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Old 08-05-2017, 07:27 PM
 
8,187 posts, read 11,905,691 times
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Quote:
Originally Posted by kiplingif View Post
If someone serves four years in the military, and does a time buy-back after going FERS, does that four count normally as the FERS years immediately after buy-back is complete? ie, if you bought back your time in the first year, on your 1-year anniversary at your new fed job, are you vested and eligible for the deferred annuity?

Or does it need to be five years at your new workplace?
Quote:
Originally Posted by oldsoldier1976 View Post
In short the answer is yes. The retirement would be deferred to be collected at age 62 for 5% of your average pay rate.
No, I'm sorry, that is incorrect. You need 5 years of civilian service in order to qualify for a FERS annuity. Your military time can then be added to that to give you 9 years of credible service toward your annuity.
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Old 08-05-2017, 07:56 PM
 
Location: North West Arkansas (zone 6b)
2,672 posts, read 2,009,077 times
Reputation: 3670
i must be really lucky because the first 3 companies that I worked for had non-contributory pensions in addition to 401k.

Although I still have atleast 10 years until FRA i did test drive an early retirement and even took the early payout option from one of the pensions which amounts to a small stipend that i've used to pay the loan on a nice inexpensive used car which is now paid off with almost no out of pocket cash except for insurance payments.

That money will now just accumulate or pay for eating out since I've gone back to work for a little while.

Between my wife and me, we will have 5 pensions of varying sizes(all smaller) in addition to our 401ks which should allow us to be OK financially with SS. healthcare remains the big concern.
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Old 08-05-2017, 08:49 PM
 
Location: S.W. Florida
2,206 posts, read 929,655 times
Reputation: 6228
In my nearly 30 years with my last employer, our fully funded pension company contributions went from 3% to 2% and finally down to 1%. We also had 401k that we could contribute, which the company matched at 6%.

Fortunately for me, the bulk of my pension contributions was at the 3% level. The one thing I wished I could do over was sink more money into my 401k. Still, I had a pension lump sum of over 400k that I have invested and will be paying me nicely each month beginning next year. SS is a very nice sum as well. Plus, I have quite a bit in my 401k that I'm living off of at the moment but will stop taking shortly when the lump sum interest payments begin. All in all, I think I did pretty well.
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Old 08-05-2017, 10:44 PM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,034,332 times
Reputation: 5032
Quote:
Originally Posted by southkakkatlantan View Post
I am sorry


I don't know what else to say...at least you have $5 left over? And at least you have 'some' sort of a pension...?


Some people are negative every month and getting deeper into the hole as each week passes.


I know this doesn't help...just trying to find a silver lining.

It seems to me, as I read through this thread, that maybe people like Jim (and there are many of us out here) might need to consider "pairing up" with another retiree and trying to pool resources for living expenses, etc. I know it's not the most desirable thing to do, but because so many of us Boomers didn't plan well, or save well, if we tried to double up, or triple up, or whatever, with like-minded retirees in the same boat everyone might benefit from that arrangement. Just a thought...
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Old 08-06-2017, 06:58 AM
 
Location: SW Florida
10,279 posts, read 4,856,239 times
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My late husband had the option of changing his military pension when we married to receive less currently but leave me with part of this pension, which thankfully he did.
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Old 08-06-2017, 08:02 AM
 
5,340 posts, read 7,211,203 times
Reputation: 5099
I've had to pay into every pension fund - either through voluntary contribution or it coming right out of my paycheck. I am disappointed that I am not allowed to collect on SS even though I am vested and paid in, etc., - because I am a public employee.
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Old 08-06-2017, 08:05 AM
 
71,490 posts, read 71,674,131 times
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there is more to it than just being a public employee. my wife gets both
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Old 08-06-2017, 08:30 AM
 
8,187 posts, read 11,905,691 times
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Quote:
Originally Posted by otowi View Post
I've had to pay into every pension fund - either through voluntary contribution or it coming right out of my paycheck. I am disappointed that I am not allowed to collect on SS even though I am vested and paid in, etc., - because I am a public employee.
If you've paid into Social Security and have earned at least 40 quarters, then you will be eligible for Social Security. If you are a public employee who earns a pension based on work in which SS deductions were not made, then the computation of the amount you receive from Social Security will be reduced in accordance with the Windfall Elimination Provision (WEP) unless you have 30 years of Social Security coverage. But under no circumstances can WEP wipe out your SS benefit.
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Old 08-06-2017, 08:52 AM
 
640 posts, read 529,347 times
Reputation: 886
I dont't know all the details but. My father retired around 1970 and passed away 2013 @ 94 y old. Retired from 1/ civilian federal government employee, 2/ military officer and 3/ collected SS. I think he was getting around $7,000 a month average. No Idea what he put in but not a bad return.
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Old 08-06-2017, 09:53 AM
 
354 posts, read 596,149 times
Reputation: 611
A pension is never free. The employee pays for it one way or another whether it's done through a payroll deduction or not. Usually pensions are offered as an offset for a lesser salary package........ And they're are part of a compensation package for services/work performed and they're earned not given.
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