Sept 30, 2012 RETIRED (at least, that's the plan)

[DMGO]

Hello. I am planning 09/30/2012 as my real retirement date. I had 32 years government service, and took early retirement at 53, and then went into the private sector for the past 7 years, and am now looking forward to having all my time to do whatever I choose to do. Not that I'm counting, but that's 9 months, 18 days from today. I have a boat in the garage that I just haven't had the time to use, and soon, hopefully, I will get the chance to use it. Anyway, on Sept 30, I will still be 61, but drawing a federal pension, and with some modest investments, and the wifes Social Security, and a few months later, my own Social Security, although reduced by WEP. Looking forward to a whole new chapter in my life.

 

[oldtrig]

Way to go. I will be 65 soon and I am thinking like you. I did put in a notice but I don't think anyone thinks I really will retire. I am off for the next two weeks and if I like it I am out of here on 3/1/2012. I have not had a week vacation in 15 years so I will see if I like the lifestyle. The money I take home will be almost the exact same thing as I am making now so why am I working anyway? My wife already draws her SS and I plan getting mine in March. oldtrig

 

[martyb]

I really like this:

Hard work pays off in the future. Laziness pays off now.

I'm a federal employee too, about 13 months from retirement eligibility at age 55. Unfortunately, after today's announcement of yet a 3rd annual pay freeze, I'm not sure I can still pull it off. 2yrs freeze sucked but now I just don't know. Anyhow, welcome.

 

[W2R]

I'm a federal employee too, about 13 months from retirement eligibility at age 55. Unfortunately, after today's announcement of yet a 3rd annual pay freeze, I'm not sure I can still pull it off. 2yrs freeze sucked but now I just don't know. Anyhow, welcome.

Oh no! I'm so shocked and sorry to learn this. 2 yrs was ridiculous but 3 yrs is just insane. Guess I barely got out in time, in late 2009. Pay for the un-retired has been frozen ever since then.

 

[beowulf]

I'm a federal employee too, about 13 months from retirement eligibility at age 55. Unfortunately, after today's announcement of yet a 3rd annual pay freeze, I'm not sure I can still pull it off. 2yrs freeze sucked but now I just don't know. Anyhow, welcome.

I wouldn't worry about another year too much. It takes 3 years to get a new high 3, so, even if there was a pay raise in 2012, it would take another 3 years to get the full benefit. And, since you are CSRS (I think), you will be getting a decent pension with hopefully decent annual increases. The 3.6% coming on Jan 1 is very nice . Just hope there are not changes that will really mess things up for you. Federal retirement numbers are way up this past year - I wonder why ?

DMGO - I did the same thing you did, except at 55. I'm 63 now with just over 8 1/2 years in the private sector. I gave my notice a week ago and asked to go on a 5 month unpaid sabbatical (just in case I change my mind). I haven't heard anything back, but I'm stopping work on Dec 30 and that will be it. Already notified the client. The problem is that you do get used to a much higher standard of living, but I'm pretty sure we will make it. I do believe that we will be spending a lot more than we planned to in the first several years of retirement, but it will drop off after that.

 

[martyb]

I suppose it's possible I panicked too soon...the pay freeze bill has only passed in the house. However, many folks, like Joe Leiberman for one, are pretty much saying it's a done deal.

beowulf, yes, I am CSRS, but I'm only a GS-11, and will only be a step 5 this coming August. I spent too many years of my fed career working on aircraft weapons systems for the Air Force, in a WG position, before finally jumping into the GS world where I could progress in my career. I shoulda made my move about 10 years earlier, and now at the end, I'm caught in a 3 yr pay freeze that's putting the hurt on my hi-three. Also, I'm in a Rest-of-US locality pay zone, so basically, my retirement won't be so lucrative if I go out when I'm first eligible. I havent' decided yet what I'm gonna do, but basically, my thought is that if I'm going to have to work after retiring, then what's the point of retiring? I won't make as much money, and I'll no doubt have worse working conditions, with less flexibility. So.....we'll see...

 

[beowulf]

Marty- That is a dilemma. The real test would be to see how much you can get in private industry and if that plus your pension would be significantly more than you make as a fed. If not, then you are correct - it would be better to put in a few more years and get that extra 2% per year credit. That, plus the step increase would make a difference - but you need to calculate how much it would be to see if it would be worthwhile.

Dark days seem to be ahead for all feds, including those of us that are retired.