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Thread: Medicare and Social Security

  1. #25

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    Default Re: Medicare and Social Security

    The money in a defined benefits pension plan is not the employees - it's just a promise that can be changed. A defined contribution is much better - the money sum is yours and cannot be altered. Everyone will need to become more cognizant of investing for their retirement. I'm in favor of these plans.

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  3. #26

    Default Re: Medicare and Social Security

    Just a quick question for FERS retirees, do you believe you were better off with the TSP and the 5% match, and supplements, etc or think you would have been better off with the CSRS annuity and no match? Seems a little hard to compare since they are so different.

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  5. #27

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    Default Re: Medicare and Social Security

    Quote Originally Posted by FireWeatherMet View Post
    Lets look and see who is writing & pushing this legislation

    Senators Richard Burr (R-NC), Tom Coburn (R-OK), Saxby Chambliss (R-GA)

    This isn't a political thread...so I'll just rhetorically ask if anyone sees something in common with the 3 "crafters" of this plan?

    Hint: Its the same group that has been whittling away federal benefits for decades...since Reagan cut off CSRS for new hires.
    Do you know why there are only Republicans on that list? Because they know we are going broke and something has to be done, the Dems wouldn't dare try and save our economy they would lose votes.




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  7. #28

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    Default Re: Medicare and Social Security

    Quote Originally Posted by Scout333 View Post
    Just a quick question for FERS retirees, do you believe you were better off with the TSP and the 5% match, and supplements, etc or think you would have been better off with the CSRS annuity and no match? Seems a little hard to compare since they are so different.
    The other system was better unless you do 15% of your own money and trade well. We my be better off when they drop all of them from being eligible for Social security as a last ditch effort to balance budget a couple years from now. Just a rumor. Soon everyone under FERS will have to wait until 62. No SS supplements soon,Whine over.
    Don't bias your charts. Show support and resistance. My comments and charts are not trading recommendations.

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  9. #29

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    Default Re: Medicare and Social Security

    Quote Originally Posted by Scout333 View Post
    Just a quick question for FERS retirees, do you believe you were better off with the TSP and the 5% match, and supplements, etc or think you would have been better off with the CSRS annuity and no match? Seems a little hard to compare since they are so different.
    I remember being asked twice if I wanted to switch from CSRS to FERS, I declined both times. I made the right decision.



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  11. #30

    Default Re: Medicare and Social Security

    Quote Originally Posted by Bquat View Post
    The other system was better unless you do 15% of your own money and trade well. We my be better off when they drop all of them from being eligible for Social security as a last ditch effort to balance budget a couple years from now. Just a rumor. Soon everyone under FERS will have to wait until 62. No SS supplements soon,Whine over.
    I hired a few years after FER's started. I believe CSRS was better, but I just did a quick calculation of my retirement benefits under each and I am not so sure. I retire Jan 11, 2014.

    CSRS would give me $13,500 more annually, give or take a couple dollars, than my FERS and SS Supplement together will provide. Using my TSP account balance as of today to receive life expectancy monthly payments (which I don't plan to do yet) my annual pay would be about the same as CSRS.

    CSRS gets better annual COLA's, but I'll get an increase in my SS when I apply for full benefits down the road. And as a LEO, I will get COLA's annually.

    As BQUAT said, TSP is key.

    Bquat, not everyone in FERS under 62 will lose SS supplements. Those under mandatory retirement (LEO/ATC/FF) will keep the supplement according to the reports I have read.

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  13. #31

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    Default Re: Medicare and Social Security

    Quote Originally Posted by FireWeatherMet View Post
    Here's a quote from these a$$ clowns...giving the REAL REASON they're proposing this:
    The Senators said in a press release that federal employees currently enjoy a costly benefit that is unavailable to the average private sector worker which is creating an untenable cost burden for taxpayers. “Federal workers enjoy both a defined benefit pension and a Thrift Savings Plan (equivalent to a 401(k)) with up to a 5% match, paid for by the taxpayers. The average private sector employee gets a 401(k) with a 3% employer match and no pension. Federal workers also continue to enjoy federal health care benefits (FEHBP) after they retire, a benefit that is becoming increasingly rare in the private sector,”
    Amazing how the program FERS was generated based on what the private sector was paying back in the 80's.

    This link shows how a bipartisan group came up with FERS and how it was constructed:

    Link

    Many other studies were presented to show the math. But I have no time in my schedule to research that deep.
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
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  15. Default Re: Medicare and Social Security

    Hi guy. In answer to your Q. I live in both worlds. I retired in 1/08 with 21yrs. csrs and 9 with fers. 30yrs. 3mos. I sign up for SS in feb. My supplement goes but the SS comes. Hopefully its more than the former! Enjoying gaining and some losing in the market with TSP!

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  17. Default Re: Medicare and Social Security

    Anytime the FED offers you alternatives; run! My bluecross Fed is around 5k/yr. Not great but sufficient. Dental is extra!

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  19. #34

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    Default Re: Medicare and Social Security

    Quote Originally Posted by Birchtree View Post
    The money in a defined benefits pension plan is not the employees - it's just a promise that can be changed. A defined contribution is much better - the money sum is yours and cannot be altered. Everyone will need to become more cognizant of investing for their retirement. I'm in favor of these plans.
    Me too. Defined contribution is the way to go and I wish we had that option instead of Social Security as well. If we owned our social security accounts and could invest them we would have a lot more money in retirement than social security currently pays. Its a typical liberal government program that is inefficient and too costly.
    "The flag stands for rights, not results. Time to grow-up buttercup"

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  21. #35

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    Default Re: Medicare and Social Security

    Quote Originally Posted by FireWeatherMet View Post
    Interesting footnote from your link:

    On pg 7 those making the case against CSRS said it was too costly compared to private industry retirment plans:

    "A preliminary design study, performed for OPM by consulting actuaries and reported--28 percent of pay for CSRS and 17 percent for a "typical nonfederal" plan"

    However, Senator Al Gore Jr objected to that analysis...and for very good reason:
    "But when Sen. Albert Gore, Jr., questioned this, GAO added that 25.1 percent was the figure from the same study for large companies with work forces closer in size to the federal civilian work force."

    I would have liked to have had the security of CSRS (and not have the FICA SS taxes) AND the capability to invest 5-10% of my cash tax free into a TSP like vehicle.
    Funny, when I was presented the choice of CSRS vs FERS (yes. I was offered a choice), I don't recall being advised that I could also invest in tsp at the same time. unfortunately I was still in grad school on career conditional appointment and didn't know enough to make decision other than job insecurity (30 year career? really?) I couldn't imagine that for myself at the time, even tho parent was a career CSRS kinda guy who had already retired at that point-he took a buyout then, had his MRA but went out with less than 30 years on a directed reassignment-RIF.

    Having a backup plan (tsp) for job insecurity was a big argument for me in late 80s to go FERS instead of CSRS based on my own job hunts in the 70s and 80s prior to getting on board the gov. I didn't get the details on the directed reassignment/RIF early-out deal from my dad until just a few months ago but I knew he'd sweated a RIF a few years earlier than that also-which factored into my decision.
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard

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  23. #36

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    Default Re: Medicare and Social Security

    Quote Originally Posted by FireWeatherMet View Post
    Yeah Alevin,
    Definitely pro's and cons for each one.

    Not sure if you'll be working for the feds for yur entire career? Then FERS is better.
    Also if you plan on working into your mid 60's or longer, FERS might be better deal.

    Out & Alive at 55...or 60...then CSRS is better.
    Catching the stock market on the wrong end of the secular bull/bear market....or ones investing choices not the best...CSRS better deal.
    Yes, so figure somebody like me when I was already 27, career conditional still, and not going to hit the big 30 til I was 60. 50/50 coin toss it was for me, wish Yoda had been around back then.
    "life can only be understood backwards, but it must be lived forwards" - soren kierkegaard


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