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Old 03-31-2015, 03:11 PM
 
Location: Kountze, Texas
1,013 posts, read 1,158,327 times
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I've wanted to retire at 56 with 37 years Federal service - but doing the math makes more sense in the long term to stay to 62. I'd go out with 42 years. I hope I can hang in there until then.
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Old 03-31-2015, 03:58 PM
 
Location: Kountze, Texas
1,013 posts, read 1,158,327 times
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Quote:
Originally Posted by MadManofBethesda View Post
That depends.

How much is six years of your life worth?
an extra $345/month for the rest of my life.
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Old 03-31-2015, 04:18 PM
 
Location: Kountze, Texas
1,013 posts, read 1,158,327 times
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I will look at where our finances are 6 months before I turn 56 and make the decision then. I've got 4+ years for that.
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Old 03-31-2015, 05:21 PM
 
8,181 posts, read 11,900,573 times
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Quote:
Originally Posted by MadManofBethesda View Post
That depends.

How much is six years of your life worth?
Quote:
Originally Posted by House4kids View Post
an extra $345/month for the rest of my life.
Which will consist of six fewer retirement years.

I retired at 54 when I had the chance because I didn't want to work just one more year. If I had stayed just that one extra year, my CSRS pension would have netted me an additional $500/month for life.

We all value our retirement years differently.

Last edited by MadManofBethesda; 03-31-2015 at 05:23 PM.. Reason: Somehow, I inadvertently deleted my earlier post.
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Old 03-31-2015, 06:31 PM
 
Location: USA
583 posts, read 907,706 times
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Quote:
Originally Posted by ABQ2015 View Post
The OP will have only 20 years. The FERS supplement is pro-rated based on a full career of Social Security being 40 years. So 20 years/40 years is 50%. Most retirees have career service of 30 years or more.
Thanks for clarifying
I'm sitting at age 57 with over 36 years....might retire end of 2015 or August 2016.

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Old 03-31-2015, 08:33 PM
 
1,825 posts, read 2,478,442 times
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Quote:
Originally Posted by MadManofBethesda View Post
Which will consist of six fewer retirement years.

I retired at 54 when I had the chance because I didn't want to work just one more year. If I had stayed just that one extra year, my CSRS pension would have netted me an additional $500/month for life.

We all value our retirement years differently.
MMB, those are some of my thoughts. I can definitely see the financial benefit of staying, but also recognize you cannot put a value on time. Longevity does not run in my family, so I want to have the chance to enjoy my retirement - not wait to retire then die (or get sick shortly thereafter). Of course with my luck, I'd retire early, then live to a ripe old age.
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Old 04-02-2015, 09:06 AM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
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I will retire in September, if things go as they look at the moment 58 with 36 years 10 months federal service with my only option to remain working is to find a new job. I fall into a select group of FERS employees with protected civil service but subject to discontinued service if I am not retained as a member of the military. I am hoping for a small extension and short of that maybe a short 2 year gig at another FERS job. Why might you ask? Well it is simply this. I am looking at 36% of my current pay with with the suppliment which will be about 50% of my pay. My retirement will be increased in 2 years when my military retirement kicks in. The 2 year difference is troublesome with options.

1. I can find a FERS job
2. I can go to school (collect BHA - basic housing allowance)
3. I can collect unemployment
4. I can work full or part time at any employer


What I will do depends on what I find out in the next 2 months.
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