Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Can I retire at MRA 56 without losing too much benefits
Old 02-24-2011, 05:21 PM   #1
Confused about dryer sheets
 
Join Date: Feb 2011
Location: Oxnard
Posts: 2
Can I retire at MRA 56 without losing too much benefits

I am a Fed civilian employee, age 56 and thinking about retiring at 56. I've read that I could loose about 30% of montly earning. Does anyone have any specifics about the whole picture; TSP and social security??
Any info would be appreciated...
__________________

__________________
enano is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-24-2011, 05:29 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
freebird5825's Avatar
 
Join Date: Feb 2008
Location: East Nowhere, 43N Latitude, NY
Posts: 9,017
This site may be useful.
Retirement Eligibility

Click on either CSRS or FERS and it will take you to tables with the basic requirements.
__________________

__________________
"All our dreams can come true, if we have the courage to pursue them." - Walt Disney
freebird5825 is offline   Reply With Quote
Old 02-24-2011, 05:49 PM   #3
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 1,012
Quote:
Originally Posted by enano View Post
I am a Fed civilian employee, age 56 and thinking about retiring at 56. I've read that I could loose about 30% of montly earning. Does anyone have any specifics about the whole picture; TSP and social security??
Any info would be appreciated...
i would be happy to help you through it but i will need specifics: years of service, average high 3 salary, TSP balance, projected SS, other assets and income streams.
__________________
jdw_fire is offline   Reply With Quote
Old 02-24-2011, 06:12 PM   #4
Confused about dryer sheets
 
Join Date: Feb 2011
Posts: 2
I'm interested in the answer as well, also a fed civilian employee, can retire at 56 and 6 months. I don't think I can touch my TSP until 59.5 years but the annuity will come the month after retirement. I'm still 13 years away, and with so many unknowns, I'm not sure I can do it but I'm gonna try!
__________________
patster67 is offline   Reply With Quote
Can I retire at 56 without loosing too much benefits....
Old 02-24-2011, 06:44 PM   #5
Confused about dryer sheets
 
Join Date: Feb 2011
Location: Oxnard
Posts: 2
Can I retire at 56 without loosing too much benefits....

Quote:
Originally Posted by jdw_fire View Post
i would be happy to help you through it but i will need specifics: years of service, average high 3 salary, TSP balance, projected SS, other assets and income streams.
Thanks,
I am almost 52 and have worked for 10 years. High 3 would be 85K,Projected SS at 62 is $1,240.00 and about 110K in TSP now.
Projected at 66 SS is 1940.00(If I can make to that age ehh)
What are your thoughs....
__________________
enano is offline   Reply With Quote
Old 02-24-2011, 06:58 PM   #6
Confused about dryer sheets
 
Join Date: Feb 2011
Posts: 2
enano - hope you can get out before they make it a high 5!!!
__________________
patster67 is offline   Reply With Quote
Old 02-24-2011, 08:21 PM   #7
Thinks s/he gets paid by the post
 
Join Date: Jan 2006
Posts: 1,012
Quote:
Originally Posted by enano View Post
Thanks,
I am almost 52 and have worked for 10 years. High 3 would be 85K,Projected SS at 62 is $1,240.00 and about 110K in TSP now.
Projected at 66 SS is 1940.00(If I can make to that age ehh)
What are your thoughs....
at age 56 you will have 14 years of service. with a high 3 of $85k you will get $85k/yr*14 yrs*1%/yr*70%(penalty due to using the MRA+10 rule for retirement)= $8330/yr from FERS, and there will be no diet-COLAs till you reach 62 yo if i remember correctly

if you wait till 62 you will have 20 years of service. with the same high 3 of $85k you will get $85k/yr*20 yrs*1.1%/yr= $18,700/yr from FERS

is that what you wanted to know?
__________________

__________________
jdw_fire is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Starting Over After Losing It All ferco FIRE and Money 44 01-10-2009 10:02 AM
Anyone else losing posts? cute fuzzy bunny Forum Admin 5 06-19-2007 04:38 PM
Is it just me, or are others losing portfolio value too? Nords FIRE and Money 38 04-15-2006 12:39 PM

 

 
All times are GMT -6. The time now is 12:34 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.