The math is misleading because if he retired as a SSgt he retired at 20 years or less so the math on the right should be 20 for 20 years of federal service X 1%X140,000
I have collected nearly 400,000.00 from a VSI series of payments of 16,500. for 24 of 26 years. 2 more payments to go to reach the end. I have worked almost 17 years as a GS 13-10 under FERS. I am confused about buying back VSI time. If I work about 4 more years, I will qualify for a 30-year retirement under FERS and over 65 years old. Is there anyone I can hire out there to compute which direction to go?
We would have to know a little more about your work history in FERS and the military to see whether a buyback would make sense, given your unique case. If you haven't already, it would probably make sense to go to your current HR and ask them what years can be bought back and the cost for doing so. Feel free to request an appointment with one of our advisors for specific advice.
Good explanation, however, I believe the calculation for the FERS retirement under Keep separate is incorrect. 11 x 1% x 140,000 = $15,400 / year not $4,400 / year. I believe the error was due to multiplying by $40,000 instead of $140,000. Could be wrong as math is not my strong suit. Good info though. Thanks
The comparison is also incorrect because the combined figures are based on 41yrs where the separate are based on 20yrs of active retired. And 11yrs FERS time. That's 31yrs Instead of 41yrs. So, the correct calculation should be 21 x 1% x 140,000 = 29,400. 29,400 + 30,000 = 59,400 and that's without COLA. Seems that keeping it separate in this case may be the better option.
did not work for me. 22 years of military service (O3E) and 31 years civil service (gs15). do the math, mostly a wash for me. don’t forget the 1.1 yearly multiplier for civ service if you meet time requirements (20 years) and age (62?)
@@tg213 I was wondering about the 1.1% thing as well. So I assume If you combine your Military and Fed service and by doing so it takes you over the threshold then I assume you would get 1.1% versus only 1%.......but I was also wondering if combining would also allow you to be entitled to the FERS Supplement as well if you are still under 62. For example by combining a 23 year Military Career and 17 Year Civil Service Career at age 59.....I assume you would be able to retire under FERS at 59 with 40 Combined years (at 1.1% rate of your basic pay) AND you would also then be entitled to receive the FERS Seupplement until you reach 62. Not sure if this is accurate but it is how how understand it.
Hi Tammy, I have a few questions - I'm GS-12 in the Fed. Gov. but I only have 3 years in the Civ. Service and I'm 56 yrs old. I did a military career of 23 years in the Air National Guard with 5 years Active Duty. Total 28 years. When I joined the Fed. Gov, they applied those years So I do appear that I have 8 years in the Fed. Gov. ( Pay stubs). I'm service connected with 70% and went to 3 war operations during my career. I can take my military pension at 57 years old because I can deduct the 3 years I was active during war. If I take the military pension now at 57, can I still buy the 5 years in the civilian Fed. Job and get the civilian federal pension at 62? I know the civilian federal pension will be really small because at 62 I will have only maybe 13 years. Thanks
Thank you for reaching out! There are a lot of unique rules at play here and a lot more thorough fact-finding would be needed to properly answer your question. Feel free to visit our website at plan-your-federal-retirement.com/ and request an initial consultation with one of our FERS Financial Advisors.
The math is misleading because if he retired as a SSgt he retired at 20 years or less so the math on the right should be 20 for 20 years of federal service X 1%X140,000
I have collected nearly 400,000.00 from a VSI series of payments of 16,500. for 24 of 26 years. 2 more payments to go to reach the end. I have worked almost 17 years as a GS 13-10 under FERS. I am confused about buying back VSI time. If I work about 4 more years, I will qualify for a 30-year retirement under FERS and over 65 years old. Is there anyone I can hire out there to compute which direction to go?
We would have to know a little more about your work history in FERS and the military to see whether a buyback would make sense, given your unique case. If you haven't already, it would probably make sense to go to your current HR and ask them what years can be bought back and the cost for doing so. Feel free to request an appointment with one of our advisors for specific advice.
Thank you!
Good explanation, however, I believe the calculation for the FERS retirement under Keep separate is incorrect. 11 x 1% x 140,000 = $15,400 / year not $4,400 / year. I believe the error was due to multiplying by $40,000 instead of $140,000. Could be wrong as math is not my strong suit. Good info though. Thanks
Hi Eugene. Thanks for your feedback! Your math is correct, we missed the 1 and accidentally multiplied it by $40,000. The result would be $15,400/yr.
The comparison is also incorrect because the combined figures are based on 41yrs where the separate are based on 20yrs of active retired. And 11yrs FERS time. That's 31yrs Instead of 41yrs. So, the correct calculation should be 21 x 1% x 140,000 = 29,400. 29,400 + 30,000 = 59,400 and that's without COLA. Seems that keeping it separate in this case may be the better option.
did not work for me. 22 years of military service (O3E) and 31 years civil service (gs15). do the math, mostly a wash for me. don’t forget the 1.1 yearly multiplier for civ service if you meet time requirements (20 years) and age (62?)
@@tg213 I was wondering about the 1.1% thing as well. So I assume If you combine your Military and Fed service and by doing so it takes you over the threshold then I assume you would get 1.1% versus only 1%.......but I was also wondering if combining would also allow you to be entitled to the FERS Supplement as well if you are still under 62. For example by combining a 23 year Military Career and 17 Year Civil Service Career at age 59.....I assume you would be able to retire under FERS at 59 with 40 Combined years (at 1.1% rate of your basic pay) AND you would also then be entitled to receive the FERS Seupplement until you reach 62. Not sure if this is accurate but it is how how understand it.
Is it 31 years or 41 years total?
Thanks for your feedback. Our mistake; it is 31 years, not 41.
Hi Tammy, I have a few questions - I'm GS-12 in the Fed. Gov. but I only have 3 years in the Civ. Service and I'm 56 yrs old. I did a military career of 23 years in the Air National Guard with 5 years Active Duty. Total 28 years. When I joined the Fed. Gov, they applied those years So I do appear that I have 8 years in the Fed. Gov. ( Pay stubs). I'm service connected with 70% and went to 3 war operations during my career. I can take my military pension at 57 years old because I can deduct the 3 years I was active during war. If I take the military pension now at 57, can I still buy the 5 years in the civilian Fed. Job and get the civilian federal pension at 62? I know the civilian federal pension will be really small because at 62 I will have only maybe 13 years. Thanks
Thank you for reaching out! There are a lot of unique rules at play here and a lot more thorough fact-finding would be needed to properly answer your question. Feel free to visit our website at plan-your-federal-retirement.com/ and request an initial consultation with one of our FERS Financial Advisors.