP here. Actually you're right that it is mostly self-induced stress now that I reflect more. That said, post-retirement healthcare is the only part enticing, not even pension. How to evaluate federal medical benefits vs medicare? If I can earn 20-30k more at 65, can't I simply buy the medical plans to offset? |
Anonymous
| That should offset the federal health benefits. |
Anonymous
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I'd go for less money and stress, especially at 50+, with your experience you could easily get in as a GS-15 and in no time be mid range which is close to the $200K you're pulling in now. Experience is VALUED and RESPECTED with the feds.
BEST decision I made was to leave the Big 4 and that 24/7 work culture...I may work late 3-4 times a year (in budget) but my evenings and weekends and yep vacations that I can actually take, at Deloitte they idolized folk who would lose their accrued leave which was my cue to get the heck out of there! |
Anonymous
| Your pension won’t be significant if you retire at 65 but your QOL will likely be higher and you will have the health insurance benefit in retirement. |
Anonymous
This. Pension is negligible on your timeline. Also note your MRA will be 65 I think, maybe higher, at which point you’ll qualify for Medicare anyway, with at most a two year gap. Federal health insurance in retirement is most enticing for those with a lower MRA. Also, you just missed the two (relatively) larger annual % salary increases so don’t expect your pay base to go up much going forward. You’d have to actually get promoted (presumably into a higher stress job) to make significantly more money if you’re taking a pay hit to become a fed. Given all this I’d regard this as a very expensive way to buy more flexibility and less stress. Might be worth leaning in more now and making more money sooner and then retiring sooner or whatever. |
Anonymous
| This is totally correct. You may want to focus on internal job changes within your organization if change is needed. Federal jobs may not be right for your timeline |
Anonymous
More chance of lay off in private sector. You might have been laid off once or twice by now. |