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Old 03-08-2015, 03:07 PM
 
Location: Amelia Island
2,977 posts, read 3,970,904 times
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Quote:
Originally Posted by CSRSJim View Post
OK I understand now.
age 60 with a full 30 years of service. The civil service annuity calc is likely more complicated due to the breaks in service (were the first 3 yrs CSRS?), but for a ball park estimate:

1) FERS annuity (1%/yr = 30% of high 3) ex/ .30 x $80,000 = $24,000/yr or $2,000/month
2) FERS supplement until getting SS at age 62
3) ANG retirement pay
4) TSP withdrawls

This is the real deal above for a guestimate..............staying until 62 would give you a factor of 1.1% to figure in for your annuity. Staying in would also allow you to fund your TSP a bit more.

I thing FERS is a pretty good deal......................although if you are not able to contribute at least 15% to TSP (my opinion) it will bite you in the butt if you have no other retirement income besides the annuity and SSI.
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Old 03-08-2015, 04:02 PM
 
Location: Central Massachusetts
4,800 posts, read 4,862,845 times
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Quote:
Originally Posted by JBtwinz View Post
This is the real deal above for a guestimate..............staying until 62 would give you a factor of 1.1% to figure in for your annuity. Staying in would also allow you to fund your TSP a bit more.

I thing FERS is a pretty good deal......................although if you are not able to contribute at least 15% to TSP (my opinion) it will bite you in the butt if you have no other retirement income besides the annuity and SSI.

Agreed FERS is a very good deal. Some of us don't have that option to work to 62. In September if it stays the way it is, as a FERS employee I will be one of the following things;

1. retired 28.75 actual FERS years and 7.5 years active duty already bought back
2. terminated and hired as a contractor for period of time
3. hired at another FERS position

I would like option 2 for a one year period which would put me at 59 at the end. I really do not want to learn another job or drive distances to work. My FERS job depended on my service in the national guard. It is ending in September with 38 years of service. Since it was guard time my pension will not start until age 60 so a 2 year period will be more difficult to manage then a 1 year period. I will weigh the options of another FERS as opposed to taking the retirement and finding a part time job some place local. I was planning on staying until 60 but that option was taken out of my hands.

Giesela does have her guard pension which she says will be small. My guess is just over a grand a month maybe. My guard check will actually beat my FERS check and I have a few other assets as well as the TSP. I know I am in a different category because of several factors but I totally agree that FERS is a pretty good deal. Even today with new hires the deal is good though it costs the new hires more to contribute by a substantial amount the payout on the far end will be worth it.
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Old 03-08-2015, 04:12 PM
 
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Another number I need to nail, my guard retirement! I have about 4 years active, drill, and some TDY's a few short deployments. Not as many points as some.
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Old 03-08-2015, 04:19 PM
 
Location: Central Massachusetts
4,800 posts, read 4,862,845 times
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Quote:
Originally Posted by Giesela View Post
Another number I need to nail, my guard retirement! I have about 4 years active, drill, and some TDY's a few short deployments. Not as many points as some.

and your military grade highest achieved.
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