I was fortunate to be offered a VERA/VSIP at age 55, I retired September, 2022 full pension, health dental and life insurance. The only benefit I don’t have yet is the special social security supplement (Bridge). Which I get at my MRA 56.6 in August 2023. So happy to gone from the life draining government job, bad hours, horrible management structure ineptness & waste. Feeling blessed. Wish you all the best. If you can leave early. Do it !!!!!
@@swright5690 to be fair I did 30 years not all bad, so let’s revisit this after you do 30 years. You are lucky for now I’m guessing ten years in or less?
Another great video, Justin. Great examples and pointing out that each of us are different, therefore, crucial to making informed decisions that may impact (both good and not so good) a retiree forever. Your comprehensive overview of retirement for Feds through the lens of a financial planner and wealth management expert is a stark contract from what Feds receive from their HR benefits specialists. Thank you!
It would be great if there was a break even chart for FERS early retirement with penalty similar to the many charts highlighting the break even point for SS at 62.
Great video! Definitely the numbers look best to wait until 62! I used to count the days to retirement but now I'm really enjoying my job and think I might just work until I die. I get enough time off and they say people live longer when the have a sense of purpose.
My Mom retired then went back to work full-time at a pretty rigorous job (waitressing) to help her friend, the owner/chef/her roommate. She's 86 & survived lymphoma a couple of years ago. I think her job is keeping her in-shape, young, & alive.
Positivity Always Wins,I'll be 57 in few days,by chance I stumbled here with courtesy on my approach on seeking for best ideas or ways to create wealth good enough to retire; cause if nothing is done about my finance now,my income will remain stable and expenditures continues to rise. I'm so exigent on this, any ideas?
Hi Wes - You're right, I didn't include it in this simple example. If eligible it's a nice benefit and something that should be part of the plan, but a bit complex to illustrate amounts and subsequent decision points - i.e. taking social security after it ends etc.
Would a fers special supplement be affected by a va disability payment since there is a dollar for dollar offset with social security or are they unrelated? Thank you
The thing you have to watch out for if you decide to work elsewhere after retiring before 62, if you earn more than a set amount (not sure what it is this year), then your FERS supplement gets docked $1 for every $2 you earn....at least that's how I understand it.
It is not worth it for me. I am bailing at 56.5 mra with 33 years next March. I can't even imagine working another 5.5 years with the BS that is coming in the current administration.
Same here! I’m out at 57 with no regrets. Another three years isn’t worth it, let alone another five. I’m grateful for the life that a Federal job has given me and my family, but I’m done and ready to do more of what I want to do.
Funny how when anyone questions the current administration sarcastic remarks come. So tell everyone how better our country has been economically during this administration? How about the open borders for 3.5 years? Do you like spending double for groceries? And let's not forget about the instability in the world? Oh wait the guy who was in office for four years caused this. What happened the eight years prior to him???
Started with USPS at age 22. Leaving at age 58. 36.5 years. I will get the fers special supplement. That’s enough for me!!
How much?
Ideal retirement: bail at 60, move to Ecuador or Portugal where cost of living, healthcare and politics are much more reasonable than US.
I was fortunate to be offered a VERA/VSIP at age 55, I retired September, 2022 full pension, health dental and life insurance. The only benefit I don’t have yet is the special social security supplement (Bridge). Which I get at my MRA 56.6 in August 2023. So happy to gone from the life draining government job, bad hours, horrible management structure ineptness & waste. Feeling blessed. Wish you all the best. If you can leave early. Do it !!!!!
Wow good for you... thanks for your years of service. Best wish for and your love ones. Be save !
Hmm. Fed here. I love my job with DoD. Great boss. Great leadership. Lucky I guess.
@@swright5690 to be fair I did 30 years not all bad, so let’s revisit this after you do 30 years. You are lucky for now I’m guessing ten years in or less?
Another great video, Justin. Great examples and pointing out that each of us are different, therefore, crucial to making informed decisions that may impact (both good and not so good) a retiree forever. Your comprehensive overview of retirement for Feds through the lens of a financial planner and wealth management expert is a stark contract from what Feds receive from their HR benefits specialists. Thank you!
It would be great if there was a break even chart for FERS early retirement with penalty similar to the many charts highlighting the break even point for SS at 62.
Great video! Definitely the numbers look best to wait until 62! I used to count the days to retirement but now I'm really enjoying my job and think I might just work until I die. I get enough time off and they say people live longer when the have a sense of purpose.
My Mom retired then went back to work full-time at a pretty rigorous job (waitressing) to help her friend, the owner/chef/her roommate. She's 86 & survived lymphoma a couple of years ago. I think her job is keeping her in-shape, young, & alive.
Positivity Always Wins,I'll be 57 in few days,by chance I stumbled here with courtesy on my approach on seeking for best ideas or ways to create wealth good enough to retire; cause if nothing is done about my finance now,my income will remain stable and expenditures continues to rise. I'm so exigent on this, any ideas?
It doesn't look like your numbers consider the FERS supplement; maybe I missed it?
Hi Wes - You're right, I didn't include it in this simple example. If eligible it's a nice benefit and something that should be part of the plan, but a bit complex to illustrate amounts and subsequent decision points - i.e. taking social security after it ends etc.
Would a fers special supplement be affected by a va disability payment since there is a dollar for dollar offset with social security or are they unrelated? Thank you
The thing you have to watch out for if you decide to work elsewhere after retiring before 62, if you earn more than a set amount (not sure what it is this year), then your FERS supplement gets docked $1 for every $2 you earn....at least that's how I understand it.
Yes, excellent point, the exempt amount in 2024 is set at $22,320 -- every dollar earned above that reduced your SRS benefit.
@@justinholtz Thanks!
The best age to retire is when you think is best. Don’t need to leave that decision up to a you tuber
@@itguru2037 agreed!
It is not worth it for me. I am bailing at 56.5 mra with 33 years next March. I can't even imagine working another 5.5 years with the BS that is coming in the current administration.
What BS exactly?
@@ps-ic8pm Great question!
LOL, if the GOP had it their way you wouldn't even be looking at a pension. Get a clue!
Same here! I’m out at 57 with no regrets. Another three years isn’t worth it, let alone another five. I’m grateful for the life that a Federal job has given me and my family, but I’m done and ready to do more of what I want to do.
Funny how when anyone questions the current administration sarcastic remarks come. So tell everyone how better our country has been economically during this administration? How about the open borders for 3.5 years? Do you like spending double for groceries? And let's not forget about the instability in the world? Oh wait the guy who was in office for four years caused this. What happened the eight years prior to him???
$150,000 as someone's high-three is not a realistic example, unless you're talking about the 1%. Use what is an average person's high-three salary.
But for me I’m at 135k right now and have 23 more years to go
@@not4you201 Not everyone is an engineer...
@@kjaxin1right, most feds are not engineers and making under $100,000 a year!