I'm out at 62 in 2035- I retired from Army in 2010 at 37. Will have 20 yr Fed svc at 62. So 2 pensions, ROTH IRA, TSP, left alone. I will take SS at 62 as well. Between wife and I we're looking at $95k/yr to retire on. We have no debt, house paid, no loans, etc. Key is debt.
I tried holding out for longer but when they recalled us back to the office after successfully working from home during the pandemic, I just couldn't mentally and physically handle the 3 hour round trip commute 5 days a week and called it. Had the years, the age and was just frickin tired.
I also have a long commute each day. I work for Treasury. We have been doing a minimum 1 day a week in the office, but now the Administration is telling us that we need to return to at least 50 percent in the office each week. I am 63 with 43 years of service, and have been hanging on until my wife retires. However with this 50 percent plus return to office, I have made the decision to exercise my Federal retirement and find a part time job close home, just to keep me busy until Dear Wife calls it quits.
I left the Post Office after 34 years just after turning 62, because I could. Everyone has different financial circumstances. Married, no kids, no debt, healthy savings account and even healthier TSP. I didn't retire because I was tired "from" the job. I was tired "of" the job. The OPM annuity is a nice little cushion to my savings and I'm not even planning on taking SS until 70. Get out only IF you can with no financial worries.
I am going at 56 and 10 months. Will be 55 next month. Will have 36 years at time of retirement. Will collect the supplemental which should be about 75% of what I will get at 62. I am willing to leave money on the table because tomorrow is not promised. Key is eliminating debt before retirement which I have done.
i had a co worker retie seven months shy of 62 and i couldn't believe she didn't stick it out but she was just DONE... i'm 56 and hoping i can go to 65 because i dont want to collect social security until 70 because my wife is six years younger and i want to make sure she's okay.
Hello, I am first-time on your channel, and i want to thank you for the information you are giving to people in the federal job. I have a question, I am paying to FERs, in my pay stub code is KF. What is that, and how is that going to help me if I will retire at age 63 not 57? And can I stop playing to FERS?
Thanks for the feedback. This is a great question. It's hard to tell what exactly that means for you, but feel free to schedule a meeting with us to talk about it and any other specific questions that you have: app.hawsfederaladvisors.com/work-with-us
Yes if you retire before 62 you will receive less then if you were 62 or older provided you had 20 or more years of service as well. Not sure what you meant in the first part of your question but if you're asking if you'll make as much in retirement as you do working - not even close.
Great question. The FERS Supplement itself will not affect your social security payments. But, the years that you don't work might affect your social security. SS is calculated using the highest 35 years of earnings in your career.
@@PlanYourFederalBenefits I have a question. I am eligible to retire, I will have 35 years in March 2025. Should I wait till I have 35 years for the social security highest three? Would that make any difference? 🙏 Thank you
@@Seniormexico1968 I will leave after my $33,000 mortgage pay off. But sometimes it is hard each day continuing working because I am getting tired more now but we have a hybrid work schedule. I worked two days in the office and three days at home a week and the agency will moved closed to my house in Sept. 2024. We are working from home June, July and August. God is watching over me and taking care of me. I am grateful and feel blessed.
I'm out at 62 in 2035- I retired from Army in 2010 at 37. Will have 20 yr Fed svc at 62. So 2 pensions, ROTH IRA, TSP, left alone. I will take SS at 62 as well. Between wife and I we're looking at $95k/yr to retire on. We have no debt, house paid, no loans, etc. Key is debt.
I tried holding out for longer but when they recalled us back to the office after successfully working from home during the pandemic, I just couldn't mentally and physically handle the 3 hour round trip commute 5 days a week and called it. Had the years, the age and was just frickin tired.
I also have a long commute each day. I work for Treasury. We have been doing a minimum 1 day a week in the office, but now the Administration is telling us that we need to return to at least 50 percent in the office each week. I am 63 with 43 years of service, and have been hanging on until my wife retires. However with this 50 percent plus return to office, I have made the decision to exercise my Federal retirement and find a part time job close home, just to keep me busy until Dear Wife calls it quits.
I left the Post Office after 34 years just after turning 62, because I could.
Everyone has different financial circumstances.
Married, no kids, no debt, healthy savings account and even healthier TSP.
I didn't retire because I was tired "from" the job. I was tired "of" the job.
The OPM annuity is a nice little cushion to my savings and I'm not even planning on taking SS until 70.
Get out only IF you can with no financial worries.
I had a dear friend in a co-worker who dropped dead of a heart attack at age 63. Get out as soon as you can.
Also if you can afford it,take social security asap
I am going at 56 and 10 months. Will be 55 next month. Will have 36 years at time of retirement. Will collect the supplemental which should be about 75% of what I will get at 62. I am willing to leave money on the table because tomorrow is not promised. Key is eliminating debt before retirement which I have done.
i had a co worker retie seven months shy of 62 and i couldn't believe she didn't stick it out but she was just DONE... i'm 56 and hoping i can go to 65 because i dont want to collect social security until 70 because my wife is six years younger and i want to make sure she's okay.
i have 300k in the c fund is it a good move to alocate everything today to the g fund ,,, i still have 5yrs to retired
I never knew of the 10% bonus, is that new? We have the FERS supplement if we go before 62; at least we get that. Thanks again! 😊💫📃🎃
You always have great information,
I appreciate that!
Hello, I am first-time on your channel, and i want to thank you for the information you are giving to people in the federal job. I have a question, I am paying to FERs, in my pay stub code is KF. What is that, and how is that going to help me if I will retire at age 63 not 57? And can I stop playing to FERS?
Thanks for the feedback. This is a great question. It's hard to tell what exactly that means for you, but feel free to schedule a meeting with us to talk about it and any other specific questions that you have:
app.hawsfederaladvisors.com/work-with-us
As a Postal Worker is the pension expected to be 100% after doing math according to years of service? Is it ever less because of retiring before 62?
Yes if you retire before 62 you will receive less then if you were 62 or older provided you had 20 or more years of service as well. Not sure what you meant in the first part of your question but if you're asking if you'll make as much in retirement as you do working - not even close.
You didn’t point out that if you retire FERS before age 62, you don’t get a COLA until you’re 62.
If you retire at 57 and collect the supplemental annuity for 5 years does that bring down your social security when you start to withdraw at 62?
Great question. The FERS Supplement itself will not affect your social security payments. But, the years that you don't work might affect your social security. SS is calculated using the highest 35 years of earnings in your career.
@@PlanYourFederalBenefits I have a question. I am eligible to retire, I will have 35 years in March 2025. Should I wait till I have 35 years for the social security highest three? Would that make any difference? 🙏 Thank you
I am 57 with 35 years but due to health issues but I can’t afford to retire so I will wait till 62 every thing will work well for me financially.
Goodness… I feel sorry you worked so long for the feds!
@@Seniormexico1968 I will leave after my $33,000 mortgage pay off. But sometimes it is hard each day continuing working because I am getting tired more now but we have a hybrid work schedule. I worked two days in the office and three days at home a week and the agency will moved closed to my house in Sept. 2024. We are working from home June, July and August. God is watching over me and taking care of me. I am grateful and feel blessed.
@@Seniormexico1968 She doing just fine! No need to waste your energy on her. Federal service is a good career if that’s your choice!
Retired from military service with 20 years and did the buy back with 19 years and 3 months at 62 wanting now. Am I eligible for the 10% or 1.1% ?
The 1.1% means 10% more than 1%. It's 1% from 57-61 and 1.1% from 62 and beyond.
No Diet COLA until 62 if you retire at MRA, Best to retire at 62
I did not know that one - thanks for posting it
Have a special provisions coworker who failed miserably at retirement savings. Agency granted her an extension beyond age 57.
If i left Federal service in my 40s with 9 yrs of service. Am i eligible for a pension when i turn 62?
Yes just send in the paperwork around 90 days before age 62.
You should be eligible for 9% of your "high three," but I'm not the expert in the room.
No,if you work for the post office,due to noy meeting the mra age requirement and not enough years of service.
Yes after 62
Yes. It probably won't be much, but it'll still be worth applying for when you get to 62.
If you retire before 62 you will not get cola either.