Leaving as soon as I turn 57, will have 34 years of service at 57. I’m 40 with 17 years of service, 17 more to go. Leave as soon as your eligible guys!!! Enjoy life.
Just retired today with 35 years at age 62. I decided I wanted more time vs money! My health is good and I rather travel and enjoy life than still be working. 😅
Finished 23.5 years in the military and have been working for the DoD for 8 years. Will be retiring at the MRA+10. Trying to build nice TSP egg and with disability, and FERS me and the Mrs. will be fine. Will also be taking SS at 62 because it goes down 2 years after that. I am blessed to have multiple income streams.
Staying longer for a larger FERS pension doesn't really appeal to me (60 years old seems plenty old enough if you have 20+ years). Yes you might get another $100-300 per month by adding more years to your FERS annuity, and I know it adds up quite a bit if you have a gazillion years with the feds, but the real money is what you have saved in TSP. It far outweighs your FERS annuity and doesn't disappear or get cut in half when you die. Start saving early and often in TSP and educate yourself on investing. I think you'll be way further ahead.
I never planned on being a federal employee but after getting out of military with 10 years of service and not finding what I want to do in life it just seems to make the most sense. 18 more years an I’ll be 57/58 with 30 years of service, so why not.. then I’ll have a much better understanding understanding what I want to do the next phase of life
well said - yet another reason we need Biden out, I was making the equivalent of a salary in earnings in my TSP under the last administration, that’s why I laugh when the union tells us to vote Democrat like robots - i’ll take huge earnings over a 3% raise once and a while, i have contributed 10% to the TSP forever and have 33 years federal service - 3 years until I hit 57 and hope to leave and take advantage of the FERS supplemental
Horse Hockey. The FERS pension far beats out the TSP for income. Pension is steady, gets cola's. TSP income is subject to whatever investment performance you can get, so if the market or rates decrease, you are screwed.
@@kevinedward-jt2vs horse hockey indeed if you haven’t contributed and earned substantially in the TSP for decades to get over and above the full match 👍
My father retired under CSRS at age 55 with 30 years of service. I will be 64 with 43.5 years under CSRS. As of 9 months ago, I maxed out my annuity percentage under CSRS. Mortgage paid off 2 months ago. Too many negative changes at work. It's time to split, and go do something else more enjoyable.
I like my job give, but I’m getting out at 57. My TSP account is high enough that with my pension I’ll be able to replace about 80% of my current salary. Thanks for the videos!
Retired Veteran, 56 yo with 34 years combined Military - Federal Service. Still seems like I still need to hang around and few years, as the cost of everything keeps outpacing any eatimated Cost of Living Adjustments.
The head coach of the West Point football team used to be the highest paid federal employee . The academy moved the athletic program under a not for profit, probably to avoid the regulations.
At the end of the day, what works best for you and depending on your finances. 31 yrs civil service , GS-9 step 10 and 52 yrs young 😂. My magic number is 57, and that is sweet spot for me. Beat of luck my fellow civil service brothers and sisters. 👍🏽👍🏽
64y/o, GS-12 since the 1990s, as of now 41 years service, love my job, love my co-workers, I am highly respected by them and management, need the insurance, have nearly no supervision, no debt. I dont really wanna leave. Wife works part-time as a physician, dont really have any hobbies. I think I’ll just stick around …
Nothing is wrong with that... Retirement is personal. If you enjoy life and family plus employment, if you are happy plus receiving satisfaction in life. Enjoy!!
Im 39 y/o as a GS-13 right now….i def plan on leaving at 57 with 26 years of service..im starting to near max my TSP mix of Trad/Roth going fwd for the next 15 yrs hopefully it pans out 🤞🏾🤞🏾🤞🏾
To me FERS is better w/ 35 plus years of service for retirement...it depends on your income etc so if you are making 100k or more and leave bet ages 57 to 59 despite not receiving cola, it may be worth it giving your personal situation, as your retirement is personal & uniquely your own. I recommend years b4 retirement a few thousands put away in addition to TSP since it will take opm a few months, to settle your monthly pension. --- I experienced this...was not bad. I did MRA and love it, i may not get COLA but im fine w/ the supplement and retirement pension for the next few years. Caveat: the taxes...but you mentally prepare before leaving. However, as long as you worked out your situation for affordable living, you are fine . All i can say is to prepare prepare. A peace of mind abd good health are blessings. Best wishes all.
Work till 62 if you'll have 20+, the extra +10% bonus will allow you to keep your benefits and offset a lot of the cost, so it's like free benefits for the rest of your life in ways...
Gosh…. I cannot wait until 59 1/2. That would give me MRA + 10. I’m only staying for the insurance! The FERS is not much unless you have 30+ years! 4 more dreadful years to go!
Remember if you retire at 57, you will not get your cost of living increases until 62. That's an important point to know. Just imagine the people who retired in 2019 that lost one of the biggest COLA increases in the last 5 years
if you don’t retire between 57-62 you can never get those 5 years of FERS supplemental pension payments/free money ever again for me that’s over $131,000 plus I could work part time in those years and earn up the limit of about $24K and not have it affect my FERS supplemental at all. There are options for those who can afford to retire at 57.
@@itguru2037 it all depends on what your goals are and also what amount you have in your TSP as well if you need that as the third source right away and want to go earlier -but if you are ready at age 57 and have the years for full retirement you can make it work possibly, I’ll have 36 yrs at age 57 and like I mentioned I may look to work a very part time job since i’m still capable and would be younger than someone waiting until 62 to retire - my goal is to prolong touching my tsp and let it still accumulate earnings even longer, it’ll be over 7 figures
Not sure what this guy’s qualifications are for advising federal employee retirement. It’s best to seek out a financial advisor who is trained in federal benefits, such as a Chartered Federal Employee Benefits Consultant. Having said that, and being a retired federal employee myself, I recommend not retiring until at least age 62. This is because if you are not 62 or older, you do not get any COLA applied to your pension. It’s the same COLA that SS gets, less 1%. As an example, the SS COLA for 2023 was 8.7%, so the COLA applied to my pension was 7.7%. That was a large amount, and it’s not always that big, as the 2024 SS COLA was 3.2%, so I got 2.2% applied. But, if you are under 62 at the time of retirement, you get nothing. My plan was live off of my pension plus a TSP withdrawal until my FRA (full retirement age) of 66 1/2, which I was in February of this year. I then lowered my monthly TSP withdrawal to make my combined SS plus TSP plus pension the same total amount that I had with just my pension and TSP. Doing this gave my TSP total balance a longer amount of time to withdraw from, since my balance would now be reduced by a smaller monthly withdrawal. I want to add that I manage my TSP myself and did not opt for an annuity, because I want to be able to increase or decrease my monthly withdrawal as needed. I should also mention that before I retired, I moved my entire TSP balance into the G Fund, which is the safest option to not lose any of your money to market fluctuations. In doing so, I find that after retirement, this account is still making money (even though my contributions have stopped). This also contributes to making my TSP last longer into my retirement. I also make sure my total income is below $103,000, because at that level for singles), the monthly Medicare premium is $174.70. It gets deducted from SS. If you go over the annual income threshold, the Medicare premium you pay increases incrementally. I found it beneficial to attend a federal employee retirement seminar (it’s free), although they do not cover everything you need to know. But it was very good information to start with. Also, it’s a good idea to submit your retirement paperwork 2-3 months prior to retirement. When you do retire, it may take a few months to actually start receiving your pension, so I suggest having enough savings to cover your bills in the meantime. I don’t recommend retiring before age 62 as I stated above, but if you do before age 59 1/2, you will get hit with a 10% penalty on the amount withdrawn from TSP. Another good reason to wait.
Using an investment calculator, I figured out I could have around 1.5m in TSP at age 57. If I waited till 62, it rose to 2.4 using the same assumptions. Is 5 years worth a possible 1million more? Hard decision.
TSP will double between every 5 to 7 years based on actual rates (7 years is 10 percent of returns). The real question is in another 5 to 6 years at 67 you should have over 4 million. Is the extra 10 years worth 3 million? The answer is no for me... My MRA is 60 since I joined so late. I am gone at 60. At that time I will have close to 3 million in TSP by then so I don't need the extra 10 percent.
@@BigJohnM do you mean to say your first eligibility to retire is 60? Because there is no MRA 60 yet, the oldest is 57. So if 60 is your eligibility have you only worked for 5 yrs? To me your numbers don’t calculate.
This perfectly encapsulated my considerations and selection of a target retirement age. Thank you for showing that my choice coincides with many others.
@@PlanYourFederalBenefits your channel has become my go-to place to learn about my benefits and retirement. The content is great and your explanations are easy to understand and follow. Keep up the great work and service
I am a big fan of your videos . Very informative for me. I have a question about social security. If I stop working at 62 and delay my Social security until 65, will that increase my social security pension or will it decrease since I will have no earned income after 62 ?
could you make a video on cola at age 62? for FERS retiree who were born in December, they will not get cola when turn age 62 in Dec. they have to wait for next Dec to get the cola. the question i have is which year of cola will be applied? Thanks
I hit 30 years of service at the salary cap as a federal physician in a high demand medical specialty at age 58.5 (TSP withdrawal age). My top 3 year average salary used for my pension calculation is the current annual salary of the President of the United States (without perks like AF-One and SS protection). I qualified for the generous free money FERS supplement. You get to draw from your TSP when you retire so the 58.5 wasn't a factor. In fact you might want to delay withdrawals until the start of the next calendar year when your tax bracket drops. I waited a full year until the C fund recovered from the Biden inflation bear market before setting up 6%/12 monthly TSP installments. Despite a year's worth of withdrawals, my TSP balance is at an all time high.
What do you know about the social security supplement you can get between age 57 and 62? Seems like a variable that should be included in planning. Especially if someone plans to stay u til 62 for SS purposes.
Yes, it is definitely a consideration in one's retirement. Check out our website. We have many videos on the FERS Supplement here: hawsfederaladvisors.com/fers-supplement-articles/
Great question. Feel free to schedule a one-on-one appointment to discuss your questions and concerns here: app.hawsfederaladvisors.com/whatservicemakessense
I just hit 60 3 weeks ago and have 42 years with the federal government. 3 years DOD and 39 years with the PO plus 1100 sick leave. Total 40 years and 7 months Postal Service. People say I should stay until 62, but I'm ready to leave next year. Is there anything extra for having 44 years of federal service and 61 years old?
Great question. And thank you for your service. If you're looking for a better pension, it is a great idea to wait until the age of 62. As discussed in the video, there's a 10% pension bonus at 62 with 20 years of service. Here's another great video about that: ua-cam.com/video/NsCNPl3_Myg/v-deo.html&ab_channel=HawsFederalAdvisors
If you can make it till 62 it will be more money.. but money isn't everything... and with 42 years = 42% of your high 3 plus Social Security is a great retirement now. .. you are only talking about a few thousand dollars per year, every year .. but 42% of your salary is super great !!!
Example age 57 with 20 years of service. Of course this will be 3 years from now. Would I be able to retire with full benefits or do I have to wait until 60? Thank you
Great question. You need at least 20 years of full-time service at the age of 62 to get the 1.1% multiplier. Part-time can also count, but it is prorated. For example, 2 years of working 20hr/week would count as one year of working full-time. Here is a great video on that: ua-cam.com/video/8vm9T2sT5KI/v-deo.html
@@PlanYourFederalBenefits I love your content man and I have been making comment like this for years in an effort to get a response from you! Keep cranking out the good material man!
Unfortunately, it does not help the service computation date, but adds to service time for leave (4, 6, or 8 hours per pay period). My deployed time brought the increased leave hours sooner. Your SF-50 should show your SCD for Leave date.
@@leembandy combat military service does not add anything extra in of itself. However, you can buy back your military time and then those years of service will be counted in the retirement calculations. I purchased my 9 yrs of military which gave me a 9% increase in my retirement calculation.
I was not aware of there being a extra 20% added if I retire at 62 and have 20 years of service. I started at 22yrs old (now 30) and was planning on retiring at 57 but now I may increase that to 62. Am I grandfathered in? Is this subject to change? Thanks!
What if you have 40 yrs in age 61.5 and have 6 months of SL. Can you retire and get the 1.1% benefit dince your SL will push you into the 62 yr old bracket.
Great question. Unused sick leave does not count towards your age. It will only count towards your years of service. Here is a great video on that: ua-cam.com/video/4gU66nzg7Zo/v-deo.html&ab_channel=HawsFederalAdvisors
Well Ill either walk at 57 with 33 years or 62 with the bonus, that puts me at 41 and 8 months. Also keep in mind that between 57 and 62, you will not receive a COLA if you are retired and obviously no TSP contribution from your employer. Those are also things to consider.
I'm right there with you in terms of service. I'll have 32 at 57 and about 40 at 62. In addition to those reasons you listed, which are huge, I also don't want to retire alone. My wife is eligible for her unreduced teacher pension when I turn 62 so it just makes sense for me to work those 5 years anyway.
@@JonMcMaken Another good point. My wife is two years younger than me, without a pension. Just her 401k and SS. I'd be kind of tough not working and watching her go to work everyday for two more years.
Some random things: If you are eligible for a FERS Supplement, that will not be available once you hit 62 (since that is the earliest age you could usually get Social Security). For health insurance, I would check out his other excellent videos on options that revolve around Medicare, FEHB, and Tricare if military (Tricare For Life once you are 65, which requires Medicare A and B). FYI, if you don't want FEHB, make sure to follow the rules to SUSPEND it and not cancel it. This gives you the option to get it later if needed (usually during open season only, though some other events may allow you to get it at other times) Not to be forgotten is if you want dental and/or vision plans through FEDVIP/BENEFEDS.
The federal health insurance (FEHB) does not include dental or vision benefits. Here is a great video that goes into great detail about that: ua-cam.com/video/GJodW4amK3U/v-deo.html&ab_channel=HawsFederalAdvisors
looking at December 2028, i’ll have 35 years 8 months with US army corps of engineers (DOD) at age 64 1/2 years old. getting that extra 10% towards my pension
Never. Federal jobs are the easiest job in the world. Get paid to wake up. Just keep investing 5 percent in the TSP and keep working. Perfect job security and benefits why retire to do nothing? Your channel is awesome
Paid to wake up? Tell that to Border Patrol Agents, Air Traffic Controllers and anyone I have ever met working their ass off at Social Security or a Passport Office.
Leaving as soon as I turn 57, will have 34 years of service at 57. I’m 40 with 17 years of service, 17 more to go. Leave as soon as your eligible guys!!! Enjoy life.
100% this! Amen!
12 more yrs to go. Will retire at 57 with 34 yrs. Retire and enjoy life a little. Don't wait till your health is bad. Not worth it.
Just retired today with 35 years at age 62. I decided I wanted more time vs money! My health is good and I rather travel and enjoy life than still be working. 😅
@@angelacross3109congrats 🎉
Retiring at 57 with 10 years of service.
Finished 23.5 years in the military and have been working for the DoD for 8 years. Will be retiring at the MRA+10. Trying to build nice TSP egg and with disability, and FERS me and the Mrs. will be fine. Will also be taking SS at 62 because it goes down 2 years after that. I am blessed to have multiple income streams.
Staying longer for a larger FERS pension doesn't really appeal to me (60 years old seems plenty old enough if you have 20+ years). Yes you might get another $100-300 per month by adding more years to your FERS annuity, and I know it adds up quite a bit if you have a gazillion years with the feds, but the real money is what you have saved in TSP. It far outweighs your FERS annuity and doesn't disappear or get cut in half when you die. Start saving early and often in TSP and educate yourself on investing. I think you'll be way further ahead.
You still would increase the social security benefits and TSP
I never planned on being a federal employee but after getting out of military with 10 years of service and not finding what I want to do in life it just seems to make the most sense.
18 more years an I’ll be 57/58 with 30 years of service, so why not.. then I’ll have a much better understanding understanding what I want to do the next phase of life
well said - yet another reason we need Biden out, I was making the equivalent of a salary in earnings in my TSP under the last administration, that’s why I laugh when the union tells us to vote Democrat like robots - i’ll take huge earnings over a 3% raise once and a while, i have contributed 10% to the TSP forever and have 33 years federal service - 3 years until
I hit 57 and hope to leave and take advantage of the FERS supplemental
Horse Hockey. The FERS pension far beats out the TSP for income. Pension is steady, gets cola's. TSP income is subject to whatever investment performance you can get, so if the market or rates decrease, you are screwed.
@@kevinedward-jt2vs horse hockey indeed if you haven’t contributed and earned substantially in the TSP for decades to get over and above the full match 👍
The best age is the earliest one can retire with full benefits
I turn 60 this year. I figure I'll stay to 62 to get the 10% bump to cover the cost of the full(50%) survivor pension benefits for my wife.
My father retired under CSRS at age 55 with 30 years of service. I will be 64 with 43.5 years under CSRS.
As of 9 months ago, I maxed out my annuity percentage under CSRS. Mortgage paid off 2 months ago. Too many negative changes at work. It's time to split, and go do something else more enjoyable.
I like my job give, but I’m getting out at 57. My TSP account is high enough that with my pension I’ll be able to replace about 80% of my current salary. Thanks for the videos!
In 8 more years I'll have 30 years of service and will be 58 years old. DEUCES!!!!
Retired Veteran, 56 yo with 34 years combined Military - Federal Service. Still seems like I still need to hang around and few years, as the cost of everything keeps outpacing any eatimated Cost of Living Adjustments.
The head coach of the West Point football team used to be the highest paid federal employee . The academy moved the athletic program under a not for profit, probably to avoid the regulations.
At the end of the day, what works best for you and depending on your finances. 31 yrs civil service , GS-9 step 10 and 52 yrs young 😂. My magic number is 57, and that is sweet spot for me. Beat of luck my fellow civil service brothers and sisters. 👍🏽👍🏽
64y/o, GS-12 since the 1990s, as of now 41 years service, love my job, love my co-workers, I am highly respected by them and management, need the insurance, have nearly no supervision, no debt. I dont really wanna leave. Wife works part-time as a physician, dont really have any hobbies. I think I’ll just stick around …
Nothing is wrong with that... Retirement is personal. If you enjoy life and family plus employment, if you are happy plus receiving satisfaction in life. Enjoy!!
Im 39 y/o as a GS-13 right now….i def plan on leaving at 57 with 26 years of service..im starting to near max my TSP mix of Trad/Roth going fwd for the next 15 yrs hopefully it pans out 🤞🏾🤞🏾🤞🏾
Might want to check, but I believe you need 30 years at 57…
Love your energy - thank you! And I like the format of these videos, short and informative.
My Pleasure! Thank you for the feedback!
To me FERS is better w/ 35 plus years of service for retirement...it depends on your income etc so if you are making 100k or more and leave bet ages 57 to 59 despite not receiving cola, it may be worth it giving your personal situation, as your retirement is personal & uniquely your own. I recommend years b4 retirement a few thousands put away in addition to TSP since it will take opm a few months, to settle your monthly pension. --- I experienced this...was not bad. I did MRA and love it, i may not get COLA but im fine w/ the supplement and retirement pension for the next few years. Caveat: the taxes...but you mentally prepare before leaving. However, as long as you worked out your situation for affordable living, you are fine . All i can say is to prepare prepare. A peace of mind abd good health are blessings. Best wishes all.
I have 34 years, and I will be 60 in October
Just retired 4 weeks ago @ 64. Every case is different. AF and FAA pensions
Work till 62 if you'll have 20+, the extra +10% bonus will allow you to keep your benefits and offset a lot of the cost, so it's like free benefits for the rest of your life in ways...
Another reason why 60 is a magic year is that you are no longer bound to the TSP 59½ 10% penalty.
You were never bound to 59.5.
Gosh…. I cannot wait until 59 1/2. That would give me MRA + 10. I’m only staying for the insurance! The FERS is not much unless you have 30+ years! 4 more dreadful years to go!
I feel once you hit 30 years of service there shouldn’t be a MRA!!! That’s just ridiculous!!! I will have the years but not the age 😕
Thats me
Same here
2 Years, 6 Days left (but who is counting..lol) to my MRA with 39+ years. Cannot come fast enough
I'm 46 with 25 years and 5 months at the time of this post. 57 can't come fast enough....
but I would rather be 46 and still working - healthy than age 57 and retired
Thank you for this great info. Keep it up.😊
My pleasure 😊
For me its 59 1/2 with 31 years of service ❤❤❤🎉🎉🎉 I am currently 41 about to be 42! I end ip making more money if I retire at 59
In 8 more years I'll be 58 with 30 years of service. Then I'm out! Good luck!
COLA increases are important. This is something to know if you retire before 62. It's a big deal.
Hope to get more info on COLA and retiring before 62
Remember if you retire at 57, you will not get your cost of living increases until 62. That's an important point to know. Just imagine the people who retired in 2019 that lost one of the biggest COLA increases in the last 5 years
Important to know but I've never regretted retiring at 57. Good point tho!
if you don’t retire between 57-62 you can never get those 5 years of FERS supplemental pension payments/free money ever again for me that’s over $131,000 plus I could work part time in those years and earn up the limit of about $24K and not have it affect my FERS supplemental at all. There are options for those who can afford to retire at 57.
@@AD-ui2pzso when do you recommend to retire and with how many years?
@@itguru2037 it all depends on what your goals are and also what amount you have in your TSP as well if you need that as the third source right away and want to go earlier -but if you are ready at age 57 and have the years for full retirement you can make it work possibly, I’ll have 36 yrs at age 57 and like I mentioned I may look to work a very part time job since i’m still capable and would be younger than someone waiting until 62 to retire - my goal is to prolong touching my tsp and let it still accumulate earnings even longer, it’ll be over 7 figures
Not sure what this guy’s qualifications are for advising federal employee retirement. It’s best to seek out a financial advisor who is trained in federal benefits, such as a Chartered Federal Employee Benefits Consultant.
Having said that, and being a retired federal employee myself, I recommend not retiring until at least age 62. This is because if you are not 62 or older, you do not get any COLA applied to your pension. It’s the same COLA that SS gets, less 1%. As an example, the SS COLA for 2023 was 8.7%, so the COLA applied to my pension was 7.7%. That was a large amount, and it’s not always that big, as the 2024 SS COLA was 3.2%, so I got 2.2% applied. But, if you are under 62 at the time of retirement, you get nothing.
My plan was live off of my pension plus a TSP withdrawal until my FRA (full retirement age) of 66 1/2, which I was in February of this year. I then lowered my monthly TSP withdrawal to make my combined SS plus TSP plus pension the same total amount that I had with just my pension and TSP. Doing this gave my TSP total balance a longer amount of time to withdraw from, since my balance would now be reduced by a smaller monthly withdrawal.
I want to add that I manage my TSP myself and did not opt for an annuity, because I want to be able to increase or decrease my monthly withdrawal as needed.
I should also mention that before I retired, I moved my entire TSP balance into the G Fund, which is the safest option to not lose any of your money to market fluctuations. In doing so, I find that after retirement, this account is still making money (even though my contributions have stopped). This also contributes to making my TSP last longer into my retirement.
I also make sure my total income is below $103,000, because at that level for singles), the monthly Medicare premium is $174.70. It gets deducted from SS. If you go over the annual income threshold, the Medicare premium you pay increases incrementally.
I found it beneficial to attend a federal employee retirement seminar (it’s free), although they do not cover everything you need to know. But it was very
good information to start with.
Also, it’s a good idea to submit your retirement paperwork 2-3 months prior to retirement. When you do retire, it may take a few months to actually start receiving your pension, so I suggest having enough savings to cover your bills in the meantime.
I don’t recommend retiring before age 62 as I stated above, but if you do before age 59 1/2, you will get hit with a 10% penalty on the amount withdrawn from TSP. Another good reason to wait.
Using an investment calculator, I figured out I could have around 1.5m in TSP at age 57. If I waited till 62, it rose to 2.4 using the same assumptions. Is 5 years worth a possible 1million more? Hard decision.
TSP will double between every 5 to 7 years based on actual rates (7 years is 10 percent of returns).
The real question is in another 5 to 6 years at 67 you should have over 4 million. Is the extra 10 years worth 3 million?
The answer is no for me... My MRA is 60 since I joined so late. I am gone at 60. At that time I will have close to 3 million in TSP by then so I don't need the extra 10 percent.
Bird watching is free at age 62, take it at 57 and enjoy life.
@@BigJohnM do you mean to say your first eligibility to retire is 60? Because there is no MRA 60 yet, the oldest is 57. So if 60 is your eligibility have you only worked for 5 yrs? To me your numbers don’t calculate.
Age 60 with 25 years. Not a day longer.
The sooner the Better, But another 10% for life is certainly something to consider.
I'd have to trade 4 of the healthiest years I will have left for that 10% on the pension.
agreed 👍 @@erickarnell.
Im 42 with 22 years of service. I'm ready to "retire" now. I'm drained!
20 years at 55. I’m thinking 62 but might just go at 60.
This perfectly encapsulated my considerations and selection of a target retirement age. Thank you for showing that my choice coincides with many others.
Glad you found the information helpful!
@@PlanYourFederalBenefits your channel has become my go-to place to learn about my benefits and retirement. The content is great and your explanations are easy to understand and follow. Keep up the great work and service
I am a big fan of your videos . Very informative for me. I have a question about social security. If I stop working at 62 and delay my Social security until 65, will that increase my social security pension or will it decrease since I will have no earned income after 62 ?
Thank you!!
could you make a video on cola at age 62? for FERS retiree who were born in December, they will not get cola when turn age 62 in Dec. they have to wait for next Dec to get the cola. the question i have is which year of cola will be applied? Thanks
Certainly, here it is:
ua-cam.com/video/eOfUJVqFE3Q/v-deo.html&ab_channel=HawsFederalAdvisors
I hit 30 years of service at the salary cap as a federal physician in a high demand medical specialty at age 58.5 (TSP withdrawal age). My top 3 year average salary used for my pension calculation is the current annual salary of the President of the United States (without perks like AF-One and SS protection). I qualified for the generous free money FERS supplement. You get to draw from your TSP when you retire so the 58.5 wasn't a factor. In fact you might want to delay withdrawals until the start of the next calendar year when your tax bracket drops. I waited a full year until the C fund recovered from the Biden inflation bear market before setting up 6%/12 monthly TSP installments. Despite a year's worth of withdrawals, my TSP balance is at an all time high.
What do you know about the social security supplement you can get between age 57 and 62? Seems like a variable that should be included in planning. Especially if someone plans to stay u til 62 for SS purposes.
Yes, it is definitely a consideration in one's retirement. Check out our website. We have many videos on the FERS Supplement here: hawsfederaladvisors.com/fers-supplement-articles/
I turn 62 in the same year I have 20 years of service so I really don’t have much of a choice.
This must be for those under FERS and not CSRS.
Correct.
what about the 55 rule with 30 years of service, what is the downside? whats not available to me, tsp, fed supplemental, health?:
Great question. Feel free to schedule a one-on-one appointment to discuss your questions and concerns here: app.hawsfederaladvisors.com/whatservicemakessense
Thank you.
You're welcome!
I just hit 60 3 weeks ago and have 42 years with the federal government. 3 years DOD and 39 years with the PO plus 1100 sick leave. Total 40 years and 7 months Postal Service. People say I should stay until 62, but I'm ready to leave next year. Is there anything extra for having 44 years of federal service and 61 years old?
Great question. And thank you for your service. If you're looking for a better pension, it is a great idea to wait until the age of 62. As discussed in the video, there's a 10% pension bonus at 62 with 20 years of service. Here's another great video about that:
ua-cam.com/video/NsCNPl3_Myg/v-deo.html&ab_channel=HawsFederalAdvisors
Are you a CSRS employee?
@David-cv3bp FERS. I came into PO as CRS but was tricked into switching to FERS. It is what it is.
@@shawnsereal4175 I would say you have the better deal as long as you have contributed to the tsp.
If you can make it till 62 it will be more money.. but money isn't everything... and with 42 years = 42% of your high 3 plus Social Security is a great retirement now. .. you are only talking about a few thousand dollars per year, every year .. but 42% of your salary is super great !!!
Example age 57 with 20 years of service. Of course this will be 3 years from now. Would I be able to retire with full benefits or do I have to wait until 60? Thank you
If you have 20 years of service, you have to retire at least age 60 to get full benefits.
Thank you@@PlanYourFederalBenefits
Retiring at 57 with 30 years of service.
How does part time play into the formula. Ex. 20 years in at 60 then 2 years part time to reach 62 for the 10%. Will that work?
Great question. You need at least 20 years of full-time service at the age of 62 to get the 1.1% multiplier. Part-time can also count, but it is prorated. For example, 2 years of working 20hr/week would count as one year of working full-time. Here is a great video on that: ua-cam.com/video/8vm9T2sT5KI/v-deo.html
whenever Haws mom says too
haha
@@PlanYourFederalBenefits I love your content man and I have been making comment like this for years in an effort to get a response from you! Keep cranking out the good material man!
What about military time can i add 4 years to my 26 years of postal service to make 30 for retirement purposes?
If you pay back your military service it will add years to your retirement.
You have to buyback that Military time
I need them to just offer a chunky deal asap🙏🏽🙏🏽🙏🏽🙏🏽 another 15 yesrs til 57 seems too long
Please do a video on the Court Order Benefits Branch and how they affect the process of your federal retirement paperwork.
What about service comp dates? Combat time, Korea time?
Unfortunately, it does not help the service computation date, but adds to service time for leave (4, 6, or 8 hours per pay period). My deployed time brought the increased leave hours sooner. Your SF-50 should show your SCD for Leave date.
Thank you
@@leembandy combat military service does not add anything extra in of itself. However, you can buy back your military time and then those years of service will be counted in the retirement calculations. I purchased my 9 yrs of military which gave me a 9% increase in my retirement calculation.
I was not aware of there being a extra 20% added if I retire at 62 and have 20 years of service. I started at 22yrs old (now 30) and was planning on retiring at 57 but now I may increase that to 62. Am I grandfathered in? Is this subject to change? Thanks!
It’s not 20%, it’s 10%.
What if you have 40 yrs in age 61.5 and have 6 months of SL.
Can you retire and get the 1.1% benefit dince your SL will push you into the 62 yr old bracket.
Great question. Unused sick leave does not count towards your age. It will only count towards your years of service. Here is a great video on that: ua-cam.com/video/4gU66nzg7Zo/v-deo.html&ab_channel=HawsFederalAdvisors
I have 11 more years until I reach 57 with 30 years of service. Let the count down begin 😂
Well Ill either walk at 57 with 33 years or 62 with the bonus, that puts me at 41 and 8 months. Also keep in mind that between 57 and 62, you will not receive a COLA if you are retired and obviously no TSP contribution from your employer. Those are also things to consider.
I'm right there with you in terms of service. I'll have 32 at 57 and about 40 at 62. In addition to those reasons you listed, which are huge, I also don't want to retire alone. My wife is eligible for her unreduced teacher pension when I turn 62 so it just makes sense for me to work those 5 years anyway.
@@JonMcMaken Another good point. My wife is two years younger than me, without a pension. Just her 401k and SS. I'd be kind of tough not working and watching her go to work everyday for two more years.
@@RobertJToledoI think I could manage, women do it all the time😂😂
I don't know, having freedom might be worth that sacrifice.
How does full retirement age of 67 and social security etc factor in?
Some random things:
If you are eligible for a FERS Supplement, that will not be available once you hit 62 (since that is the earliest age you could usually get Social Security).
For health insurance, I would check out his other excellent videos on options that revolve around Medicare, FEHB, and Tricare if military (Tricare For Life once you are 65, which requires Medicare A and B).
FYI, if you don't want FEHB, make sure to follow the rules to SUSPEND it and not cancel it. This gives you the option to get it later if needed (usually during open season only, though some other events may allow you to get it at other times)
Not to be forgotten is if you want dental and/or vision plans through FEDVIP/BENEFEDS.
What if someone is 58? Do they still need 30 years?
You don’t need 30 years. However, your FERS pension would likely be highest with 30 or more years.
Yes. If you would like a full retirement at 58, you will need at least 30 years of service.
You mentioned health insurance does that also apply to dental insurance as well?
The federal health insurance (FEHB) does not include dental or vision benefits. Here is a great video that goes into great detail about that:
ua-cam.com/video/GJodW4amK3U/v-deo.html&ab_channel=HawsFederalAdvisors
looking at December 2028, i’ll have 35 years 8 months with US army corps of engineers (DOD) at age 64 1/2 years old. getting that extra 10% towards my pension
I wonder what percentage that retire at 57 get another job.
Never. Federal jobs are the easiest job in the world. Get paid to wake up. Just keep investing 5 percent in the TSP and keep working. Perfect job security and benefits why retire to do nothing? Your channel is awesome
Thank You for the feedback!
Unfortunately, this is true! 😂
Paid to wake up? Tell that to Border Patrol Agents, Air Traffic Controllers and anyone I have ever met working their ass off at Social Security or a Passport Office.
@celticmco5672 relax, I'm a government employee, came from private sector. He's absolutely right, I've been in both camps. Sad but true!
@@celticmco5672 I hear you. I used to work at SSA and got my degree in computer engineering. Left and now get paid to wake up from home
Wonderful info again, thanks!!😊🏜💰
is there a mandatory retirement age for Federal employees?
Thankyou for your Feedback and support!
@@PlanYourFederalBenefits Always welcome!✨️😊💙