What is the Best Age for Federal Employees to Retire?
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- เผยแพร่เมื่อ 28 เม.ย. 2024
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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.
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.
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 👍
In 8 more years I'll have 30 years of service and will be 58 years old. DEUCES!!!!
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!
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
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!
Age 60 with 25 years. Not a day longer.
COLA increases are important. This is something to know if you retire before 62. It's a big deal.
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 🤞🏾🤞🏾🤞🏾
Thank you!!
Thank you for this great info. Keep it up.😊
My pleasure 😊
Love your energy - thank you! And I like the format of these videos, short and informative.
My Pleasure! Thank you for the feedback!
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.
2 Years, 6 Days left (but who is counting..lol) to my MRA with 39+ years. Cannot come fast enough
Thank you.
You're welcome!
I have 34 years, and I will be 60 in October
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!
20 years at 55. I’m thinking 62 but might just go at 60.
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.
Please do a video on the Court Order Benefits Branch and how they affect the process of your federal retirement paperwork.
This must be for those under FERS and not CSRS.
Correct.
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 ?
I need them to just offer a chunky deal asap🙏🏽🙏🏽🙏🏽🙏🏽 another 15 yesrs til 57 seems too long
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:
th-cam.com/video/eOfUJVqFE3Q/w-d-xo.html&ab_channel=HawsFederalAdvisors
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.
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.
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 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:
th-cam.com/video/NsCNPl3_Myg/w-d-xo.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 !!!
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
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 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.
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
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:
th-cam.com/video/GJodW4amK3U/w-d-xo.html&ab_channel=HawsFederalAdvisors
I have 11 more years until I reach 57 with 30 years of service. Let the count down begin 😂
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%.
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
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.
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!✨️😊💙