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

[Anonymous]

It’s with a little bit of shock that I realized I’m eligible to retire in 15 years- it seems so close and so far at the same time. I have a fed job I really enjoy and I imagine I’ll stay in the government for the next 15 years, which will put me at age 57 when I retire. My parents are almost 70 and still working, and my inlaws didn’t retire until their 60s. For me, a lot of things will happen in 15 years...my son will turn 18 and hopefully go to college (which should be mostly funded by then), my rental property will be paid off and generating income, and my mortgage will be paid off. I’m not a great TSP saver, but with FERS and the rental property I should have enough to live on. If you are a fed did you or are you planning to retire “on schedule” or did you keep working? Thanks!

[Anonymous]

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

[Anonymous]

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

^Jealous

[Anonymous]

It’s not about your eligibility, when you retire depends on where your kids are in life. They are the long pole in the tent.

[Anonymous]

Good job, OP!

[Anonymous]

I'm in your same position and hoping to stay on until I'm at least 62. While I could collect FERS at 57 that would replace just 30 percent of my final salary. You can't take anything out of your TSP without a penalty until age 59.5 and you can't collect social security until 62 so even with my mortgage paid off and my kids out of the house at 57 I can't live on 30 percent of my final income. Plus if you go beyond your initial retirement date you get a higher percentage, the multiplier by year is 1.1% rather than 1% per year. Adding my TSP and SS should get me pretty close to my final salary for life if I stay until age 62, which should be quite do-able.

[Anonymous]

Anonymous wrote:I'm in your same position and hoping to stay on until I'm at least 62. While I could collect FERS at 57 that would replace just 30 percent of my final salary. You can't take anything out of your TSP without a penalty until age 59.5 and you can't collect social security until 62 so even with my mortgage paid off and my kids out of the house at 57 I can't live on 30 percent of my final income. Plus if you go beyond your initial retirement date you get a higher percentage, the multiplier by year is 1.1% rather than 1% per year. Adding my TSP and SS should get me pretty close to my final salary for life if I stay until age 62, which should be quite do-able.

Under the current rules you may qualify for the Special SS Suplement until 62.

[Anonymous]

Come back and ask me in about 30 years.

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

I think a lot depends on how much you like your job - your kids will be grown and gone (most likely). It’s possible you may not want to leave at that age. Anyways, to answer your question if I’m financially able to retire at 57 then I will. But I’m only 39 and it’s too hard for me to know quite yet what my finances will be. I don’t think I’ll know until my kids are college aged which won’t be for another 16 years.

[Anonymous]

We have 1 fed 1 civilian salary in our house. Fed will retire at 57 and pivot to a 2nd career. The biggest reason we are sticking w govt for the next 10 years is the health benefits as our Fed employee could easily make 1.5 times current salary with another employer.

2nd career might be more of the same - just not as a fed. It could be something totally different. Like you, youngest will be 18 and house will be paid off. We do not have rental property - but have significant retirement savings.

[Anonymous]

I plan to work another 13 to 16 years to get me to 62 or 65. Kid will be done with any grad school by then. And I plan to not do anything at that point. I am in FERS so definitely want to get to 62 for sure. My dh is in the old system and will come out next year with over 45 years so we should be set.

[Anonymous]

Anonymous wrote:I'm in your same position and hoping to stay on until I'm at least 62. While I could collect FERS at 57 that would replace just 30 percent of my final salary. You can't take anything out of your TSP without a penalty until age 59.5 and you can't collect social security until 62 so even with my mortgage paid off and my kids out of the house at 57 I can't live on 30 percent of my final income. Plus if you go beyond your initial retirement date you get a higher percentage, the multiplier by year is 1.1% rather than 1% per year. Adding my TSP and SS should get me pretty close to my final salary for life if I stay until age 62, which should be quite do-able.

If you retire at 55 or later you can withdraw TSP funds without penalty.

https://www.tsp.gov/LifeEvents/career/enteringRetirement.html

I won't have 30 years of service at 57 so I’ll probably try to stay until 60 (+/- 2 years depending on whether I love my job or hate it). Kid should be out of college when I am 58 or so, so the timing works for me.

[Anonymous]

I didn’t start with the gov’t until I was 30 and didn’t have kids until my late 30s. So I’ll probably be working well past eligibility.