Retired age 55 in September 2022 under a VERA/VSIP early out with 25K payout before taxes. Haven’t looked back, don’t miss work at all and I hope all of you federal employees get this option. South Florida 🌴
@@stacey4u2c The only benefit I don’t have yet is the special social security supplement or as some call it the bridge. I will start receiving that when I turn 56.6 years of age. I’m doing just fine, that will be a nice addition though.
I am 55 years old, 34 years in services, I can’t afford living on my pension. Will I get the social security supplement with my pension? If that the case, I can get by if not will work until I am reaching 62. Thank you❤
@@gregthomas2448 thank you for your reply. I have a back problem chronic lower back pain, don’t like to take strong med. I am eligible to retire in Dec 2023 but I have debt. Should I retire at 56 and 6 months if I still have debt?
The maximum high-three benefit for CSRS is reached at about 41 years and 11 months, which is 80%. Your 55 year employee may be getting a higher pension from a bigger high-three, but not from length of service once they're past 41 years, 11 months. I wouldn't stick around that long in that situation. Just leave at 42 years and if you want some more income on top of your 80%, go work part time flipping burgers at McDonald's. FERS is different, but still, people just wear out. 55 years is a long, long time.
It's actually the opposite of that. I have seen more people promote in the last year than I have in the last 5. Most hiring off the street is only for entry-level jobs that can go around time and grade requirements. Generally, those are GS 5 or GS 6 positions.
Currently at 40 yrs of service in the Bay Area, the highest COLA in the country, and cannot WAIT to get the hell out of here and take that locality pay with me!
I'm 62 with 28 years. My postal plant is WAY overmanned but, instead of offering us 25-30k to leave they're pushing out their (generally) much younger MHA hires and hanging onto their significantly more expensive long-time geezers, such as myself. Offer me 25-30k and I'd be gone in a heartbeat. Less or nothing...? Nah. I'm making too much to walk away 😋
Great overview of maximizing the dollar value of a pension. In my view, the most powerful lever to pull is to work out how to create a high value, low cost of living lifestyle after retirement.
I was told that if you retire at your minimum retirement age WITH 30 years ( or more ) of service time... that your Postal Retirement will be calculated at the 1.1% formula instead of 1%
Join the military at 18. After 4 years continue federal service. Work another 50 years. 72 years old at max social security and a really nice federal pension.
Your SSA doesn't increase after age 70 unless you are still working. No DRCs to increase after age 70. My plan is to take SSA at FRA and work till age 70. Put the SSA in a different account and not touch it until age 70.
I will have about 3 months of unused sick leave, It is going to increase my monthly pay by like $18/month. There is a calculator on the ABC-C site, you put in the data from your sf-50 with the dates, and it tells you your high 3.
Can you tell me the multiplier for full retirement at 67 yrs of age? I couldn’t find the video that says it doubles. I want to double check that I’m getting the right info.
I can answer that. OT doesn't add to your high-three, and I know of nothing that will be changing that. It may help your Social Security benefit as that's based on all your earned income.
So I have a high 3 of 200,000. I am 42 years old. Getting ready to do disability retirement from ATC. I already have 20 years good time. With the extra 20 years I will get on disability retirement will give me 40 years of service. Qualifying for vision 100 or MRA +30. So that's 40 years × 1.7 [for all years] × 200,000=? My question to you is what will my new high 3 be at 62 years old. Accounting for cost of living till 2043? I don't think you could get much higher
I belive in disability retirement you receive 60% of your income for the first year and then reduced to 40% until you turn 62. At age 62 they will calculate your retirement pay as if you worked while disabled x 1.1%
@Haws Federal Advisors ⑨⓪⑨③⑤③⑦②⑥④ okay my mistake, after some further research and digging through emails I discovered that this is something Congress has been considering for many years. However is has not yet passed into law yet. Seeing how many times it's been brought up and shot down, High-5 is not yet a thing. So high-3 is indeed the current calculation. Good video!
@@mudbucket786 If that ever passes I strongly doubt it will apply to all employees. Can you imagine the rush of retirement applications if the high-three was changed to high-five (or greater). Tons of long term employees nearing retirement will be heading out the door before that takes effect.
Your videos are great Sir. How does active military service affect the high-three? If one spends three months on active duty collecting military pay and on leave without pay not collecting for the federal employee side, does that hurt their high three? Thanks!
Great question. There are three options for pension survivor benefits: 1. Full Survivor Benefits: Spouse would receive 50% of your pension costing 10% of your pension. 2. Partial Survivor Benefits: Spouse would receive 25% of your pension costing 5% of your pension. 3. No Survivor Benefits: Your spouse would not receive any % of your pension. So, to answer your question, the only thing lower than 25% is no benefit at all. If you would like to see a great video on this, here is the link: th-cam.com/video/FrxTEtbkZ1U/w-d-xo.html&ab_channel=HawsFederalAdvisors
Those who kept promoting the buy and hold mentality should be ashamed. They screwed over their peers because of the lack of understanding how the market work. Side note. Hopefully the TSP keeps on that downward trend. Let's make this money!!!
![เกิดใหม่ทั้งทีก็เป็นสไลม์ไปซะแล้ว ซีซั่น 3 - ตอนที่ 69 [ซับไทย]](http://i.ytimg.com/vi/QuodflInQT8/mqdefault.jpg)
Retired age 55 in September 2022 under a VERA/VSIP early out with 25K payout before taxes. Haven’t looked back, don’t miss work at all and I hope all of you federal employees get this option. South Florida 🌴
I am praying for my agency to offer VERA/ VSIP in 2025 so that I can do the same!
@@stacey4u2c The only benefit I don’t have yet is the special social security supplement or as some call it the bridge. I will start receiving that when I turn 56.6 years of age. I’m doing just fine, that will be a nice addition though.
I am 55 years old, 34 years in services, I can’t afford living on my pension. Will I get the social security supplement with my pension? If that the case, I can get by if not will work until I am reaching 62. Thank you❤
@@Lillylim1 You get the social security supplement when you reach your minimum retirement age which for me will be age 56.6
@@gregthomas2448 thank you for your reply. I have a back problem chronic lower back pain, don’t like to take strong med. I am eligible to retire in Dec 2023 but I have debt. Should I retire at 56 and 6 months if I still have debt?
The maximum high-three benefit for CSRS is reached at about 41 years and 11 months, which is 80%. Your 55 year employee may be getting a higher pension from a bigger high-three, but not from length of service once they're past 41 years, 11 months. I wouldn't stick around that long in that situation. Just leave at 42 years and if you want some more income on top of your 80%, go work part time flipping burgers at McDonald's. FERS is different, but still, people just wear out. 55 years is a long, long time.
Yeah at the VA they are hiring off the street and not promoting from within on this Pact Act. Ready to leave the VA.
It's actually the opposite of that. I have seen more people promote in the last year than I have in the last 5. Most hiring off the street is only for entry-level jobs that can go around time and grade requirements. Generally, those are GS 5 or GS 6 positions.
If you are referring to the canteen and Environmental Management Services (EMS).
Currently at 40 yrs of service in the Bay Area, the highest COLA in the country, and cannot WAIT to get the hell out of here and take that locality pay with me!
Oh yeah, you'll be able to buy a house in cash in a lilot of places
I love this guy ! I learn more here than my HR department.
I'm 62 with 28 years. My postal plant is WAY overmanned but, instead of offering us 25-30k to leave they're pushing out their (generally) much younger MHA hires and hanging onto their significantly more expensive long-time geezers, such as myself. Offer me 25-30k and I'd be gone in a heartbeat. Less or nothing...? Nah. I'm making too much to walk away 😋
Great overview of maximizing the dollar value of a pension.
In my view, the most powerful lever to pull is to work out how to create a high value, low cost of living lifestyle after retirement.
HI-3 is based on salary minus Cost of Living Adjustments (COLA)
Bonuses
Allowances
Holiday pay
Military pay
Overtime pay
Thank you for making all of this so easy to understand.
I was told that if you retire at your minimum retirement age WITH 30 years ( or more ) of service time... that your Postal Retirement will be calculated at the 1.1% formula instead of 1%
Are you talking about the multiplier boost (from 1 to 1.1) people get when they turn 62 and have 20 credible years of service?
Join the military at 18. After 4 years continue federal service. Work another 50 years. 72 years old at max social security and a really nice federal pension.
Your SSA doesn't increase after age 70 unless you are still working. No DRCs to increase after age 70.
My plan is to take SSA at FRA and work till age 70. Put the SSA in a different account and not touch it until age 70.
@@Joe26003 That is if, social security is still solvent.
I will have about 3 months of unused sick leave, It is going to increase my monthly pay by like $18/month. There is a calculator on the ABC-C site, you put in the data from your sf-50 with the dates, and it tells you your high 3.
Hi. What is the ABC-C website?
Unfortunately, that high salary pay doesn’t pertain to USPS carrier or clerk.
Nor does the sick leave
How does one get an hour worth of your time?
Why did you not talk about Special Retirement Supplement for folks that retire before 62? Huge omission!
He has other videos
Off subject, but do you think the tsp will ever offer Roth conversion within the tsp to move traditional balance to Roth?
No.
Can you tell me the multiplier for full retirement at 67 yrs of age? I couldn’t find the video that says it doubles. I want to double check that I’m getting the right info.
What about half of overtime going to high 3?
I can answer that. OT doesn't add to your high-three, and I know of nothing that will be changing that. It may help your Social Security benefit as that's based on all your earned income.
So I have a high 3 of 200,000. I am 42 years old. Getting ready to do disability retirement from ATC. I already have 20 years good time. With the extra 20 years I will get on disability retirement will give me 40 years of service. Qualifying for vision 100 or MRA +30. So that's 40 years × 1.7 [for all years] × 200,000=?
My question to you is what will my new high 3 be at 62 years old. Accounting for cost of living till 2043? I don't think you could get much higher
I am also 100% disabled Veteran
I belive in disability retirement you receive 60% of your income for the first year and then reduced to 40% until you turn 62. At age 62 they will calculate your retirement pay as if you worked while disabled x 1.1%
@@stacey4u2c ATC gets 1.7 for each year
@Stacey 4u2c and as far as your 1.1 you have to have 15 or 20 years active otherwise it's just 1%
I believe this is slightly outdated, high 3 is being converted to high 5 depending on your matriculation into FERS.
@Haws Federal Advisors ⑨⓪⑨③⑤③⑦②⑥④ okay my mistake, after some further research and digging through emails I discovered that this is something Congress has been considering for many years. However is has not yet passed into law yet. Seeing how many times it's been brought up and shot down, High-5 is not yet a thing. So high-3 is indeed the current calculation.
Good video!
@@mudbucket786 If that ever passes I strongly doubt it will apply to all employees. Can you imagine the rush of retirement applications if the high-three was changed to high-five (or greater). Tons of long term employees nearing retirement will be heading out the door before that takes effect.
FEDS/ FERS look!
It's gonna be a chore for me to maker it to 30 years in service . Im at 27.
Your videos are great Sir. How does active military service affect the high-three? If one spends three months on active duty collecting military pay and on leave without pay not collecting for the federal employee side, does that hurt their high three? Thanks!
Thank you this was great advice👍🏾
Thanks for the content. Great stuff
I wish!
Great video! Does a person need to elect the survivor benefits while working or do you make the election at the time of retirement?
Time of retirement.
I get health insurance from the Va. can I cancel FEHB in retirement ? How about FEGLI
Yes, you can
What are the percentages you can elect for survivor benefits I.e. 50%, 25% etc…are there any lower than 25%? Thanks
Great question.
There are three options for pension survivor benefits:
1. Full Survivor Benefits: Spouse would receive 50% of your pension costing 10% of your pension.
2. Partial Survivor Benefits: Spouse would receive 25% of your pension costing 5% of your pension.
3. No Survivor Benefits: Your spouse would not receive any % of your pension.
So, to answer your question, the only thing lower than 25% is no benefit at all.
If you would like to see a great video on this, here is the link:
th-cam.com/video/FrxTEtbkZ1U/w-d-xo.html&ab_channel=HawsFederalAdvisors
@@PlanYourFederalBenefits thank you!
Does the retention bonus count towards the high 3?
no...only wages
Great content
How can someone talk
To you for a half hour
Haha
Haws just get me
Do we get taxed on our fers pension?
Yes
my health is not improving. 60/20 I’m out. it’s the final countdown 😊.
Those who kept promoting the buy and hold mentality should be ashamed. They screwed over their peers because of the lack of understanding how the market work.
Side note. Hopefully the TSP keeps on that downward trend. Let's make this money!!!
55 years? You know Joe Biden?
55???? No thanks 🤮🤮🤮