Retire too early? (2011, coverage, vacation, travel)

[MadManofBethesda]

Originally Posted by LauraC

Has FERs been in existence for 30 years, yet?

No. FERS came into being in 1987, but it covers employees first hired after January 1, 1984.

Originally Posted by LauraC

It could just be people (non-hazardous, non-law enforcement, non-militay) I know under FERS don't have 30 years of service even if they are older than I am.

Employees don't need 30 years of service to retire under FERS. They can retire at their minimum retirement age (55-57) with as little as 10 years of service.

Originally Posted by LauraC

Then they wouldn't get the special supplement until they're SS eligible.

You're still a little confused on the concept. The purpose of the supplement is to cover the FERS retirees until they're eligible for SS. Once they reach age 62, the supplement ends.

[Jimrob1]

Originally Posted by MadManofBethesda

No. FERS came into being in 1987, but it covers employees first hired after January 1, 1984.



Employees don't need 30 years of service to retire under FERS. They can retire at their minimum retirement age (55-57) with as little as 10 years of service.



You're still a little confused on the concept. The purpose of the supplement is to cover the FERS retirees until they're eligible for SS. Once they reach age 62, the supplement ends.

What if the person doesn't take SS until age 65 or after, does it still end at age 62?

[MadManofBethesda]

Originally Posted by Jimrob1

What if the person doesn't take SS until age 65 or after, does it still end at age 62?

Yes.

It ends at 62 whether the retiree applies for SS or not. That is one of the drawbacks of FERS. You either have to apply for SS at 62 or suffer a reduction in your monthly income.

[Jimrob1]

Originally Posted by MadManofBethesda

Yes.

It ends at 62 whether the retiree applies for SS or not. That is one of the drawbacks of FERS. You either have to apply for SS at 62 or suffer a reduction in your monthly income.

I remember when I retired I was given next to nothing for information. In fact I questioned the lack of a proper retirement seminar from the Agency I am retired from. I never knew the FERS supplement ended at 62, I thought it ended when I decided to take my SS.

[MadManofBethesda]

Originally Posted by Jimrob1

I remember when I retired I was given next to nothing for information. In fact I questioned the lack of a proper retirement seminar from the Agency I am retired from. I never knew the FERS supplement ended at 62, I thought it ended when I decided to take my SS.

That's horrible that your agency didn't provide any retirement counseling or advice. It is a little late now, but if you have any questions, the best way to get answers would be directly from OPM. OPM also has pretty good info on their website in the form of fact sheets and FAQs. Here is some info on the FERS supplement:

FERS Annuity Supplement

[Synergy1]

As a former CSRS govt employee who retired 4 yers ago at 56, I find that FERS employees are at a disadvantage. The plans offer a good variety of savings for their FERS money but since the USA is in an extreme downward evil turn these employee are kinda stuck with loosing their much needed FERS money to the market. I joined the Thrift Savings Plan the very day I could and feel that I am so very lucky that I am out of the race to earn a wage and save for retirement.

My agency gave a Retirement seminar every year around September and anyone who wanted the information attended for free, of course. A good formula for retirement is to save early in life and never take away from your retirement savings.

..

[Curmudgeon]

My wife retired from our state at age 54. I also retired from the state at the end of lasy year at age 62. I'd have done so earlier but some years ago I lost half my retirement in a divorce.

I could have paid back into the retirement those lost funds plus military service years but opted to place the money inm a 401(k) on which I never lost money as I could self-manage my investments.

I now draw my defdined benefit pen sion from the state as well as Social Security.

But for the divorce I'd have retired when my wife did. I still have coffee and lunch with former coworkers and employees and other than those people, don't miss work at all!

[RVlover]

Originally Posted by insertusernamehere

Has anyone had second thoughts of retiring too early?

I retired at 55. Some of my co-workers thought that was a bad decision saying that was too early to retire, but I could afford to getting a full pension after 34 years of service. That was two years ago and I find I don't miss work at all. I enjoy my free time golfing and travelling. I have a casual position driving cars for a dealership and do that when I am not busy for something to do and it gives me some extra cash.

Im 55 and just retired. Will do some sidework down the road, but, am enjoying the slower pace, no constant appointment making, no time restraints, etc... Ive had people look at me kinda funny when i tell them how old i am and that i dont work ; i imagine they think im wealthy or perhaps lazy...but either way, I know it was right for me. The key to retirement at any any age is : Get lots of things to fill in your time, make new friends, stay in touch with old friends, develop your relationship with God -- thats whats worked best for me.

[Curmudgeon]

Originally Posted by Kootr

I can do whatever I wish, whenever I wish.

So you're not married, huh?

[hot dog in the hot rod]

Wow And I thought my wife and I were the only people left on earth that wanted to retire early! We will both retire after 35.5 yrs and 33.5 years of working for Canada Post next year, and we are looking forward to years of retirement. My wife is 56 and I'm 54 and I will take a small penalty $29 a month to leave a few months early so we can head out to Van. Island to retire by June. Don't want to miss another great summer of golf and of course cruising with my Daschund in our 1934 ford hot rod . We have both worked in Alberta all our working years and have seen enough -30 winter weather and plan on going south for the wet winters in B.C. Many of our friends have already made the trip to the island to retire, and they assure us we will love it! We know we are very lucky to have two great pension incomes coming in, but this is why we spent so many years at one employer. Anyway one more cold winter and I'll hang up the mail bag after over 75000 miles of walking, we will keep walking but we will have time to smell the roses.