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Old 12-03-2016, 11:13 PM   #21
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Have you checked usajobs.gov? Maybe you could go ahead and transfer somewhere so you wont have that horrific commute! Also lower your expenses now so you can save more. Check fort gordon in Augusta ga - lots going on there now and you drive to work.
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Old 05-06-2017, 03:31 AM   #22
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Join Date: Feb 2017
Location: San Antonio
Posts: 174
Quote:
Originally Posted by SaraShaw View Post
I am a 46 year old single lady in the very expensive state of Massachusetts. For most of my last 14 years with the Federal Government....

So I decided to consider retiring at the earliest opportunity no matter what. I believe this is at age 55 under early out allowance.

At this point I would expect to get 55 to 67 (67 is when I would take social security)
- 1900 per month FERS
- 1200 per month TSP
I also expect to have about 200,000 saved which I will use to draw from and also use the return as additional income.
If you really don't like your job, I would certainly look elsewhere as others have suggested...DC/VA/MD Metro Area has about the same COLA as Boston; Houston TX has higher COLA for federal employees but a lower actual cost of living (last time I looked a few years back).

46 + 6 years = 52 years old -- Eligible for VERA/VSIP if offered
14 + 6 years = 20 years service
(20 Years of Service & age 50 or older) You might be eligible for Supplement at MRA:
Quote:
You may also be receiving this supplement if you retired involuntarily before attaining your Minimum Retirement Age (MRA)
or voluntarily because of a major reorganization, reduction in force, or an early retirement for Members of Congress. However, in these three instances, you were not eligible for the special retirement supplement until you reached your Minimum Retirement Age (MRA)
Minimum Retirement Age (MRA) is age 55 to 57, depending on date of birth.
Born 1970 and after = 57
46 + 11 = 57 years old - Eligible for Early Retirement
Eligible for Supplement at age 60 with 20 years service (would require you to work 3 more years); at MRA with 30 years service (would not help in your situation unless RIF)
14 + 11 years = 25 Years of Service
https://www.opm.gov/retirement-servi...ets/ri90-8.pdf
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Old 05-06-2017, 11:46 AM   #23
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Quote:
Originally Posted by SaraShaw View Post
I am a 46 year old single lady in the very expensive state of Massachusetts. For most of my last 14 years with the Federal Government that I work for I had an abusive boss. When he left I thought things would be better and, in a lot of ways they are, but I realized to my horror... I HATE the job. I hate working with the same people... doing the same things and there aren't too many opportunities for change.

Also, last year, a co worker who had been put through so much while she was working there, reached 57, when she was going to retire and it all would have been worth it... and was diagnosed with Cancer in August and died in September. She never got her retirement. I don't want that to happen to me.

So I decided to consider retiring at the earliest opportunity no matter what. I believe this is at age 55 under early out allowance.

At this point I would expect to get 55 to 67 (67 is when I would take social security)
- 1900 per month FERS
- 1200 per month TSP
I also expect to have about 200,000 saved which I will use to draw from and also use the return as additional income.

- I also plan on working during this time 55 to 67 but in a part time or own company capacity.

- My expenses I believe will be about 2500 per month to 3000 per month. This includes a small mortgage payment $300 / taxes / condo fee .. and the other costs of daily living. I have no debt but the mortgage which I expect to be small when I retire.

- In addition I am considering moving to North Carolina (much less cost of living) but feel I should plan for staying here.

Am I was under estimating the costs to live? Right now I would say I spend about 3000 to 3500 per month on expenses and SOOO much of that is directly due to having to work.

Is this doable?
Thanks Sara
One thing I was wondering about is if you sold your condo ,how much could you walk away with? You mentioned a mortgage. The other thing is could you get to your savings now without penalty? It does not look like you can. That is what I did . I took my savings, and my net profit from my condo and I quit my job I hated. I had a little more in savings than you and it was in a taxable account so there was no penalty to get to the money, and I added a nice profit from my condo along with it.
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