Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Re: Gov't Career
Old 09-04-2006, 09:51 AM   #21
Confused about dryer sheets
 
Join Date: Sep 2006
Posts: 1
Re: Gov't Career

FYI

Congressional Federal retirement accrues at a much quicker rate..... 1.7% a year. It's not a bad deal. Plus, you get TSP.
__________________

__________________
Papabile 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!

Re: Gov't Career
Old 09-04-2006, 02:23 PM   #22
Recycles dryer sheets
perinova's Avatar
 
Join Date: Apr 2006
Posts: 424
Re: Gov't Career

what are the conditions to get the health benefits in retirement? the retirement age (is early retirement possible?) or how long you stay on?
__________________

__________________
perinova is offline   Reply With Quote
Re: Gov't Career
Old 09-05-2006, 08:33 AM   #23
Recycles dryer sheets
Robert the Red's Avatar
 
Join Date: Aug 2005
Posts: 325
Re: Gov't Career

Quote:
Originally Posted by perinova
what are the conditions to get the health benefits in retirement? the retirement age (is early retirement possible?) or how long you stay on?
These have somewhat complex answers.* To get health insurance when you retire, you must be covered for the last 5 years by the Federal Employees Health Benefits system, and also take an "immediate annuity" -- that is, be able to get your pension right away.* You can meet this latter requirement in several ways.* For example, I'll be eligible to retire with immediate annuity at my Minimum Retirement Age (MRA) of 56 plus 10 years of service (these events nearly coincide for me).* If for some reason I quit now, then I'd still get a pension at age 62 (since I have 5+ years in the system), but I'd not be able to pick up FEHB.* If I had started at age 57, then at age 62 I'd have 5 years in and be able to retire (with a 5% pension) and continue FEHB.

Early retirement is possible -- the earliest possible is generally age 50 (perhaps law enforcement officers have somewhat different rules?).* There are several possible situations for the combination of age and service years, so you'd probably best explore the OPM website: here's a start point http://www.opm.gov/retire/html/faqs/faq11.asp

The Federal government has so many employees and so many categories of employees that it is easy to find exceptions to my generalizations above.

__________________
Robert the Red is offline   Reply With Quote
Re: Gov't Career
Old 09-07-2006, 06:20 PM   #24
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,946
Re: Gov't Career

Spouse works for Fed Gov't since '03 after 20+ years private industry. If you take ALL the feedback from prior posts (the good, the bad, and the grey), I would say its a pretty good summary, based on our experience.

We are in DC area and most members of both our families are Feds also. One thing surprises me a bit is how different things are (culturally) from agency to agency (not unlike private industry, in that respect).

If you are in an are like ours, the lateral mobility is a huge positive as once you get a foot in the door, even if you get completely burned out at one agency, you can get lateral xfer and maintain continuity of pay, benefits, etc.

Another thing to pay attention to is the "locality pay rates". There can be substantial difference in salary between high and low cost areas of the country. You can take advantage sometimes because DC, Baltimore, (and I think Philly) are all in the same pay "locality" grouping, but housing in Baltimore is quite a bit lower than DC, for example. You can check these out at www.opm.gov
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Re: Gov't Career
Old 09-07-2006, 09:42 PM   #25
Thinks s/he gets paid by the post
 
Join Date: Jul 2003
Location: Pasadena CA
Posts: 2,695
Re: Gov't Career

Quote:
Originally Posted by jazz4cash
.* One thing surprises me a bit is how different things are (culturally) from agency to agency (not unlike private industry, in that respect).

I have not found that to be true overall. I watched my DOD friends migrate to DC from IL, CA, PA, MD & other places. Usually went there internally with their own agency then later changed agencies in pursuit of better jobs. When I would meet them and their DC friends at parties it seemed that profession was more important than agency. They would say "I'm an engineer at this Navy office" or I'm an accountant at IRS and the like. One exception is NASA (and I think HIH/NSF-science places) (where I now work, my 5th job in the Fed Govt) Here folks will generally first say they work at NASA and second what they do. I have actually seen Center Directors and janitors pause to watch a rocket launch/landing/rover. And that may be why folks like working at NASA, consistently rated the "happiest" agency. Its because people like what the work is all about.

Now the perception from friends & family in the field is to strongly associate your work with an agency. A friend of mine got a better job and jumped from the Navy to EPA. His family thought he had turned traitor. I imagine that might work for IRS employees. But to most of the folks I know in DC a job is a job more than what agency they work for.
__________________
T.S. Eliot:
Old men ought to be explorers
yakers is offline   Reply With Quote
Re: Gov't Career
Old 09-07-2006, 10:27 PM   #26
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,616
Re: Gov't Career

Quote:
Originally Posted by yakers
But to most of the folks I know in DC a job is a job more than what agency they work for.
With the notable exception of SPAWAR (Space & Naval Warfare Systems Command). When those guys were moving from DC to San Diego in the 1990s they did employee survey after survey to determine who'd make the move and what replacements they'd have to hire in San Diego. The results were consistently around 80% moving to SD and 20% staying in DC.

Until, of course, they actually made the move. The final ratio was more like 20% moving to SD and 80% staying in DC, mostly moving to other civil-service jobs.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Gov't Career
Old 09-07-2006, 10:56 PM   #27
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Gov't Career

Quote:
Another potential benefit with federal employment: every 5 years or so they have an "open season" for the life insurance program. You can get into the term life insurance with no medical underwriting. This was great for me. I had testicular cancer and couldn't get any affordable life insurance. When the open season came up I signed up for 5 X annual salary coverage and carried it until both kids were through college.

Grumpy
Maybe that explains why their rates are so uncompetitive (for healthy people). After i ran the numbers comparing them to an independant, it was a no-brainer for me to opt-out of the offered life insurance with the federal government. Its only a good deal for sick people who couldnt get coverage somewhere else as you just exampled.
__________________
azanon is offline   Reply With Quote
Re: Gov't Career
Old 09-07-2006, 11:00 PM   #28
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Gov't Career

Quote:
To get health insurance when you retire, you must be covered for the last 5 years by the Federal Employees Health Benefits system, and also take an "immediate annuity" -- that is, be able to get your pension right away.* You can meet this latter requirement in several ways.* For example, I'll be eligible to retire with immediate annuity at my Minimum Retirement Age (MRA) of 56 plus 10 years of service (these events nearly coincide for me).* If for some reason I quit now, then I'd still get a pension at age 62 (since I have 5+ years in the system), but I'd not be able to pick up FEHB.* If I had started at age 57, then at age 62 I'd have 5 years in and be able to retire (with a 5% pension) and continue FEHB.
Be careful not to confuse an annuity with a pension.* *The annuity the federal government offers you (a conversion of a portion of all of your TSP balance to payments), is optional, and is completely unrelated to the federal pension.
__________________
azanon is offline   Reply With Quote
Re: Gov't Career
Old 09-07-2006, 11:04 PM   #29
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,505
Re: Gov't Career

Quote:
People check in but hardly check out, working for the federal government. Workers may complain about the lower salary than that of the private sector.
The so-called lower salary of federal workers is 100% myth.* *I love going to family reunions where some of my private sector cousins boast about their 80-150K per year income, and fail to mention the 70-80 hr weeks they put in to earn that.* * I counter with my pay per hour (40 hr week, so my salary X2 vs theirs) adjusted even beyond that of course for all federal holidays, 18 days of personal leave and another 12 of sick leave.* *Lets just say its plenty competitive.* *And i havent even begun to get into the eventual pension of 25-30K/year for life (which we all know takes in the neighborhood of 600,000-700,000 principle to earn at the magical 4% SWR).* Then there are things like social security suppliments that can start as early as 55! until you actually reach the age of 62, and the "filler" payments are almost the same, lol.* And of course health insurance where the government pays ~ 75% of the premium, again, for life.

Unless you're a real hot shot on your own, the federal government is a near slam dunk IMO.* *
__________________
azanon is offline   Reply With Quote
Re: Gov't Career
Old 09-07-2006, 11:44 PM   #30
Thinks s/he gets paid by the post
 
Join Date: Aug 2004
Location: Laurel, MD
Posts: 2,946
Re: Gov't Career

Quote:
Originally Posted by yakers
But to most of the folks I know in DC a job is a job more than what agency they work for.
.........give them time.* Actually, I had to keep checking back to the begining of your post to confirm that you were disagreeing with me.* Things like a janitor being interested in a successful project by his agency, even though his particular job appears unrelated to the project support my opinion.* You should see my family members when we gather and they try to convince each other whats good about agency X or Y.* Also there is less distinction between NASA* and any* of the DoD agencies, compared to say IRS.*

I also pretty much agree with the statement Az made about the lower salary being mythical....maybe years ago, but not anymore.* Now there are ALOT of folks that are underpaid, but in an area like DC where there are LOTs of federal jobs, people find the sweet spots and many people hired in the 80's or thereabouts are OVERPAID compared to pvt industry in my opinion.* So now the Gov't is getting alot more like Pvt Ind......they are outsourcing many activities.* These trends generally shift somewhat whenever a different party occupies 1600 PA Ave.* The best budgeted agency nowadays is Homland Security.
__________________
...with no reasonable expectation for ER, I'm just here auditing the AP class.Retired 8/1/15.
jazz4cash is offline   Reply With Quote
Re: Gov't Career
Old 09-08-2006, 07:33 AM   #31
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,633
Re: Gov't Career

Quote:
Originally Posted by Azanon
Unless you're a real hot shot on your own, the federal government is a near slam dunk IMO.
I was in Federal HR for years and I never bought the salary studies - they just didn't seem to comport with reality. By and large the pay seems very competetive. The only thing you don't have is the extreme top end that private industry offers. But, even among the highly talented, very few reach that top end; most remain in pay levels comparable to govmt. When you add in the benefits package, Federal employment becomes very attractive.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Re: Gov't Career
Old 09-08-2006, 04:14 PM   #32
Recycles dryer sheets
Robert the Red's Avatar
 
Join Date: Aug 2005
Posts: 325
Re: Gov't Career

Quote:
Originally Posted by Azanon
Be careful not to confuse an annuity with a pension.* *The annuity the federal government offers you (a conversion of a portion of all of your TSP balance to payments), is optional, and is completely unrelated to the federal pension.
Actually, the FERS 'pension' is variously called a 'retirement benefit' and an 'annuity' -- it is never called a "pension" on the OPM website (and retirees are called 'annuitants').* Confusingly, the TSP conversion you mention is also called an 'annuity'.* What I referred to in the previous post as the "immediate annuity" is the "pension", and has nothing to do with TSP.* To continue your health benefits, you must be eligible for and take the immediate annuity (pension) -- under most circumstances, that is.
__________________
Robert the Red is offline   Reply With Quote
Re: Gov't Career
Old 09-09-2006, 02:36 PM   #33
Thinks s/he gets paid by the post
BunsGettingFirm's Avatar
 
Join Date: Jan 2004
Posts: 1,502
Re: Gov't Career

Quote:
Originally Posted by Azanon
The so-called lower salary of federal workers is 100% myth. I love going to family reunions where some of my private sector cousins boast about their 80-150K per year income, and fail to mention the 70-80 hr weeks they put in to earn that. I counter with my pay per hour (40 hr week, so my salary X2 vs theirs) adjusted even beyond that of course for all federal holidays, 18 days of personal leave and another 12 of sick leave. Lets just say its plenty competitive. And i havent even begun to get into the eventual pension of 25-30K/year for life (which we all know takes in the neighborhood of 600,000-700,000 principle to earn at the magical 4% SWR). Then there are things like social security suppliments that can start as early as 55! until you actually reach the age of 62, and the "filler" payments are almost the same, lol. And of course health insurance where the government pays ~ 75% of the premium, again, for life.

Unless you're a real hot shot on your own, the federal government is a near slam dunk IMO.

These days with private industry freezing pay for even good performers, the pay gap is getting smaller and smaller. Another thing people don't realize is that you can leverage your government connections into some very desirable private-industry jobs.

__________________

__________________
Got retiree health care through your company? What if the company goes bankrupt? Retire and go RVing full time? RVs are not structurally sound. You'll die in a fiery crash. Retire and live overseas? What if you die? Aren't you worried about your body? No, I don't think I will be able to seeing how I am dead.
BunsGettingFirm 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
Engineering Career Spanky Young Dreamers 45 11-23-2006 11:07 AM
ER and Career Planning Tommy_Dolitte Young Dreamers 6 03-15-2005 09:57 AM
Malakito here / career advice malakito Hi, I am... 12 07-16-2004 02:18 PM
72t Early withdrawl strategy for career transition Ron Huggins FIRE and Money 15 06-20-2004 03:35 AM
Continuing Education During Career BigMoneyJim Young Dreamers 7 04-08-2004 05:50 AM

 

 
All times are GMT -6. The time now is 03:37 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.