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Thread: FERs Retirees, anyone?

  1. #25

    Default Re: FERs Retirees, anyone?

    I just downloaded Mr. Jamison's guide and I look forward to reading it and applying it over the next 15 months.

    Frank

    Sent from my XT907 using Tapatalk

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  3. #26

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Lakebound View Post
    I just downloaded Mr. Jamison's guide and I look forward to reading it and applying it over the next 15 months.

    Frank

    Sent from my XT907 using Tapatalk
    Kudos to OBgibby for this valuable info. Check out Clester's info, too.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  5. #27

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    Kudos to OBgibby for this valuable info. Check out Clester's info, too.
    Will do. Thanks everyone.

    Frank

    Sent from my XT907 using Tapatalk


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  7. #28

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by clester View Post
    I am retired ATC. Almost 5 years ago. Whew, time flies. Anyway I took 72t withdrawals using amortization rule. That plus supplement plus fers pension from 26 years service (40%) plus the reduced deductions for Medicare, fica , tax etc gave me a take home pay close to what I was making before take home. My TSP balance is about the same as it was when I retired. So, my returns equal my withdrawals over that time. So, my opinion is to go ahead and start 72t withdrawal if it will help you retire. Enjoy it while your young. You can start changing the monthly amounts after age 59.5. This incurs no penalties but of course you pay taxes.
    This is the sort of "meat & potatoes" information that really helps. Thank you for being kind enough to share.

    Frank

    Sent from my XT907 using Tapatalk

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  9. #29

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    FYI #2: FERS Postal:

    Retiring at Minimum Retirement Age (MRA) before age 62 and with 30 years of service entitles you to Supplemental Annuity or Supplemental Income (SI). Supplemental Income is approximately equal to 75% of the Social Security benefit that you would have received at age 62. Just like your SS benefit, this is subject to earned income threshold. Cashing your accrued annual leave will not affect your Supplemental Income.

    Example: Retired on December 31 with 560 hours of earned annual leave at $30.00 per hour. This equates to a lump sum of $16,800 (pre-tax) plus you will receive SI of approx. $750 per month if SS benefit at age 62 is $1000. Don’t forget you will also receive FERS annuity and TSP if you decide so.

    Disclaimer: Scenarios quoted here are almost always applicable only to me and my spouse. Your scenario might differ from ours.
    There are always exceptions to the rule. Always check with OPM or your agency.
    LEO, FF, ATC can collect the Special Retirement Supplement until their Minimum Retirement Age with no earnings test.
    07/7.02 08/-36.53 09/29.86 10/13.31 11/-0.74 12/11.42 13/14.45 14/3.66 15/4.34 16/11.44
    AutoTracker: 12/+11.97 13/+14.59 14/+3.52 15/+4.34 16/+11.39

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  11. #30

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by OBGibby View Post
    LEO, FF, ATC can collect the Special Retirement Supplement until their Minimum Retirement Age with no earnings test.
    OBgibby: Is that applicable regardless of Federal or State LEO?
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  13. #31

    Default Re: FERs Retirees, anyone?

    Federal LEO. None of my comments pertain to state retirement provisions.
    07/7.02 08/-36.53 09/29.86 10/13.31 11/-0.74 12/11.42 13/14.45 14/3.66 15/4.34 16/11.44
    AutoTracker: 12/+11.97 13/+14.59 14/+3.52 15/+4.34 16/+11.39

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  15. #32

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    FYI #2: FERS Postal:

    Retiring at Minimum Retirement Age (MRA) before age 62 and with 30 years of service entitles you to Supplemental Annuity or Supplemental Income (SI). Supplemental Income is approximately equal to 75% of the Social Security benefit that you would have received at age 62. Just like your SS benefit, this is subject to earned income threshold. Cashing your accrued annual leave will not affect your Supplemental Income.

    Example: Retired on December 31 with 560 hours of earned annual leave at $30.00 per hour. This equates to a lump sum of $16,800 (pre-tax) plus you will receive SI of approx. $750 per month if SS benefit at age 62 is $1000. Don’t forget you will also receive FERS annuity and TSP if you decide so.

    Disclaimer: Scenarios quoted here are almost always applicable only to me and my spouse. Your scenario might differ from ours.
    There are always exceptions to the rule. Always check with OPM or your agency.
    Clarification: 75% is based on 30 years of service (30 civilian years/40 SS years). This ratio will vary according to your #of years of civilian service.
    Source: Chapter 51-Retiree Annuity Supplement (OPM)
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  17. #33

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    For starters, let me tell you about myself. I already reached my MRA (minimum retirement age), but a tad short of 30 years of service. So I really cannot retire until April of 2015. The caveat of retiring without 30 years of service is you don't get the supplemental income and annuity is a lot less than when you have 30 under your belt.t
    Correction to the statement above. It's the other way around. You get supplemental income (SI) even if you don' have thirty (30) years of service, but you don't get SI if you haven't attained your minimum retirement age yet.

    Of course, different rules apply to special interest group, e.g.LEO, ATC, and fire fighters to name a few.

    The caveat of retiring without 30 years is you get less $FERS annuity - a diff of almost $300-$$500 depending on your salary bracket.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  19. #34

    Default Re: FERs Retirees, anyone?

    Any comments to the statement below? I am confused. I thought if you hold off collecting your SS benefits, you will be reap more $$. Reggie Jones says otherwise.

    "BY REG JONES ON JANUARY 23, 2015 EARLY RETIREMENT
    Q. I am a 62-year-old FERS employee. Can I retire with my FERS annuity and TSP and wait until my full retirement age of 66. I do not plan to work after I leave.

    A. Yes, you can wait until your full retirement age, however, your Social Security benefit will be based on the amount you were entitled to when you retired."
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  21. #35

    Join Date
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    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    Any comments to the statement below? I am confused. I thought if you hold off collecting your SS benefits, you will be reap more $$. Reggie Jones says otherwise.

    "BY REG JONES ON JANUARY 23, 2015 EARLY RETIREMENT
    Q. I am a 62-year-old FERS employee. Can I retire with my FERS annuity and TSP and wait until my full retirement age of 66. I do not plan to work after I leave.

    A. Yes, you can wait until your full retirement age, however, your Social Security benefit will be based on the amount you were entitled to when you retired."
    Reg Jones is usually right on, so I thought you might have taken what he said out of context. So I looked up the quote at Retirement age but there was no additional info. The question and answer are just as you presented.

    So I'm not sure exactly what he meant, but here is my take. SS is based on your highest 35 years of income. If you retire on your pension and TSP only, and put off taking your SS till your FRA, the 'basis' will still be on the same highest 35 yrs (since the 62 yr old said they would not work between 62 and FRA). However, you will not be docked 27% for taking SS at 62. You will get the full retirement amt, but still based on the same highest 35 yrs. So yes, you would get 27% more (or whatever the actual deduction it would have been), but it will still have the same 'high 35 basis'. Other than that, you will just have to ask Reg for clarification!
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Target Retire date: December 2018.

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  23. #36

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,450

    Default Re: FERs Retirees, anyone?

    Quote Originally Posted by Maricar19 View Post
    Any comments to the statement below? I am confused. I thought if you hold off collecting your SS benefits, you will be reap more $$. Reggie Jones says otherwise.

    "BY REG JONES ON JANUARY 23, 2015 EARLY RETIREMENT
    Q. I am a 62-year-old FERS employee. Can I retire with my FERS annuity and TSP and wait until my full retirement age of 66. I do not plan to work after I leave.

    A. Yes, you can wait until your full retirement age, however, your Social Security benefit will be based on the amount you were entitled to when you retired."
    What uscfanhawaii said plus my $0.02.

    I believe this statement about ss benefits to be incorrect. This page along with the links on the page will tell you the SSA rules.
    Retirement Planner: Benefits By Year Of Birth
    This may help: http://www.socialsecurity.gov/pubs/EN-05-10070-1952.pdf
    What Mr. Jones may mean is that if you earn no more income, the amount you receive at full retirement will not be more than it would have been if you had been full retirement age when you retired? Retired from where? You are not retired ss wise until you apply for benefits even if you did retire from somewhere else?
    Who is Reggie Jones? So many questions but this is why I try to research stuff myself using publications from the applicable agency instead of listening to experts.
    Good luck in your quest for the truth. It is not often easy to find.
    PO


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