Want2retire is retired!

[W2R]

You must have a killer TSP -- I thought I calculated my FERS checks to amount to be greater than $30k per year (today's dollars) when I retire in 15 years. Add in an estimated $15k for the FERS SUpplement until Social Sec. kicks in at 62 and I am hoping that check is about $3700 a month. Maybe I did not calculate that correctly.

It may be different for military, and I suspect your salary and/or years in public service were far, far, far greater than mine! I am happy for you that you are expecting a huge FERS check, but very few at my agency expect anywhere near that much except via CSRS. YMMV

And yes, I contributed the maximum to my TSP from the first moment that I could, and it did pretty well during the 2003-2006 run-up. As you know from your pre-retirement seminars, the TSP is a much more important component to a FERS retirement than is the pension/annuity check. Totally different from CSRS. All I can say is thank G*D for the TSP and I recommend that everyone with access to it should contribute the maximum. Even though "common logic" on the board would say to contribute only up to the match, I think that there is an advantage to never seeing that $22,000 every year.

 

[W2R]

Boy, you are grumpy and sensitive these days..........

No he's not! I'm glad he is keeping this thread on track.

 

[militaryman]

It may be different for military, and I suspect your salary was far, far, far greater than mine! I only earned in the 5 figures. I am happy for you that you are expecting a huge FERS check, but very few at my agency expect anywhere near that much. YMMV

And yes, I contributed the maximum to my TSP from the first moment that I could, and it did pretty well during the 2003-2006 run-up. As you know from your pre-retirement seminars, the TSP is a much more important component to a FERS retirement than is the pension/annuity check. Totally different from CSRS. All I can say is thank G*D for the TSP and I recommend that everyone with access to it should contribute the maximum. Even though "common logic" on the board would say to contribute only up to the match, I think that there is an advantage to never seeing that $22,000 every year.

I am civilian for my fulltime in federal service -- should have close to 39 years at MRA (did 20 years in Air National Guard but that's a separate deal)

I hear you on how they push the TSP as such a big part of retirement (and I am pounding in 19% year after year) But I never quite understood why FERS was considered sooo inferior to CSRS. When I did the numbers as if I was a CSRS retiree (hypothetically) I would get about 62K for an annuity -- If I did the same for FERS I got 32K BUT then considering that CSRS would not get SS I would add my special retirement supplement at retirement (csra doesn't get) or SS at age 62 and get to 47k while collecting supplement and 50k at 62yrs old. So I am looking a FERS check being 75% of what my CSRS check would be and then my TSP matching contributions is there to make up that last 25%. For me it seems like both benefit packages are very close.

Now the thing that I hate about FERS is the NO cola until 62 thing and "diet cola" thereafter.

PS. Congrats on the retirement!!!!

 

[W2R]

I am civilian for my fulltime in federal service -- should have close to 39 years at MRA (did 20 years in Air National Guard but that's a separate deal)

I hear you on how they push the TSP as such a big part of retirement (and I am pounding in 19% year after year) But I never quite understood why FERS was considered sooo inferior to CSRS. When I did the numbers as if I was a CSRS retiree (hypothetically) I would get about 62K for an annuity -- If I did the same for FERS I got 32K BUT then considering that CSRS would not get SS I would add my special retirement supplement at retirement (csra doesn't get) or SS at age 62 and get to 47k while collecting supplement and 50k at 62yrs old. So I am looking a FERS check being 75% of what my CSRS check would be and then my TSP matching contributions is there to make up that last 25%. For me it seems like both benefit packages are very close.

Now the thing that I hate about FERS is the NO cola until 62 thing and "diet cola" thereafter.

PS. Congrats on the retirement!!!!

If you have ~40 years as a civil service employee, then that would explain it! Wow, that is several times the number of years I (or any others of our senior scientists) had in. If you add that to 40 years, 20 years in the Air National Guard I must admit I am duly impressed and actually really in awe!

As you probably know you will not get any SS supplement whatsoever after your 62nd birthday (which must not be that far away considering child labor laws ), and also it is only available at all for certain eligibilities. It is nothing I will ever see but that's OK - - I put aside enough in taxable investments to cover that (and obviously much more) for the 7 months between my retirement and age 62. Not a Big Deal to me.

Well yeah - - the FERS pension is not fully COLA'd by any stretch of the imagination but then that is another reason why I consider the TSP to be really the backbone of any FERS retiree's retirement planning. After last year's market crash I am a huge fan of the "G Fund".

Thanks for the congrats, and thank you for your service to our country!

 

[militaryman]

If you have ~40 years as a civil service employee, then that would explain it! Wow, that is several times the number of years I (or any others of our senior scientists) had in. If you add that to 40 years, 20 years in the Air National Guard I must admit I am duly impressed and actually really in awe!

As you probably know you will not get any SS supplement whatsoever after your 62nd birthday (which must not be that far away considering child labor laws ), and also it is only available at all for certain eligibilities. It is nothing I will ever see but that's OK - - I put aside enough in taxable investments to cover that (and obviously much more) for the 7 months between my retirement and age 62. Not a Big Deal to me.

Well yeah - - the FERS pension is not fully COLA'd by any stretch of the imagination but then that is another reason why I consider the TSP to be really the backbone of any FERS retiree's retirement planning. After last year's market crash I am a huge fan of the "G Fund".

Thanks for the congrats, and thank you for your service to our country!

lol -- The 20 years in the Air National Guard was served ***concurrently*** with my fulltime civilian job.... I'm not quite 42 yet!! (started at 18) ( National Guard and Reserve service is usually one weekend a month and 2 weeks a year) Although I was activated for Op. Northern Watch, Southern Watch and Iraqi Freedom.

Currently I have about 24 years in FERS (DOT) and 15 to go to get to my MRA of 56. But will have about 39 years with the new sick leave benefit by my retirement date in 2024.

Yeah I was calculating the supplement to be a bit less than SS benefit and as the supplement drops off then the SS picks up in its place at a bit higher rate (hence 47k going up to 50K)

Here's to hoping all these calculations hold true and SS is there in 15 years in some capacity.

 

[Kroeran]

Although I was activated for Op. Northern Watch...

watching for Canadians crossing the border on skidoos heading to florida?

in all seriousness, thanks for your service!

 

[W2R]

Here's to hoping all these calculations hold true and SS is there in 15 years in some capacity.

I am starting to think that it will be there, in some sort of means tested capacity. Nobody wants to see colonies of seniors living under bridges and begging for food. But, those who can afford the necessities may not get the full amount of SS. Then again, what do I know? I don't even know what health care in this country will look like in a month or two.

One thing I DO know, is that (believe me) retirement is everything you have hoped for and dreamed of, and more! I am taking to it like a duck to water. I was born to be retired.

This morning I had an appointment to go get blood drawn for routine lab tests, and I realized this is the first time in over a month when I have had to set the alarm clock. So after a while, I think I will take a nap...

 

[hellbender]

Me Too

I was born to be retired.

Me too. I am more active and spend more time outdoors. I pay better attention to my health. I can fully entertain all my hobbies. I forgot how much I loved gardening, fishing, huiking, brewing etc. I have lost 30 pounds since retiring. Now it seems I am always thin, tan and rested.

My favorite part of retiring is Sunday afternoons. While working, Sundays were never really time off because my midafternoon I was already thinking about the next day. No more!

 

[W2R]

Me too. I am more active and spend more time outdoors. I pay better attention to my health. I can fully entertain all my hobbies. I forgot how much I loved gardening, fishing, huiking, brewing etc. I have lost 30 pounds since retiring. Now it seems I am always thin, tan and rested.

My favorite part of retiring is Sunday afternoons. While working, Sundays were never really time off because my midafternoon I was already thinking about the next day. No more!

I love gradually becoming more active now that I can do what I want. After one month of retirement accompanied by a lot of stresss reduction, I am a much happier person and more pleasant to be around. I feel much healthier, too! I have been losing about a pound a week, but the neat thing is that I am not even trying very hard at it. I hear you about Sundays! I also like watching the traffic on TV on Monday mornings, on days when I happen to awaken early enough to do so.

I have been taking care of some things around the house that needed to be done, but had been putting off. Now I have all the time in the world to get them done!

 

[Alan]

I love gradually becoming more active now that I can do what I want. After one month of retirement accompanied by a lot of stresss reduction, I am a much happier person and more pleasant to be around. I feel much healthier, too! I have been losing about a pound a week, but the neat thing is that I am not even trying very hard at it. I hear you about Sundays! I also like watching the traffic on TV on Monday mornings, on days when I happen to awaken early enough to do so.

I have been taking care of some things around the house that needed to be done, but had been putting off. Now I have all the time in the world to get them done!

It has been great reading your posts over this past month as you transition into the ER lifestyle (and as you point out above, I'm now VERY close myself.)

DW retired yesterday (she has been ESR'ed this last 4.5 years, working 2 days a week so has had a nice gentle transition). Anywho, that is another milestone passed in our household

 

[W2R]

It has been great reading your posts over this past month as you transition into the ER lifestyle (and as you point out above, I'm now VERY close myself.)

DW retired yesterday (she has been ESR'ed this last 4.5 years, working 2 days a week so has had a nice gentle transition). Anywho, that is another milestone passed in our household

My sincere congratulations to your DW!!! How exciting that is, and how tough it must be for you to have to wait. Soon it will be your turn, though. You are so close - - these last days will just FLY by. At least, they did for me.

 

[Khan]

I love gradually becoming more active now that I can do what I want. After one month of retirement accompanied by a lot of stresss reduction, I am a much happier person and more pleasant to be around. I feel much healthier, too! I have been losing about a pound a week, but the neat thing is that I am not even trying very hard at it. I hear you about Sundays! I also like watching the traffic on TV on Monday mornings, on days when I happen to awaken early enough to do so.

I have been taking care of some things around the house that needed to be done, but had been putting off. Now I have all the time in the world to get them done!

I spent 3 years losing ½ per week; with almost no conscious effort.

 

[W2R]

I spent 3 years losing ½ per week; with almost no conscious effort.

That sounds wonderful! I hope my recent easy weight loss is a long term thing too. I have had dreams like that.

 

[GoodSense]

Congratulations W2R! I know it's a long time coming. Your patience paid off. I am so happy for you! You are an inspiration to a lot of us!

 

[W2R]

Thank you, GoodSense!! Retirement is honestly even better than I ever thought it could be, at least so far. It was worth all the hard work and penny-pinching.

 

[ejman]

That sounds wonderful! I hope my recent easy weight loss is a long term thing too. I have had dreams like that.

Same story here I lost about 25+ lbs slowly after ER and so far (7 years later) weight is still off. The other wonderful thing about ER is that with the work stress gone some of the meds I had to take (like for acid reflux) haven't been needed.

 

[simple girl]

It has been great reading your posts over this past month as you transition into the ER lifestyle (and as you point out above, I'm now VERY close myself.)

DW retired yesterday (she has been ESR'ed this last 4.5 years, working 2 days a week so has had a nice gentle transition). Anywho, that is another milestone passed in our household

CONGRATS to DW! And you only have a little over a month left yourself, I see. WOW!

 

[Alan]

CONGRATS to DW! And you only have a little over a month left yourself, I see. WOW!

Thanks

W2R's enthusiastic thread on her retirement really has me FIRE'd up

Last week at w*rk it was the same old deja-Moo* but this time I just didn't give a d*mn




* the feeling that you've seen this bull before

 

[CRABBY JERRY]

congrats

w2r Just want to wish you a happy and healthy retirement. jerry

 

[W2R]

Thank you, Jerry! So far, it has been extremely happy and I feel a lot healthier, too.

Alan, it is a good feeling when you realize you just don't give a d*** any more. That was a little difficult for me but I was lucky to have some really good co-workers that could take over my tasks, and think all the 'institutional knowledge" got transferred. At least, there have been no phone calls. I have only got on the internet once or twice to do a search and see if they have been creating or handling any huge messes reflecting poorly on my agency (none that I found). So, I guess I really don't care any more, either.

 

[hellbender]

Is That You?

W2R,

Your avatar . . . . maybe you a couple of years ago? I like it. That person seems very serene, confident and empathetic. Saw the same avatar and name at FedSoup. I am known as angioid over there.

 

[W2R]

W2R,

Your avatar . . . . maybe you a couple of years ago? I like it. That person seems very serene, confident and empathetic. Saw the same avatar and name at FedSoup. I am known as angioid over there.

Hellbender, that is me over at federalsoup.com . The avatar is German actress/model Eva Habermann, not me. I am 61 and look like it! But I like the avatar, which used to be one of the default avatars at this forum when it was hosted elsewhere with different software.

Whenever I change the avatar, there is an outcry! So, I suppose it will remain for now.

 

[hellbender]

I like it!

Hellbender, that is me over at federalsoup.com . The avatar is German actress/model Eva Habermann, not me. I am 61 and look like it! But I like the avatar, which used to be one of the default avatars at this forum when it was hosted elsewhere with different software.

Whenever I change the avatar, there is an outcry! So, I suppose it will remain for now.

It's perfect for you. Don't change it. Also, don't worry about OPM. They will get it right. (eventually) I know it's nerve wracking . . . . after all, it's your new livlihood. Iam still amazed that money comes into my checking account every month that I no longer have to work for. Life is good! Be patient.

 

[Khan]

BTW, My pension was rather complicated as it involved CSRS, FERS, a break in service, and an early retirement buyout. The folks at OPM figured it all out.

 

[W2R]

BTW, My pension was rather complicated as it involved CSRS, FERS, a break in service, and an early retirement buyout. The folks at OPM figured it all out.

Glad to hear that! Mine should be the simplest they have ever computed. I only worked for one agency at one facility with no break in service and all under FERS. I am just glad to have heard that my packet was finally sent on to them, on December 3rd.