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Reply to "Tell me how much you have saved in your 401K at age 40."
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Question -- My spouse is also a federal employee (GS-15). HOw do you arrive at $70K annually upon retiring at age 60? (I thought you get about 30% of your highest salary after 30 years. Is your gross $210,000?) I confess I'm not that knowledgeable about the federal employee retirement system. Thanks.[/quote] I got this figure from OPM's calculator. I've attempted to confirm it based off information on OPM's website. My spouse is currently a GS-14 step 8 (will be a step 10 at retirement) and will have 35 years of federal service upon retirement. I projected high three as the last three years and assumed salary will increase 1% each year. When I take that average of the projected high 3 and multiply by 35% I get about $60K. According to OPM's calculator it comes out at $52K in current dollars and $77K in future inflated dollars.[/quote]
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