Fed — retire at 30 yrs, before 62?

[Anonymous]

Anonymous wrote:Do any feds have great resources to learn about retirement? Like how it effects you if you retire at 57 but don’t take money out until 62?

The problem there is that my understanding is that doesn’t allow you to keep the health insurance.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Do any feds have great resources to learn about retirement? Like how it effects you if you retire at 57 but don’t take money out until 62?

The problem there is that my understanding is that doesn’t allow you to keep the health insurance.

That is not correct, you keep your health care if you have your min. age have the years of service.

[Anonymous]

Your agency should have retirement counselors that will go over your situation specifically. Ours does, plus they offer monthly classes.

[Anonymous]

Anonymous wrote:Your agency should have retirement counselors that will go over your situation specifically. Ours does, plus they offer monthly classes.

Same. You need to meet with a counselor. They like it when people plan ahead. And/or take a class.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do any feds have great resources to learn about retirement? Like how it effects you if you retire at 57 but don’t take money out until 62?

The problem there is that my understanding is that doesn’t allow you to keep the health insurance.

That is not correct, you keep your health care if you have your min. age have the years of service.

If you retire *on an annuity* at your minimum age. If you don’t take the money until later, it’s a deferred retirement and you won’t keep FEHB.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do any feds have great resources to learn about retirement? Like how it effects you if you retire at 57 but don’t take money out until 62?

The problem there is that my understanding is that doesn’t allow you to keep the health insurance.

That is not correct, you keep your health care if you have your min. age have the years of service.

If you retire *on an annuity* at your minimum age. If you don’t take the money until later, it’s a deferred retirement and you won’t keep FEHB.

I don't know the answer to this question but below is what OPM says. Not clearly to what "entitled" means - qualify to take it or you must take it??

In order to carry your FEHB coverage into retirement, you must be entitled to retire on an immediate annuity under a retirement system for civilian employees (including the Federal Employees Retirement System (FERS) Minimum Retirement Age (MRA) + 10 retirement) and must have been continuously enrolled (or covered as a family member) in any FEHB plan(s) for the 5 years of service immediately before the date your annuity starts, or for the full period(s) of service since your first opportunity to enroll (if less than 5 years).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do any feds have great resources to learn about retirement? Like how it effects you if you retire at 57 but don’t take money out until 62?

The problem there is that my understanding is that doesn’t allow you to keep the health insurance.

That is not correct, you keep your health care if you have your min. age have the years of service.

If you retire *on an annuity* at your minimum age. If you don’t take the money until later, it’s a deferred retirement and you won’t keep FEHB.

I don't know the answer to this question but below is what OPM says. Not clearly to what "entitled" means - qualify to take it or you must take it??

In order to carry your FEHB coverage into retirement, you must be entitled to retire on an immediate annuity under a retirement system for civilian employees (including the Federal Employees Retirement System (FERS) Minimum Retirement Age (MRA) + 10 retirement) and must have been continuously enrolled (or covered as a family member) in any FEHB plan(s) for the 5 years of service immediately before the date your annuity starts, or for the full period(s) of service since your first opportunity to enroll (if less than 5 years).

I think the PP above you is incorrect. There are two concepts: deferred and postponed annuity. If you leave the govt after five years you defer the annuity because you are not eligible to receive it. If you meet the qualifications to draw your annuity but choose not to (perhaps age 57 but less than 30 years and don't want the penalty) you can postpone the annuity in which case if you are otherwise eligible you can reinstate FEHB coverage when you draw the annuity.

[Anonymous]

Anonymous wrote:What are the conditions for the 10% bump?

20 years + Age 62 at date of separation.

[Anonymous]

I'm going to retire at 57 with 30 years. You get a Social Security supplement until 62 for whatever that is worth but I'm retiring young and going to enjoy life rather than wait for the bonus pension.

[Anonymous]

Anonymous wrote:I'm going to retire at 57 with 30 years. You get a Social Security supplement until 62 for whatever that is worth but I'm retiring young and going to enjoy life rather than wait for the bonus pension.

9 out 10 people say that. I have seen only two in my career who actually did that. People change when they are so close to it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm going to retire at 57 with 30 years. You get a Social Security supplement until 62 for whatever that is worth but I'm retiring young and going to enjoy life rather than wait for the bonus pension.

9 out 10 people say that. I have seen only two in my career who actually did that. People change when they are so close to it.

I am going to retire at 57.5- with 35 years of service and work part-time at a fun job, like a winery or a store. House will be paid off, kids college done. pandemic taught me that life is too short.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do any feds have great resources to learn about retirement? Like how it effects you if you retire at 57 but don’t take money out until 62?

The problem there is that my understanding is that doesn’t allow you to keep the health insurance.

That is not correct, you keep your health care if you have your min. age have the years of service.

If you retire *on an annuity* at your minimum age. If you don’t take the money until later, it’s a deferred retirement and you won’t keep FEHB.

I don't know the answer to this question but below is what OPM says. Not clearly to what "entitled" means - qualify to take it or you must take it??

In order to carry your FEHB coverage into retirement, you must be entitled to retire on an immediate annuity under a retirement system for civilian employees (including the Federal Employees Retirement System (FERS) Minimum Retirement Age (MRA) + 10 retirement) and must have been continuously enrolled (or covered as a family member) in any FEHB plan(s) for the 5 years of service immediately before the date your annuity starts, or for the full period(s) of service since your first opportunity to enroll (if less than 5 years).

I think the PP above you is incorrect. There are two concepts: deferred and postponed annuity. If you leave the govt after five years you defer the annuity because you are not eligible to receive it. If you meet the qualifications to draw your annuity but choose not to (perhaps age 57 but less than 30 years and don't want the penalty) you can postpone the annuity in which case if you are otherwise eligible you can reinstate FEHB coverage when you draw the annuity.

Right but say you retire at 58, but don’t tahr annuity, you can’t stay on Fehb until you reject annuity at 62, so you’d need a spouses plan or an exchange plan in the meantime. I think?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Do any feds have great resources to learn about retirement? Like how it effects you if you retire at 57 but don’t take money out until 62?

The problem there is that my understanding is that doesn’t allow you to keep the health insurance.

That is not correct, you keep your health care if you have your min. age have the years of service.

If you retire *on an annuity* at your minimum age. If you don’t take the money until later, it’s a deferred retirement and you won’t keep FEHB.

I don't know the answer to this question but below is what OPM says. Not clearly to what "entitled" means - qualify to take it or you must take it??

In order to carry your FEHB coverage into retirement, you must be entitled to retire on an immediate annuity under a retirement system for civilian employees (including the Federal Employees Retirement System (FERS) Minimum Retirement Age (MRA) + 10 retirement) and must have been continuously enrolled (or covered as a family member) in any FEHB plan(s) for the 5 years of service immediately before the date your annuity starts, or for the full period(s) of service since your first opportunity to enroll (if less than 5 years).

I think the PP above you is incorrect. There are two concepts: deferred and postponed annuity. If you leave the govt after five years you defer the annuity because you are not eligible to receive it. If you meet the qualifications to draw your annuity but choose not to (perhaps age 57 but less than 30 years and don't want the penalty) you can postpone the annuity in which case if you are otherwise eligible you can reinstate FEHB coverage when you draw the annuity.

Right but say you retire at 58, but don’t tahr annuity, you can’t stay on Fehb until you reject annuity at 62, so you’d need a spouses plan or an exchange plan in the meantime. I think?

Yes thats correct. You could play the Cobra game though if you retire at 60.5 I think.

[Anonymous]

I think the 10% bump is significant, for me anyway.

It would be used for annual health insurance and cover the 10% loss of electing spousal survivor benefits.