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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Get a government job asap for the retirement.  You can owe the IRS and work for the feds as long as you are in a payment plan.  After 6 years, you are entitled to a retirement with the feds.  If you worked till 70, you might get about 10% or so of your pay for the rest of your life, plus SSA.  It's better than nothing.  [/quote]

It won't really help.  Most Fed jobs now are no longer on CSRS or CSRS-offset, but are now FERS, which is essentially a glorified 401K program.  Yes, there are some additional basic benefits to FERS, but not enough to help a late employee.  The basic benefits are 1% per year of service of your average of the three highest salaries in your career.  So, let's say this employee starts as a civil service at 59 and retires at 67.  If he made $100K average, then his annual dispensation from FERS benefts will be $8K annually.  And the FERS basic benefits are counted against SS, so that means that he'll get $8K but will get $8K less Social Security.  If your FERS payment is higher than your SS payment, than you earn all of your SS payment and FERS will cover the balance of your retirement payout above SS.  So the basic benefit will not increase his monthly income.  The only difference will be where the money comes from.  And then he'll have the TSP (which is the 401K part of the plan) on top of that.  Not really different than if he starts a 401K or IRA now and makes pre-tax deposits to the account.[/quote]

Seriously?  I may need re-think why I am working for the federal government.  I assumed FERS was in addition to SS.  I can get a 401K (like TSP) anywhere.[/quote]

I don't think PP was right (well, the calculation of benefit was, but the people who are subject to pension offsets for social security benefits are people/spouses who never paid into social security).  By definition everyone in FERS is participating in social security and gets both a SS benefit and a FERS annuity.[/quote]

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