Fed worker under FERS; hit my MRA

[Notch]

Hello

I'm surprised I hadn't stumbled upon this site sooner but here I am. Looks like a lot of great content here for me to jump into. Hard for me to believe but I finally reached my Minimum Retirement Age (MRA) of 56 recently which means I am now eligible to retire and draw my federal pension. I've played w/ FIRECALC and other retirement calculators and it seems I've got the financial side of retirement covered. I'm still trying to figure out the non-financial aspects of retirement though and expect I'll pull the plug in the next year or so. Hopefully I'll find good ideas and inspiration on this site.
Cheers,

Notch

[Calico]

Welcome to the forum!

[W2R]

Congratulations on hitting your MRA!!! That's a huge milestone.

[Dtail]

Congrats and feel free to ask away any questions you have.

[Notch]

Thank you for the welcomes and congrats. I find it both exciting and scary to know I can retire. It's good to know that I don't "need" to continue working in order to save enough for retirement. I don't dislike work but the past year of mostly teleworking has shown me that any enjoyment I got out of work came more from the social aspects of interacting with coworkers rather than the work itself. I bought the book "How to Retire Happy, Wild, and Free"; I guess it's finally time I read it :-)

[jgman]

Quote:

Originally Posted by Notch Hello I'm surprised I hadn't stumbled upon this site sooner but here I am. Looks like a lot of great content here for me to jump into. Hard for me to believe but I finally reached my Minimum Retirement Age (MRA) of 56 recently which means I am now eligible to retire and draw my federal pension. I've played w/ FIRECALC and other retirement calculators and it seems I've got the financial side of retirement covered. I'm still trying to figure out the non-financial aspects of retirement though and expect I'll pull the plug in the next year or so. Hopefully I'll find good ideas and inspiration on this site. Cheers, Notch

I'm a Fed also and hit my MRA in March. Submitted my retirement papers yesterday. Final day is September 30. Cannot wait!

[rhrihm]

Congratulations!

[Notch]

Congrats jgman! I'm very tentatively targeting end of year.

[RAE]

Welcome to the forum, and congrats, from another former fed. employee. I retired back in 2010 (CSRS), at age 54.5 (got out a little early under a VERA/early out). Retirement has been great, I have had absolutely no regrets (financial or otherwise). I'm sure folks here will be glad to answer any questions you have about the non-financial aspects of retirement...

[Notch]

Thanks RAE. There is a rumor that my agency may offer a VERA/VSIP this summer. As for the non financial aspects, this past year has thrown a monkey wrench into the works - I'm now rethinking where I might want to live in retirement and I'll have to see how ongoing restrictions on travel, events, and activities play out.
Wish I was under CSRS but I didn't have that choice. The down side to early retirement under FERS is that my pension does not track inflation until I turn 62 and the FERS Supplement (paid until age 62 to bridge the gap to Social Security and make FERS more akin to CSRS for early retirees) gets phased out if income from another job exceeds some amount (~$25k/yr?). I wasn't planning to retire to another job but I'd consider a part time fun job to keep me busy and engaged with others. I found out that I do not like teleworking and the one aspect I miss about going to work is interacting with my coworkers.

[jgman]

Does anyone know whether you need to apply for the FERS annuity supplement or does it come automatically with your FERS annuity? I am retiring the end of this year from the Federal Govt.

[goingtotravel]

Another federal employee here! I hit my MRA this week, I have already filed my retirement paperwork, and next Friday is my last day. Hit our number some time ago but stayed for the insurance and FERS supplement that kicks in at MRA. Loved my work but burn out is real after 30+ years.

Quote:

Does anyone know whether you need to apply for the FERS annuity supplement or does it come automatically with your FERS annuity? I am retiring the end of this year from the Federal Govt.

You do not need to apply for the supplement it is automatically given to you if you qualify for it. If you get a retirement estimate from HR you should see that number on your estimate sheet if you qualify.

[jgman]

Thanks!

[mailbagman]

26 years in the Federal Government. retired 9 years ago at 54, (year I turned 55). Took my TSP and rolled in into dividend paying stocks. Never looked back. More money coming in how then when I worked with less expense.

Hit my up with any questions you might have.