Hello all,
Having to move because we are having triplets and need to be closer to family.
Currently I work for a city police department where our retirement multiplier is 3.3% which means at 30 years of service I can retire at 100% of my high three. There is no cola after retirement and insurance although currently is about $350 a month, will go up to almost $800 at retirement. I have 6 years in with only about 5,000 in a deferred comp and 3,000 in a Roth IRA.
When I move I can go work for another local police dept where the retirement (multiplier, no cola, insurance) will be the same. My time will transfer towards retirement so I will only have to work 24 more years. In 30 years I could (guessing) at around 60k a year in pension.
That was option #1
Or I could try option #2 which is:
Go for work for the federal bureau of prisons which is near by.
I could only work for the bop for 27 years due to mandatory retirement at age 57. Their multiplier is only 1.7% up to 20 years and then 1% for anything over 20. They do have the matching TSP or a Roth TSP which I could put money into, and the social security which would also be part of the retirement.
Just curious if anyone has ever thought about something like this. what is better?
30 years at 100% of salary
or
27 years at 40% of salary, TSP, social security
Having to move because we are having triplets and need to be closer to family.
Currently I work for a city police department where our retirement multiplier is 3.3% which means at 30 years of service I can retire at 100% of my high three. There is no cola after retirement and insurance although currently is about $350 a month, will go up to almost $800 at retirement. I have 6 years in with only about 5,000 in a deferred comp and 3,000 in a Roth IRA.
When I move I can go work for another local police dept where the retirement (multiplier, no cola, insurance) will be the same. My time will transfer towards retirement so I will only have to work 24 more years. In 30 years I could (guessing) at around 60k a year in pension.
That was option #1
Or I could try option #2 which is:
Go for work for the federal bureau of prisons which is near by.
I could only work for the bop for 27 years due to mandatory retirement at age 57. Their multiplier is only 1.7% up to 20 years and then 1% for anything over 20. They do have the matching TSP or a Roth TSP which I could put money into, and the social security which would also be part of the retirement.
Just curious if anyone has ever thought about something like this. what is better?
30 years at 100% of salary
or
27 years at 40% of salary, TSP, social security