Federal pension still worth it?

[Anonymous]

Not sure it's worth it at three years in at this point OP.

[Anonymous]

Anonymous wrote:When you are early in your career, you don't realize the true value of pension. Govt rewards you those who stay and your paybacks come in much later in your career. Does that worth stick around 30 years? Only you know. I am 62 about to retire and my pension is (after survivor benefit) about $6200+ COLA adjusted.

What agency are you with? It is not equal across all agencies

[Anonymous]

Not if you have been there less than 10 years and even more so with what we’ve seen with doge. The pension, stability were draws to govt service for many but no longer the case. Your job stability nor the pot of gold (pendion) no longer a thing imo. I don’t work for Fed but considered it longtime back. So glad I dot not join

[Anonymous]

How long do you need to work to qualify for pension?

[Anonymous]

I’d say keep applying for government and non-government positions. See what offers you get and make decisions then. You are so early in your career and have a long time to work ahead of you, don’t stay stagnant or get too comfortable now.

[Anonymous]

Anonymous wrote:When you are early in your career, you don't realize the true value of pension. Govt rewards you those who stay and your paybacks come in much later in your career. Does that worth stick around 30 years? Only you know. I am 62 about to retire and my pension is (after survivor benefit) about $6200+ COLA adjusted.

Your contribution level was less than 1%. For those like OP contributing 4.4%, it’s nothing more than a forced savings plan, like others have said. Just invest that money yourself, and you’ll do just as well. The pension is not something to stay in government for. The 4.4% contribution level was actually meant to ensure that people would no longer be coming out ahead.

[Anonymous]

Anonymous wrote:

Anonymous wrote:When you are early in your career, you don't realize the true value of pension. Govt rewards you those who stay and your paybacks come in much later in your career. Does that worth stick around 30 years? Only you know. I am 62 about to retire and my pension is (after survivor benefit) about $6200+ COLA adjusted.

Your contribution level was less than 1%. For those like OP contributing 4.4%, it’s nothing more than a forced savings plan, like others have said. Just invest that money yourself, and you’ll do just as well. The pension is not something to stay in government for. The 4.4% contribution level was actually meant to ensure that people would no longer be coming out ahead.

Fair pt

[Anonymous]

Anonymous wrote:

Anonymous wrote:When you are early in your career, you don't realize the true value of pension. Govt rewards you those who stay and your paybacks come in much later in your career. Does that worth stick around 30 years? Only you know. I am 62 about to retire and my pension is (after survivor benefit) about $6200+ COLA adjusted.

Your contribution level was less than 1%. For those like OP contributing 4.4%, it’s nothing more than a forced savings plan, like others have said. Just invest that money yourself, and you’ll do just as well. The pension is not something to stay in government for. The 4.4% contribution level was actually meant to ensure that people would no longer be coming out ahead.

This is my understanding. At the 4.4% contribution rate, the pension is a wash vs investing via a 401k. It also seems like government benefits have been getting worst instead of better. For me, this fact adds another layer of risk in staying.

You can also buy your pension time back if you come back to government (I think).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:When you are early in your career, you don't realize the true value of pension. Govt rewards you those who stay and your paybacks come in much later in your career. Does that worth stick around 30 years? Only you know. I am 62 about to retire and my pension is (after survivor benefit) about $6200+ COLA adjusted.

Your contribution level was less than 1%. For those like OP contributing 4.4%, it’s nothing more than a forced savings plan, like others have said. Just invest that money yourself, and you’ll do just as well. The pension is not something to stay in government for. The 4.4% contribution level was actually meant to ensure that people would no longer be coming out ahead.

Fair pt

I disagree - and I don’t have a pension. You can’t count on a steady 4% return as the stock market can linger in a bear market for many many years. The bull market is not a birthright. A steady govt funded pension adjusted for inflation is a warm blanket in old age when you can’t manage your funds or have a trusted party donor. Pension is $$ in your bank the first of month.