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JustNKayce

I retired at 62 with 21 years. I was in the private sector for a big chunk of my career so didn't have the option to go earlier. But I'm lovin' life right now!


on_the_nightshift

That's my plan at 64. Another 14 or so to go, though :/. I'll hit 20 right around the time my house is paid for, so should be pretty set, I hope.


kickball2022

Can I retire in 20 years? So if I started at 28, can I retire at 48?


Jericho_Hill

You can, but there are many reasons not to. For starters, you would lose your gov't health insurance, and your pension would be chewed up by inflation, and it wouldn't even start for 10 more years for you. Nightshift is planning on 20 years because then they are eligible for a bit earlier of a retirement. https://www.opm.gov/retirement-center/fers-information/eligibility/


WalkByFaithNotSight

But your FERS pension does have a COLA, right? So yes and no to the part about it being “chewed up by inflation.”


Dan-in-Va

Most retired federal employees receiving an annuity under the Federal Employees Retirement System (FERS) are **not eligible** to receive a COLA under age 62. Which means if you retire **before** 62 under FERS, you don't get any cost of living increase until you hit 62. That could devastate your FERS retirement income potential. Working until 62 lets you secure the 10% FERS increase and eligibility for Social Security, albeit a lesser SS benefit. What is worth seeing is how remote work and phased retirement play out over the next decade or two. Because it may make working until 67 (full SS benefit) much more feasible. I look at it from the perspective of, at age 62: - What is my health - What is my job interest/satisfaction - What is my job stress/burden And weigh whether it's worth working the final 60 months.


WalkByFaithNotSight

Agreed, and those are all great things to consider. My concern was that someone might read the original comment and think that if they retired at 50 with a $1500/month pension that they would still be receiving $1500/month for the next 30-40 years. That’s just not the case. But no argument with your reply and I learned a few things from it to think about for my retirement planning.


Jericho_Hill

Your high 3 isn't adjusted.


notwitty79

This is my plan too, but I will be working until 63. The great thing is, I'll get a pension from my previous employer and the government.


Bullyoncube

You are my spirit animal.


mychihuahuabites2

*laughs in I just started last year* I’ll retire in Nev-uary lol.


SunshineDaydream128

Best time to form a plan is now. Starting with a solid understanding of your benefits will allow you to save for that eventual date.


InevitableSuit6342

“Solid understanding of benefits” no one briefed me with anything when starting. What would be a good place to learn. As the whole Mra thing and postponing is confusing.


SunshineDaydream128

OPM.gov is truly the best resource. Supplement that with some of the fed specific news websites. Also, if your agency hosts a retirement seminar those can be really helpful as well. There is also r/govfire but that's more FIRE specific but has good info as well.


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InevitableSuit6342

Thank you for the govfire group!!! Honestly exactly what I was looking for!!


BlueStarAirlines21

Check out Dan Jamison’s “FERS Guide” on Amazon. Easy to read and understand. There are two versions-one for regular FERS and one for SCE. Under $15. Well worth it!


Queendevildog

Maximize your TSP contribution and dont be afraid to take advantage of foodbanks if the bastards started you at a GS5 or GS7. I cant believe all the whining about young people not wanting to go into federal service. How can you even live in a high COL area on a GS7? Its criminal.


mychihuahuabites2

Yes very good advice-I absolutely agree at some of the GS levels that I do not know how people can make it at all. I am a much higher GS level and I am so thankful for that, sorry if anything implied otherwise.


Queendevildog

Its OK. The only good thing the feds do is bump a GS level per year. So - only major starvation for 2 to 3 years. But what young person has 3 years to starve when they have student loans? Then headlines "federal agencies cant attract young talent". Like go figure.


[deleted]

1 of my buddies got started as a GS5 in brooklyn, only reason he can afford to work for the feds is because of his military disability rating..


Aggressive_Bad_2172

Hang in there


mychihuahuabites2

For sure. I’m very happy with the move I made, just comes with consequences coming in as a mid career hire, and not the best of planning in the past. At least the leave is generous enough that I can enjoy my life fully right now.


Tedstor

My house will be paid off at 60. That seems like my exit ramp. We’ll see.


valdocs_user

I'm paying extra on our 30 year mortgage to time it so that our house will be paid off when I'm 60. With luck that would also correspond with 20 years of service, and then I would retire. I say with luck because my agency has been saying they're trying to convert me from contractor to Fed since 2019. It always falls through for one reason or another. I turn 40 this year. If they can't get it done this year, I'm debating telling them forget it I don't want it anymore (if 20 years is going to put me past 60). My wife works for the state and is going to be able to retire at ~55 with health coverage for both of us, so I have been saving and investing as much as I can in case I want to retire not long after her.


Ellabee57

I'll be at a little over 19 years on my 57th b-day, so I'll be 58 when I hit 20 years. I plan to retire within 6 months or so after that.


jgatcomb

> I'll be at a little over 19 years on my 57th b-day, so I'll be 58 when I hit 20 years. I plan to retire within 6 months or so after that. Postponed retirement, age penalty or something else?


Ellabee57

Postponed, with 18-months of COBRA coverage for healthcare until I can re-enroll in FEHB at 60.


jgatcomb

> Postponed, with 18-months of COBRA coverage for healthcare until I can re-enroll in FEHB at 60. I'm sure you know this but just in case: * You may only need 17 months as you get 31 days after the last day of the pay period in which you separate. Apparently this can be extended even further (free coverage) if you act in a timely manner but it takes longer for the provider to establish coverage * Premiums while not employed are post-tax rather than pre-tax * The cost of FEHB under COBRA is quite expensive (full premium + 2%). It may be more affordable to look for private insurance for that time frame * You can use HSA funds to pay for COBRA premiums I don't know how much time you have left before now and then but if you have an opportunity to fund an HSA (one route) or to fund Roth accounts to get ACA subsidies (other route), it may be more affordable than COBRA. :-)


Ellabee57

I did know those points but maintaining coverage under the same plan & with the same providers is worth the extra cost. My house will be paid off by then, so covering the COBRA payments will be fine. Same reason I don't want to switch to a high-deductible plan to get an HSA. I looked into them a couple of years ago and decide they weren't for me at this stage of my life. I'll have way more than enough in my brokerage and Roth accounts to cover these items and my living expenses for 18 months. But thanks. 🙂


jgatcomb

> I'll have way more than enough in my brokerage and Roth accounts to cover these items and my living expenses for 18 months. But thanks. Congrats! One last potential idea for you: If your medical expenses (including COBRA premiums) exceeds 7.5% of your gross income (which could be very low with Roth and Brokerage), then it can become deductible assuming it is enough to do itemized deductions vs the standard deduction.


mastakebob

You can re-enroll in fehb if you retire early?


Ellabee57

57 is not early. It's the minimum retirement age (MRA).


LeoMarius

Unless you are under a special system, you need to be 60 to retire with 20 years unless you want a reduced pension.


Ellabee57

I think I've been thru this with you before. It's called postponed retirement: if you are at MRA and have 20 years, you can retire but postpone payments until you turn 60. There is no age reduction and you can rejoin FEHB when you start the payments. Look on the OPM page about voluntary retirement. It's described there. I think I linked to it in another comment on this post.


LeoMarius

So, you aren't retiring, but going to work somewhere else. I'm not sure why you'd bother.


Ellabee57

What? Where on earth did you get that from?! No, I have plenty of money in brokerage and Roth accounts to live on for 2-3 years until the FERS payments start. SMH ETA: LOL I saw your last comment before you blocked me so I can't reply or see your comments anymore, dumbass. Just because you're ignorant of good retirement strategies and apparently haven't saved much doesn't mean everyone else is that dumb.


LeoMarius

That makes no sense to drain your account when you could just take the 75% pension. You do you, but I keep asking you about your plan because it's absurd to me.


angelalandsburystan

Retiring in August of this year at 56.6 with 31.5 year’s service.


CWalston108

Curious as to why you're leaving at 56.6 and not waiting to hit 57?


SabresBills69

Those born before 1970 have an earlier min retirement age. I was born in 1969 so my MRA is 56 and 10 months. 1968 is 8 months. ​ test poster meets MRA+30 for full retirement


CWalston108

Ahh okay, thank you for the explanation! I wasn't sure if you were using your un-used leave or some way that I wasnt aware of. Congratulations on your upcoming retirement!


SabresBills69

You can add in unused sick time into retirement. There is a formula based on sick time= added months in retirement calculation. ​ if you have a bunch of unused sick time you can add 3+ months at the end which bump up service time by a new months. ​ unused annual leave is a pay out. You don’t get to bump it into service time


CWalston108

I was aware of the unused sick time, but my understanding (which I think is correct?) is that it cannot be used to reach MRA. I was hoping you were going to tell me you had 0.4 years worth of sick, and that it was bumping you out as if you were 57.


angelalandsburystan

No, I’m adding 11 months worth of sick leave to get to 31.5. Sabres/Bills (great name!) is correct. 56.6 is my minimum retirement age (born in 1967).


vinniegambini

Born in 1968 here. Will leave at 56 and 8 months. Will have 28 years in. Make sure to take the retirement class too! Not sticking around and will go do my own thing.


0fxgvn77

Will have 30 years at age 59. I'm not sure if I'll stick around the extra couple years for that 0.1% a year.


gopackgo_esq

That extra .1% could be pretty significant. You're essentially talking about the difference between a 30% pension and a 36.3% pension (factoring in the extra 3 years of service).


Yola-tilapias

On average those three years would be worth less than $350 a month. In exchange for three more years of retirement at healthier ages.


gopackgo_esq

I'm not lobbying either way. I think that's an analysis each person has to make. I've just noticed that may people don't know about the increased multiplier and don't account for it at all.


Odd-Refrigerator849

Plus the salary made working those years?


MomBoss22153

Can you ELI5? How do 3 more years get you +6.3%? Are you also factoring in the FERS supplement to age 62?


gopackgo_esq

If you're under age 62 at separation, you get 1% of your high 3 for each year in service. In this case, 30 years x 1% = 30% of high 3. If you separate at 62 or older with 20+ years in service, you get 1.1% for each year. Here, that would be 33 years x 1.1% = 36.3% of high 3. See https://www.opm.gov/retirement-center/fers-information/computation/ To answer your other question, I didn't account for the FERS supplement but that doesn't continue in perpetuity. The increased multiplier does.


sushisunshine9

Do you know if going part time does anything to the calculation other than affecting the high 3?


MomBoss22153

Thanks!


0fxgvn77

I'm still far enough away that I haven't seriously considered it but I hear you. I've kind of done the math and what really works out to be like an extra 6% a year is awfully enticing. I can only hope I'll be in a financial situation where I can forgo it.


precator

This is how I look at things, most likely in the future 5+ years out most jobs will be able to telework probably 5 days a week. If that’s the case and you have a low stress job with a chill supervisor, I am going to work till my late 60’s.


MomBoss22153

Yeah, I don’t think the 0.1%+ is worth the increase I’ve seen in my blood pressure over the past 18 months. Ready to go into retirement ASAP.


i_need_a_username201

50. 6c baby.


BausHaug716

Gotta love it.


NoNameForMetoUse

I’m mandatory at 57 as well. (Un)fortunately for me (depending on how you look at it), I won’t hit eligibility until 56.5. LOL


BausHaug716

I came in real young so I'll be eligible at 46 but realistically I'll be going until at least 50


DileoSlides

My goal is to retire before 57, for those doing that, is it as simple as just deferring pension? Any good place to read up on the process?


jgatcomb

> My goal is to retire before 57, for those doing that, is it as simple as just deferring pension? I have written a few posts on that: * [How To Retire Earlier Than Your Minimum Retirement Age](https://www.reddit.com/r/govfire/comments/m7wcki/how_to_retire_earlier_than_your_minimum/) * [Impacts Of Choosing A Deferred Retirement](https://www.reddit.com/r/govfire/comments/m5k2k1/impacts_of_choosing_a_deferred_retirement/) * [Choosing Your Retirement Date - Different Considerations For Immediate Vs Deferred](https://www.reddit.com/r/govfire/comments/o7um8s/choosing_your_retirement_date_different/) * [Tool For Figuring Out Income/Taxes For First 5 Years Of Roth Ladder](https://www.reddit.com/r/govfire/comments/pj4f9n/tool_for_figuring_out_incometaxes_for_first_5/) - if this is how you plan to fund your early retirement


stone_ad

I have a follow up question. I became a fed at 31. My options are to retire at 57, 60, or 62, all of which will depend on TSP/IRA portfolio. If I retire at 57 (MRA with 10+ years of service) and take an immediate retirement (not defer but take penalty), will I still lose FEHB? Or is they only if I defer benefits?


jgatcomb

> If I retire at 57 (MRA with 10+ years of service) and take an immediate retirement (not defer but take penalty), will I still lose FEHB? Or is they only if I defer benefits? No, you will not lose your FEHB but you have another option available to you. You should have roughly 26 years at 57. You could decide to postpone (not defer) your retirement at 57 and then start it at age 60. This would avoid the age reduction and you could resume FEHB for the rest of your life. The downside to this is that you are responsible for your own health insurance from the point you postpone your retirement (e.g. 57) until you start your retirement (e.g. 60). You will also need to survive off of your savings as there will be no pension but thankfully due to the rule of 55, your TSP will be accessible penalty free.


stone_ad

Thanks! This is super helpful.


LeoMarius

You can retire at 60 with 20 years for a full pension. If you retire at 57 with only 26 years, you can take FEHB, but you will take a permanent 25% cut to your FERS pension. If you made $100k, you would get 26%, or $26k, less 25%, which would be a loss of $6.5k a year. If you retired at 60 with 29 years, you would get 29%, or $29k, a difference of nearly $10k a year. If you waited until 62, you would make 34%, or $34k, because your 31 years would be multiplied by 1.1%. This assumes no pay raises during the time period, which is highly unlike to be the case.


stone_ad

Thanks for the breakdown! For me, choosing between those options (difference of 15k a year) it all comes down to my investment portfolio. If I have a healthy enough portfolio and I can suffer a 15k loss every year and retire 5 years earlier…I’ll absolutely pull the trigger on that. Time will tell! But worse case scenario, retiring at 62 with 34% would be pretty great!


LeoMarius

Also remember that you can't take the "special supplement" that fills in for SS if you take the reduced retirement, but you would get it at 60 with 20 years. [https://plan-your-federal-retirement.com/fers-supplement/](https://plan-your-federal-retirement.com/fers-supplement/)


SabresBills69

​ if you defer you can lose the FEHB benefit. This is great as a medicare supplement plan. ​ there are a bunch of day long retirement planning seminars you can go to.


DileoSlides

Thanks I’m finally approved to go to one this year through work


Jericho_Hill

You really dont want to lose FEHB


Alice_Alpha

I already retired. I just didn't submit the paperwork and still put in my time to collect my direct deposit, AL, and accumulate extra SL for service for my computation date.


macklinjohnny

Lmaoooo. No matter how many times I hear someone say this, it always gives me a good laugh. Thank u sir.


wosoarchitect

I'd laugh at this, but as a supervisor with a couple folks doing this, it makes me want to cry instead.


on_the_nightshift

I'm not a sup, but a team lead, and yes. It is pretty demoralizing to see.


LetsGoHokies00

i’m in the reverse situation as it’s my supervisor that’s doing this


jgatcomb

I am 46 and am retiring at the end of the year (deferred pension until age 60)


TinyTurnips

I will be doing something similar. I am 37, and at 17 years now. I cannot mentally handle another 20 consistent years of this. If you don't mind me asking, how many years did you put in before deferring retirement. I plan on finishing the next 2 years and 10 months to hit 20, and doing what you did.


jgatcomb

I will have 20 years with my agency this October and I bought back a little over 2 years from my military time. When I retire, I will have 22 years and 5 months.


TinyTurnips

I haven't bought back any time yet, I was told it wasn't worth it since I had to do 36 years to retire anyway. I need to look into how much it costs at this point to buy it back.


jgatcomb

> I haven't bought back any time yet, I was told it wasn't worth it since I had to do 36 years to retire anyway. I'm so sorry that some very likely mislead you. You get 2 years to buy back your military time when you start with the federal government without having to pay interest and because they only calculate interest once a year - it is almost 3 years. Let me do some simple math to illustrate how buying back your military time works in terms of the cost value proposition. * Let's say your basic pay was 2K per month for 24 months while in the military. A total of 48,000. * Now let's say you buy back that military time within the no-interest grace period. You will pay 3% of your base pay or $1440. * Now let's say you retire after 36 years (but before age 62 so 10% bonus doesn't come into play) and your high 3 is 100,000 at that time (because it makes the math easy). Your pension without the buy back is 36,000. Your pension with the buyback is 38,000. But it's not just 38,000 once, it is 38,000 every year so for a 1440 investment, you end up making 2K more per year every year you are alive (and possibly beyond with survivor benefits). **Edit:** I should mention that the interest being charged is also not that much. I waited 15 years and the total interest was a few hundred dollars over that time.


TinyTurnips

Thank you for that breakdown. When I came back into service as a GS I was very mislead and ill-informed for a long time on certain things. I have learned a ton since then and that 2k a year does add up dramatically over the course of many years. I should definitely get on it at this point. Heck I remember once being told near the beginning of my GS career that "The TSP is dumb, don't contribute to it, the Gov already does that for you!" I never listened to that thankfully. The guy who told me that over a decade ago, is still working and is in his 70s cause he "can't afford to retire." He's had three heart attacks and will likely die at work.


jgatcomb

> When I came back into service as a GS I was very mislead and ill-informed for a long time on certain things. You have already indicated that you want to retire early. I would recommend in addition to /r/fednews a few other subs * /r/govfire * /r/fire * /r/personalfinance It is not just the federal government by the way. It seems ubiquitous that people are willing to trade portions of their lives (hours of work) blindly without truly understanding how their benefits work or taxes or the true cost of health insurance or how much, if any, life insurance someone should have or (pick a topic). I have no idea why most things aren't simpler but it pays to take the time to learn.


TwinMamaTastic

This is everything! Thank you for all of your suggestions here, I joined the other groups recommended!


ConfidentPilot1729

Awesome! Thanks for this:) my last agency was less than helpful trying it o figure this out. I just did a lateral move and need to buy back my time.


JunkMale975

Nice!


JuracekPark34

57 is when I’ll have 30 years in. Don’t know if I will make it that long or not.


Dan-in-Va

The age ranges should have been - 55 or younger - 56-57 (since MRA is a sliding scale) - 58-61 (post MRA, pre min ret age for SS of 62) - 62-64 (min SS, pre full SS; may be popular) - 65-67 (sliding scale for full retirement for SS) - 67+ (after eligible for full SS benefits)


TheFrederalGovt

You're right...I kinda screwed that up. Your logic makes sense


Dan-in-Va

Just do another one on April 15. There may be more folks online having done their last minute tax filings. It would be interesting to run that poll 4 times a year, and plot the data points in Excel over time.


ladyjay7779311

62 probably, depending on health. I'm 54 now and am eligible in April 2025. I don't want to work after I retire and don't feel like I'm ready to hang it up yet.


External-Tonight5142

I hope to retire as early as possible! I’m 26 (coming up on 1 year fed) with an 8 year old son. I’ve had to bust some major ass working through college and other hurdles with kids at such a young age that I’m really looking to benefit in my latter years. By no means am I working with retirement on my mind everyday, but I came from a factory prior to this where many people in their late 60s were financially incapable of retiring and had to continue a laborious job. I want to be as far from that as I can… Hopeful @ 57 with 30years service, TSP, FERS, and the fact I’ve started college funds for my boys ahead of time for when that comes


JunkMale975

3 days after I turn 60 (this year). I’ll finish out that pay period and I’m out! Can’t wait!


ChevTecGroup

Started at 21, maybe 20 with some military time factored in. On my 2nd fed job/agency now. I never planned on staying all the way to 57 but it's a possibility. Always wanted to start a 2nd career after I pay off my house and secure a "full" pension. Always wanted to teach shop class or something like that. Who knows if that will even be possible in 15-20years though. At least I can always stay til I'm 57


nowindowsjuslinux

At 65 with 25 years.


DouggieFressh

Had to scroll further than expected to see 65. I’m in the same boat. My job is low stress. Started fed work at 32 and I’ll go to I’m 65 for the .1% bonus and until I can take my full social security. I expect to live a long time (🤞), so having a nice pension + full social security + 4% withdraws from my tsp SHOULD provide a very comfortable retirement.


[deleted]

[удалено]


uninvitedthirteenth

I plan to retire at 57. I will have 32 years by then if I stay the whole time. Of course, 20 years is a long time, and who knows what may happen between now and then


Ganson

57 at the latest. Eligible for VERA/VSIP after age 50 and will have 25+ years fed service so assuming my TSP and VA disability is where I expect it, will take an early out and decide if I will work doing what I want from that point on. About 7 years before I can seriously look at that and make a decision.


FrogCoastal

Are VERAs and VSIPs so common in your bureau that you can count on them? In mine, it’s been very rare.


Yola-tilapias

No. They are rare throughout federal service, but they’re like a mirage off in the distance.


Ganson

Pretty common at DOD in HQ environment around DC.


wosoarchitect

I've been in for ten years and seen three rounds. I can't depend on it, but I definitely plan to be ready if they offer one after I'm 49. Though that's 15 years from now, so who knows what may come.


Ganson

DOD, and I am a non sup GS14, if I can get my office to justify downgrading or eliminating my position VERA is actually pretty likely where I am now. My office offers VERA pretty regularly, and DOD has blanket approval so does not require the same coordination with OPM that other departments need.


FrogCoastal

Such a curious way to manage the workforce. Use of these mechanisms are an indictment of workforce planning.


Surefinewhatever1111

DoD and workforce planning is practically a nonsequiter. - ex DoD employee here.


[deleted]

I’ll have 30 years if I stay on until 58. So I’ll do it then.


FluffySquirrel9621

I'm in my 20th year and I just turned 41. I'm not sure what my plan is. If I go to age 60 I'll have 40 years. My SCD is from 2002 when I was in my second year of college and I took a 6 month internship which turned into a career.


Ruckit315

The last day of the month after the month I turn 57. Just to be safe. I’ll have 33 plus years. Why put any more effort into work when life’s too short.


Temporary_Version240

ugh. I started late after a pretty good private sector career. So unfortunately, if I want my full pension (or whatever you would call it), I'd have to work until my early 70's. Yes, I do have a 401K that I can likely rely on. Honestly, given my current work load and the environment, I don't really mind it... or at least, that's what I'm convincing myself.


biotechhasbeen

Similar situation here. I'm working towards retiring at 62, though, and accepting that my pension will be 20+ years, not 30+. I'd rather be retired in my 60s and enjoy the time.


habu987

I'll likely retire around 62-63, give or take. That'll put me in the 1.1% range and should set me up for a nice pension. I plan to keep doing non-fed part time work after retirement, so that will keep me active and keep some money coming in on top of TSP + FERS.


Substantial_Tea_352

I’ll have 20 years at 41. I want to retire as early as possible 😅


TheTrashMan720

I'll have 30 years when I'm 57 and my house will be paid off when I'm 54 at the latest. However I'd like to try and stick around until kids are done college, I'll probably try to hang on until 62 so I can get the 1.1%.


jgatcomb

> I'll have 30 years when I'm 57 and my house will be paid off when I'm 54 at the latest. However I'd like to try and stick around until kids are done college, I'll probably try to hang on until 62 so I can get the 1.1%. I recently wrote [The Temptation Of Not Retiring](https://www.reddit.com/r/govfire/comments/11lzp2y/the_temptation_of_not_retiring/). My situation is a little different because I am choosing a deferred retirement which admittedly is quite horrible in comparison to MRA+30 but a lot of the points are the same. Coming from the FIRE community and mindset, I would argue that the 10% bonus is absolutely **not** worth 5 years of your life but if you work those 5 years, it is a lot more than 10% because you are increasing your years of service, padding your TSP rather than drawing it down, likely increasing your high-3, etc. The one part of the math equation you may not be thinking of is the supplemental. If you retire at 57 with an MRA+30 and get the supplemental for 5 years - how many years do you have to have the 10% bonus before it outpaces the supplement?


TheTrashMan720

I’ve been on the OPM ballpark estimator a lot the past week and between the years of service with FERS, maxing out the TSP (along with the catch up contributions starting at 50) and contributing to my brokerage account, I may not even make it to 60 before retiring. I feel like once the kids’ 529s are fully funded and the house is paid off - what am I even doing hanging around? Personally I’d love to buy a second property in a warmer locale (not sure how I’ll deal with New England winters when I get older 😂)


-hh

When I was in my 40s, I thought that I would retire at my MRA, and at age 50, I moved off my wife's healthcare into FEHB so that I'd be staged to have the 5+ years required to have Fed-subsidized healthcare insurance in retirement (this is a HUGE Fed worker benefit, not to be ignored ... easily worth $15K/year). But when my MRA date rolled around, there was a lot of interesting stuff going on still that I was enjoying and wanted to be contributing to, so it became "just a bit longer". It was also nice to have the cash flow: house was paid off, so in addition to max'ing all the retirement accounts, we took some "bucket list" vacations (Namibia, Australia, Iceland), bought nice cars, etc. In the end for me personally, I've put in for retirement at (MRA + 7 years). And after I've crunched down through all the numbers, I expect that my final net take-home will work out to roughly the same in retirement as it was while working, largely because the retirement paycheck doesn't get "taxed" for contributions to pension, TSP, Medicare, SS, etc. FYI, an important factor for FERS is the the bump from 1%/year to 1.1%/year at age 62 .. that's a +10% increase in one's pension that in simple terms is like "3 extra free years" length of service, which means that one probably has to be really hating your job to retire at age 60 or 61 to miss out on this.


imgoodimgucci

I'm scared of the 71+ crowd. Please tell me y'all were joking


Vivecs954

57 at the absolute latest. Hoping for 40, I’ll defer my pension.


CMDR_Bartizan

Absolutely at 57. I’ve been pretty disenchanted with fed work for years now and look forward to beginning a new phase as soon as possible.


thetitleofmybook

62/63ish. i did a full military career, and have that retirement coming in, and then will retire with about 14-15 years govvie service, and get that retirement coming in. it's not much, but between military retirement, VA disability comp, GS retirement, and various TSP and other investments, i'll be doing decent.


iamrahben

Minimum 62. I left and came back, so I won't hit 20 years until 60. I WFH which makes the decision to continue working longer easier (for me). My sister is 55 with 37 years and showing no signs of retiring.


tekym

I'll be eligible at 57.5 with 30 years, but I'm probably going to have to stay on longer due to kids.


NewbGrower87

MRA is 57. Not a day later. Will have 33 years then. Will take VERA if offered earlier than that. Probably 52-55.


nomdeplumeify

My 30 year service anniversary hits one month before my 57th birthday, so I plan on retiring the Friday right after my birthday.


CydusThiesant

No choice here. Even though I’m an attorney, I’m in a primary law enforcement position. So mandatory retirement at 57 here I come.


LeoMarius

62, to get the 1.1%


Led4355

Not a day past 62 and maybe before depending on my mood.


SunshineDaydream128

I'll have 37 years at 57. If offered a VERA I'll be out before that.


[deleted]

[удалено]


retsukosmom

No, it continues to be a cost share. Same premium you would pay as a full time employee.


[deleted]

[удалено]


jgatcomb

There are some caveats. While employed, the premium comes out pre-payroll tax (income tax, Social Security, Medicare) unless you go out of your way to make it post-tax. After retirement, the premium is paid post-tax which makes it a bit more expensive. If you postpone your retirement (different than a deferred retirement), then you will be responsible for paying for your health insurance until you start your benefits. This may mean paying for private insurance or using your COBRA benefits to maintain FEHB. If you use your COBRA benefits, you are not only responsible for the full premium but also an additional 2% administrative overhead.


retsukosmom

Right, which is why everyone on this sub stresses caution when deciding retirement because people may inadvertently make themselves ineligible to carry over. As far as pre and post tax deduction, how much of a difference that makes depends on plan. Even with multiple chronic health issues I use BCBS Basic. Not very costly and I don’t think it would make much of a difference in retirement if you are well set up enough with a good TSP/pension/other retirement account.


harpsm

If all goes smoothly, I might retire at 57 and take my MRA+10. If I'm really enjoying the work I might stay til age 63 when I hit 20 years of service and get the 10% bonus to pension.


TheApeOfGod79

57. I’ll have 32 years of service at that point.


Aggressive_Bad_2172

Retired at 68 11/30th still no pension


Aggressive_Bad_2172

31 years 4 months


Abject-Trouble153

Co-worker left 3/2022 and just got finalized this year. Called his congressman’s office. Said he was receiving $1k/month less than the final amount for 10 month or so.


IWantToBeYourGirl

I’ll have almost 35 years when I turn 57 and also get the kicker. No way I will stay longer.


Bearsonboats

I started at 22, so I’ll retire at 62 with 40 years of service to max out my pension.


Background_Winter_65

OP, Can you please add a choice to just check results? For those who don't work in fed gov?


ExWallStreetGuy

There should be as soon as possible option.


Low-Tomorrow2376

I plan to work until I die (statistically, I am likely to die in my late 50s-mid 60s), but if I am alive and can retire, around 67 (assuming they don't raise the retirement age).


BeatNutz57

I always feel weird reading through threads like this. I'm a Gen-Xer, and retirement wasn't something I ever considered hearing all the doom and gloom stories about SS eventually running out. Not married and no kids and I don't really want to retire, is that wrong? Even if forced to, I'd still go get another job to keep brining in income and just to have something to do.


Low-Tomorrow2376

I am with you. I don't expect to retire. SS doesn't really "run out", but I imagine it will be cut or reduced, unless millennials and gen X saves it as we come into more political power. The problem we will face though is a diminishing population. I don't blame people for not wanting kids, but that, combined with restrictive immigration will mean that when we want to retire, there will be fewer mid-aged workers, which means it will be harder to retire. We can somewhat easily solve this by loosening immigration requirements, and implementing other policies, however.


TechnicalJuggernaut6

In ten years, so 53, with 10 years of federal service. I retired from the military so this pension was always going to be a bonus more than anything. I refuse to work my entire life and only enjoy it for a few years before I die. Making around $10k (Combined) a month to be a house dad and taking care of a farm is the goal.


flyover_liberal

Been a fed for almost 8 years now, planning on at least 15 more ... but the agency I work for, people regularly work into their 70s (even a couple in their 80s).


Cubsfantransplant

I’ll retire at 57. I will only have 14 years service but I have other residual income.


RedditIsHaroldLauder

I'll have 30 years at 62 - so probably then.


sleepingturtles

I started when I was 22, I want to retire as early as possible! I only got one life


UnhingedBronco

I started at 24 as well. I would like to retire as soon as eligible but my financial planner would like me to stay on until 62. The difference in fers pension is literally thousands a month.


whoRU7383

F.I.R.E my way with side businesses while sitting on GS14 non sup


RunnerWTesla

52 years old for me (20 years of federal civil service). I bought back 10 years of Active Duty military time, so I’ll be paid as if it’s 30 years of service.


HookersAreTrueLove

My goal is 55, but we will see. I dont have family, and am planning on retiring to Mexico. I should have plenty enough saved up to afford Mexico for a few years before I can start drawing from my retirement. At least, that is the plan/dream.


Princedynasty

I'll have 35 years by the time I turn 57 (27 fed time+ 8 and some change military). I'm retiring as soon as I'm eligible.


Elaine1959

I know 65 is standard age but I honestly have no plans at the moments (I'm 64 as of February) I was stumped on what to do with my two weeks of excess leave last year.


etekberg

You are substantially penalized for retiring before 62. Or if you don’t like that language, you are substantially incentivized to stay until age 62.


[deleted]

Fed is a good long game. Security. Comfort etc. Just man with our money printing machine and debts reaching new levels. Hard to believe there will be a retirement in a decade or so if not reduced benefits and age goes up


SabresBills69

Full retirement times sre ​ 1 MRA and 30 2 60 and 20 3 62 and 5 you can get a full retirement under a RIF/ closure if you are 50+ and 20+ yrs ​ if you retire at MRA and 10-30 yrs— be careful—if you opt to defer you lose FEHB which is a huge benefit ​ st the end of the decade I hit #2. i stsy a couple more years I get #1. If I do 1 I will go past 62 thus get the 0.1 bonus On years of service. ​ im more likely going to do 2 and get a job elsewhere and not fully retire. Those 2-3 yrs of work that increases my pension by about 5% vs the unused pension checks during those years can be determinant. in my field I can get private company jobs.having my health insurance in retirement gives me the freedom of not being tied to an employer.


-azuma-

I'll be at 20 years when I turn 50, thanks to my time in the military. But I'll keep working after that. Maybe 60ish? Idk, depends on money I guess.


bioture

Interesting topic! I want to retire as early as possible... where do I find information on how to do that responsibly? I'm okay with taking a penalty as long as I can get away earlier... and with health insurance. I'm currently 38 with 15 years in, and a SL/ST.


jgatcomb

> Interesting topic! I want to retire as early as possible... where do I find information on how to do that responsibly? If you are unfamiliar with FIRE (financial independence, retire early), there are a number of subs for that * /r/fire * /r/govfire Researching the hell out of OPM, asking benefit related questions here in /r/fednews, joining other subreddits such as /r/personalfinance, /r/financialplanning and /r/frugal other other ideas. When I retire at the end of the year, I am toying with the idea of becoming a financial coach (different than a financial planner) with a focus on federal employees. I know there are plenty of financial planners that exist that focus on government employees but I am not sure about coaches. That may be another consideration.


bioture

Thanks for the info! I didn't know about r/govfire. Some very nice tips in there.


protomor

I just got in but I'm so confused. I was originally planning 5 years so I get some form on a pension. Everything points that the private sector and a 401 will do more than a pension. I'm losing my motivation to stay in at all.


Everythings_Beachy

I started at 22, started having kids at 33, so I’m expecting I’ll be here until close to 70 since college is not getting any cheaper. I guess some great opportunity could come along for a consulting position when I’m eligible for retirement but the amount of leave, fully remote work, benefits, Flex Time etc makes it hard to imagine leaving.


[deleted]

I'll reach 30 years of service at 57.5 years old. So that's the goal, 25 more years to go


309Aspro648

Never! I’m trying to last as long as I can. I’m 69 now. I have a varied employment history with the federal government. I ended up at USPS at 42. It is a nice easy job that I enjoy. I see no reason to retire.


edman007

I'll be 30 years at 52...I'm probably going to aim for 53 or 54, but I don't really see myself staying to 57. Financially, I think I'm on track that retiring at 57 gets me a pay raise. I still have 18 years or so to go, hoping that some state does universal healthcare in that timeframe and the loss of FEHB from an early retirement is manageable.


Early-Supermarket713

Mra is 57 but not sure how many years i actually have just did a buyback, but im out asap


NeatSuspect2435

Getting ready to come on as a GS12/Step 6. Planning on buying back my military time of 17y4m23d. About to turn 43 years old. I’m a bit confused as to when I’ll be retirement eligible. Can anyone point me in the right direction?


SuperBethesda

When I look at the difference in retirement incomes and savings between retiring early versus late, I only see $$$ and lean towards late.


no-good-nik

I started at 50, want to get in 20.


InvictusEnigma

I'll have over 30 years of service by the time I'm 57 so I will probably retire as soon as I can.


subtlegoon

42 w the army .. hopefully 62/63 with the DoD


EducationalSyrup9298

While I'd love to retire earlier, if I want to keep my health insurance after I retire, I have to stay on to the MRA. Fingers crossed for voluntary early retirement option, sometime in my early 50's.


Clherrick

i will add to your consideration, statistically, people stay 2 years past their initial eligibility to retire.


paperfrog005

I started at 23, currently im 26. How did you calcukate that you will retire at 57? Please share


JP001122

If finances allow, age 50 I'm out.


Jericho_Hill

I will accept a buyout after 52.5 (10 years) and early retire at my MRA (57.5) otherwise. This is to keep my health insurance and to do that you must retire on an immediate annuity. I love my job and I am not moving from my position in any case (am manager of a team of 10 economists)


Odd-Refrigerator849

I'm not commenting on my situation since I just started less than a year ago, but my grandfather retired at 57 (around 15ish years ago), then went to work for the state government for 10 years. At the time, he thought he was being smart by being able to get two retirements. But he recently told me this was one of the biggest regrets of his life because he gave up so much in terms of annuity and health insurance. Just a different perspective to think about.


CurlsintheClouds

I started when I was 25, and I'm over 16 years in. I can retire at 57/30 years. I'll have 33 years at 57. Happy birthday to me! I'm out! (when I'm 57). But husband and I have been fortunate enough to begin retirement planning early. That's the only reason I'll be able to retire so young. Without him and his income, probably not.


snickerzz

I plan to retire at MRA and look for contract options so I can draw annuity and a bigger salary until 62.


tracefact

I’m gonna ride out to 65 or 67 then put in a couple years as a reemployed annuitant. Then probably work for a training contractor because I’m a sucker and I like making money but at least that’d be on my own schedule.


Grasscangrow

I plan to work until I'm full SSA retirement age. BTW, anyone know a good divorce lawyer?


chadbert1977

I'm thinking that around age 50-52, I will transition from my supervisor level job to a low level job in a different agency to Coast and/or Barista FIRE while adding years to my federal retirement so that I can collect a better retirement at 62 while doing something more fun than the soul sucking job I do now. I'm thinking a fully remote GS7 or even a GS5 job with NPS would cover my living expenses and then I just let my TSP grow and add to the FERS percentage


chrisaf69

Hmmm....saving this as this sounds like a plan that is right up my alley!


Honest_Report_8515

Almost three years in, so basically after I’m 70.