“Lifer” feds, did you/are you planning to retire on schedule?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

I believe FEHB is simply deferred and picked up again at retirement. I don't believe PP would be giving up the rights if s/he meets the 5 year requirement. (President Carter had only 4 years of federal service, so he was disqualified from FEHB in his retirement.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

I believe FEHB is simply deferred and picked up again at retirement. I don't believe PP would be giving up the rights if s/he meets the 5 year requirement. (President Carter had only 4 years of federal service, so he was disqualified from FEHB in his retirement.)

Apparently there's a difference between deferred and postponed retirements. Deferred are not eligible for FEHB, but postponed are.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

I believe FEHB is simply deferred and picked up again at retirement. I don't believe PP would be giving up the rights if s/he meets the 5 year requirement. (President Carter had only 4 years of federal service, so he was disqualified from FEHB in his retirement.)

Apparently there's a difference between deferred and postponed retirements. Deferred are not eligible for FEHB, but postponed are.

You need to reach minimum retirement age and have 10 years of service (MRA +10) when you separate to be able to have FEHB in retirement. That is a postponed retirement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

I believe FEHB is simply deferred and picked up again at retirement. I don't believe PP would be giving up the rights if s/he meets the 5 year requirement. (President Carter had only 4 years of federal service, so he was disqualified from FEHB in his retirement.)

Apparently there's a difference between deferred and postponed retirements. Deferred are not eligible for FEHB, but postponed are.

You need to reach minimum retirement age and have 10 years of service (MRA +10) when you separate to be able to have FEHB in retirement. That is a postponed retirement.

So if you retire at 57 (which is the MRA at my agency) with 15 years of service, can you get FEHB? If yes, in what scenario?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

I believe FEHB is simply deferred and picked up again at retirement. I don't believe PP would be giving up the rights if s/he meets the 5 year requirement. (President Carter had only 4 years of federal service, so he was disqualified from FEHB in his retirement.)

Apparently there's a difference between deferred and postponed retirements. Deferred are not eligible for FEHB, but postponed are.

You need to reach minimum retirement age and have 10 years of service (MRA +10) when you separate to be able to have FEHB in retirement. That is a postponed retirement.

So if you retire at 57 (which is the MRA at my agency) with 15 years of service, can you get FEHB? If yes, in what scenario?

With the exception of law enforcement agencies, I believe that the MRA is uniform government wide. If you want FEHB but are not retiring yet (will delay receiving your pension) when you separate you need to do a "postponed" retirement. If you are actually retiring then because you are eligible, then you can get FEHB.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

Also don’t you give up like 5 percent for each year you are under your MRA? So assuming MRA is 57 (which it is for most FERS employees), and you retire at 53, you lost 20 percent of your pension.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

Also don’t you give up like 5 percent for each year you are under your MRA? So assuming MRA is 57 (which it is for most FERS employees), and you retire at 53, you lost 20 percent of your pension.

It is 5% a year for each year you are under 60 once you hit your MRA, if you are not at your MRA you cannot yet take your pension absent an early out that you qualify for. You then have a deferred pension (but no FEHB benefits)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

Also don’t you give up like 5 percent for each year you are under your MRA? So assuming MRA is 57 (which it is for most FERS employees), and you retire at 53, you lost 20 percent of your pension.

It is 5% a year for each year you are under 60 once you hit your MRA, if you are not at your MRA you cannot yet take your pension absent an early out that you qualify for. You then have a deferred pension (but no FEHB benefits)

This is not right.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

Also don’t you give up like 5 percent for each year you are under your MRA? So assuming MRA is 57 (which it is for most FERS employees), and you retire at 53, you lost 20 percent of your pension.

You don't give up any percent if you defer your annuity until age 62.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Fed atty here. I'll probably retire around age 52-55. I just don't see myself wanting to keep on putting in the grind in my late 50s after I'm already financially secure. I will just defer the FERS annuity until age 62.

FWIW, I'm currently 46 with about 14 years at DOJ. So maybe I'll change my mind. But, I'm thinking I'll just do another 6-8 years and then call it a career.

Do you understand that you would be giving up the right to FEHB if you retire before you reach your MRA, which I expect is 57.

Yes, I am aware

Also don’t you give up like 5 percent for each year you are under your MRA? So assuming MRA is 57 (which it is for most FERS employees), and you retire at 53, you lost 20 percent of your pension.

It is 5% a year for each year you are under 60 once you hit your MRA, if you are not at your MRA you cannot yet take your pension absent an early out that you qualify for. You then have a deferred pension (but no FEHB benefits)

This is not right.

It's not right, but the actual criteria are a bit tougher:

If you retire at the MRA with at least 10, but less than 30 years of service, your benefit will be reduced by 5 percent a year for each year you are under 62, unless you have 20 years of service and your benefit starts when you reach age 60 or later.

That sentence applies to both immediate and deferred retirement.

https://www.opm.gov/retirement-services/fers-information/eligibility/

So if the poster above retires at 52 with 20 years of services and defers payment till 60, she should be ok.

[Anonymous]

CSRS. Retired at 37 years.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Try not to let the next 15 years get away from you and avoid lifer loser status.

^Jealous

Of what? One percent annual raises? Topping out at a GS 15-10 at best? Your 40k a year pension? Guess again, bro. Man up and leave.

If you are not a fed, this thread isn’t for you. Man up and move on... bro.

Former fed, bro. Glass is greener on the private sector.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Try not to let the next 15 years get away from you and avoid lifer loser status.

^Jealous

Of what? One percent annual raises? Topping out at a GS 15-10 at best? Your 40k a year pension? Guess again, bro. Man up and leave.

If you are not a fed, this thread isn’t for you. Man up and move on... bro.

Former fed, bro. Glass is greener on the private sector.

Explain your awesome retirement plan? DH and I will each receive over 100K between our pension and SS plus we should have $5-6M in our TSPs combined. AND, we have had rewarding careers and family friendly schedules. I doubt it will provide the same for my kids in the future but it has been a good deal for us.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Try not to let the next 15 years get away from you and avoid lifer loser status.

^Jealous

Of what? One percent annual raises? Topping out at a GS 15-10 at best? Your 40k a year pension? Guess again, bro. Man up and leave.

If you are not a fed, this thread isn’t for you. Man up and move on... bro.

Former fed, bro. Glass is greener on the private sector.

Explain your awesome retirement plan? DH and I will each receive over 100K between our pension and SS plus we should have $5-6M in our TSPs combined. AND, we have had rewarding careers and family friendly schedules. I doubt it will provide the same for my kids in the future but it has been a good deal for us.

Nice work with your tsp. How did you do it? I’ve been putting in the max since the beginning, and I only have 600k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Try not to let the next 15 years get away from you and avoid lifer loser status.

^Jealous

Of what? One percent annual raises? Topping out at a GS 15-10 at best? Your 40k a year pension? Guess again, bro. Man up and leave.

If you are not a fed, this thread isn’t for you. Man up and move on... bro.

Former fed, bro. Glass is greener on the private sector.

Explain your awesome retirement plan? DH and I will each receive over 100K between our pension and SS plus we should have $5-6M in our TSPs combined. AND, we have had rewarding careers and family friendly schedules. I doubt it will provide the same for my kids in the future but it has been a good deal for us.

Nice work with your tsp. How did you do it? I’ve been putting in the max since the beginning, and I only have 600k.

I calculate that based on 15 more years of working and maxing (both tsp and now catch up), we are at about 1M in each TSP after 22 years. I have done assumptions with both 5 and 6 percent return over that time, which I like to think is conservative. I know their are no guarantees.