Originally Posted by SaraShaw
I am a 46 year old single lady in the very expensive state of Massachusetts. For most of my last 14 years with the Federal Government....
So I decided to consider retiring at the earliest opportunity no matter what. I believe this is at age 55 under early out allowance.
At this point I would expect to get 55 to 67 (67 is when I would take social security)
- 1900 per month FERS
- 1200 per month TSP
I also expect to have about 200,000 saved which I will use to draw from and also use the return as additional income.
If you really don't like your job, I would certainly look elsewhere as others have suggested...DC/VA/MD Metro Area has about the same COLA as Boston; Houston TX has higher COLA for federal employees but a lower actual cost of living (last time I looked a few years back).
46 + 6 years = 52 years old -- Eligible for VERA/VSIP if offered
14 + 6 years = 20 years service
(20 Years of Service & age 50 or older) You might be eligible for Supplement at MRA:
You may also be receiving this supplement if you retired involuntarily before attaining your Minimum Retirement Age (MRA)
or voluntarily because of a major reorganization, reduction in force, or an early retirement for Members of Congress. However, in these three instances, you were not eligible for the special retirement supplement until you reached your Minimum Retirement Age (MRA)
Minimum Retirement Age (MRA) is age 55 to 57, depending on date of birth.
Born 1970 and after = 57
46 + 11 = 57 years old - Eligible for Early Retirement
Eligible for Supplement at age 60 with 20 years service (would require you to work 3 more years); at MRA with 30 years service (would not help in your situation unless RIF)
14 + 11 years = 25 Years of Service