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60, I could retire FERS at this time
Old 03-04-2015, 12:17 PM   #1
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60, I could retire FERS at this time

If I could make up my spinning mind and pull the trigger....
It is cold here in whyoming, I am sick of punching the clock at the
ole USPS. I already put in for retirement once and cancelled.
Long story.... Seems like if I stay working the resultant "gain" is
more like the proverbial dangling puny carrot in front of the donkey.....
Been working for SS wages since I was 13 and had to have a parental
work permit to do that. So I started early....seems like maybe I could end 18 months or so early....

Got a LOT of reading to do on this forum so without further adieu...

HI...I am already gone in my own mind.
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60, I could retire FERS at this time
Old 03-06-2015, 08:21 PM   #2
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60, I could retire FERS at this time

DH works for USPS (carrier) and is counting the days until he can retire 6/2016. He will be 58, have his 30 years and qualify for FERS.
I checked his SS and interestingly his bend point is 2016.
He is also tired, back hurts and is so ready to go!
Good luck to you!


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Old 03-06-2015, 11:45 PM   #3
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D
I checked his SS and interestingly his bend point is 2016.
Good luck to you!
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Thank you Dog. I looked on the SS www site for the "bend point"
you spoke of....I found and read the page and it did not compute for me.

Not sure what it is exactly. Lately I have trouble reading and comprehending
plain government language. (double talk gobblidy gook)
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Old 03-07-2015, 12:23 AM   #4
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Hi 1. I am FERS and retired 5 weeks ago with an early out option. I'm 54 and my supplement starts at age 56-62. Still not sure when to start SS. OMY was very tempting but ultimately I was good enough and working OMY more money wasn't going to substantially change my life.

It was a tough decision, but I haven't regretted it. I napped for the first two weeks every day. Looking back, I think I've been chronically tired for years.

Good luck in your decision making.


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Old 03-07-2015, 07:15 AM   #5
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Hi & congrats for joining the rest of us retired feds here! I retired about 8 months ago (DoD) under CSRS after 37 1/2 yrs. I retired at GS11, step 5, so not extremely lucrative, although my net retired pay is several hundred dollars more than my net working pay, due to the fact I had been maxing my TSP contributions for years and so was accustomed to the reduced net amount. Wife still working, but we're talking about her maybe retiring at the end of this year, or at least end of next year. I don't have a need at this time to begin withdrawals from my TSP, but I'm sure glad I put so much effort into maxing it. It wasn't always easy, because we raised 3 kids and had a mortgage, 2 vehicles and also made annual trips to see my family 1000 miles away. Fortunately, during most of my working years, I was also an Air Force Reservist, which put a little extra money in our pockets that helped partially to offset maybe 25-35% of the money I was socking away in TSP. By the time I retired though, my bi-weekly take home pay was only $1000 (after retiring from the Reserves). In 2 1/2 more yrs, I'll start collecting my military retirement! Somehow we made it work, and never felt poor. You'd be surprised how well we lived on that pay plus my wife's $500 bi-weekly pay. Bought (and paid for) 2 new Camrys, movies now & then, eating out (cheaply) ...it's all about prioritizing, and I'll admit a lot of good luck not to have encountered any big emergencies along the way. Anyway, I wish you the best in your retirement from the fed!

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Old 03-07-2015, 06:15 PM   #6
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I was FERS, and retired at the earliest date that the Army Benefit Center told me I could. No regrets so far…
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Old 03-08-2015, 10:25 AM   #7
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Sorry 1Vertical,
I may have used a wrong term, but basically I spent some time trying to figure out maximizing SS. Both DH and I have worked and paid into SS since 1974 (including high school jobs), so easily hit the 35 years for calculation. I understand there is a point where working longer and paying into SS doesn't pay off (due to the formula they use). I "believe" they call it the bend point. DH will hit his bend point in 2016. I hit mine about 7 years ago, although i retired in 2014. I had about 10-15 years where I maxed out SS.
There are others much more informed and smarter than me that can shed more light. My main point is that at some point it almost doesn't pay to work longer....unless you just want to accumulate more $.

Best of luck to you.


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Old 03-13-2015, 05:58 PM   #8
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If you cannot figure out the bend points, what you can do is put your numbers from the SS yearly statement (sign up at their site if you don't get a statement, and you can download and print out your yearly SS statement).

Using that statement, you can put in your numbers into their calculator , and then change the current year of work to zero. (as in stop working) and see what you will get at some age (say 62).
Then change that zero of current work to 30K (or your pay) and see how much the SS will change (it will treat it as though you earn that until 62).

If its not a big change, you probably hit one of the 2 bend points.
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Old 03-13-2015, 11:48 PM   #9
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Thank you Sunset, I ran that calculator and it did NOT change one iota.
I must be sunk in the bend point.
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Old 03-26-2015, 07:44 PM   #10
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Also in the Fed system FERS. Plan on hanging in until age 62 with 34 years in. I've been maxing out the TSP for years now. Also will have a Army Reserve pension at age 60. Plan on taking SS at age 62. Good luck to everyone that retired early or doing so soon. I wish I was closer but the 9 years might fly by.
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Old 03-26-2015, 11:39 PM   #11
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Retirein 2024, I hope you are using the Roth TSP as the Pre-tax arena is
VERY rule intensive on the withdrawl side of the house.
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Old 03-27-2015, 07:11 AM   #12
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Retirein 2024, I hope you are using the Roth TSP as the Pre-tax arena is
VERY rule intensive on the withdrawl side of the house.
My agency only started the Roth about two years ago. I plan on taking it out of the TSP fund when I retire then start doing some Roth conversions to avoid higher tax brackets at 70 1/2.
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Old 03-27-2015, 11:41 PM   #13
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My understanding is that in order to contribute to a Roth, you must be EARNING
income.....and then you can only put in a percentage. Also you will want to
have the Roth account so you can get your 5 years vesting.
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Old 03-28-2015, 08:21 AM   #14
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i will retire in six weeks--actually 6 work days...every monday! my fers annuity will pay me over $300 a month more at 62 than it would have at 60.

1.1% vs 1%
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Old 03-28-2015, 09:05 AM   #15
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Yep I ran the numbers it is $280 for my calculation.
That is the puny little carrot on a stick held in front
of the donkey. I have to figure out how to
balance that time (18 months more) against my
happiness and sanity and convince myself that it
is worth doing.....The way I dislike the place these
days, it may not be worth the agony.
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Old 03-28-2015, 06:44 PM   #16
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Originally Posted by 1vertical View Post
My understanding is that in order to contribute to a Roth, you must be EARNING
income.....and then you can only put in a percentage. Also you will want to
have the Roth account so you can get your 5 years vesting.
You don't have to be earning to convert to a Roth. Also if your 59 1/2 OR wait 5 years there is no 10% penalty.

7 Myths About Roth IRA Conversions-Kiplinger

Good article about some myths on Roths
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Old 03-28-2015, 09:23 PM   #17
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I'm a fed who is also considering working two more years to age 62. In my case the extra multiplier is worth about $5K and I don't hate my job (at least not yet ). And I'm nervous about the impact of a market correction on my TSP and would prefer to retire after any correction.
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Old 03-29-2015, 07:04 AM   #18
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I'm a fed who is also considering working two more years to age 62. In my case the extra multiplier is worth about $5K and I don't hate my job (at least not yet ). And I'm nervous about the impact of a market correction on my TSP and would prefer to retire after any correction.
I didn't hate my job at all until a year ago when I made the decision. Then I suddenly became unhappy with it. But the lat 4 months of burning sick leave have been a really great time!

I'm leaving all my TSP in and L fund until i'm 70--except 50k. i'll be moving that $50k to my IRA where I can draw from it if needed and let the TSP ride.
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Old 03-29-2015, 11:37 AM   #19
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Many Thanks for the URL link on Roth IRA tax implications - I was confused about the 5 year rule after opening a Roth IRA and the Kiplinger Roth IRA article clearly answered my concerns.
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Old 03-30-2015, 05:37 PM   #20
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Kitesurfer2, et all:


Re the TSP, the five investment options are a terrible joke. When I retired, at the earliest moment, I rolled by TSP money out to a private IRA type account.


Run a web search for “checkbook IRA” for ideas of what your TSP money could be doing for you.
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