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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.
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.
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.
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.
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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