Page 3 of 4 FirstFirst 1234 LastLast
Results 25 to 36 of 45

Thread: Pension

  1. #25

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    65,016

    Default Re: Pension

    05/09/2021
    LS CRUDE Oil
    =$59.32 a Barrel, Daily Status -$.28

  2.  
  3. #26

    Join Date
    Aug 2020
    Location
    New Hampshire
    Posts
    25

    Default Re: Pension

    Quote Originally Posted by NatInPW View Post
    I'm not 100% sure, but I think that the amount on your SS statement at full retirement age PRESUMES that you actually work until full retirement age. If you're retiring before then, your $$$ will be much less than what the estimate would be at FRA. It's hard to get a definitive answer on this, but I've asked one of our retirement seminar providers and a recent retiree who postponed claiming a few years after retirement and they both seem to say that it does no good to wait to claim SS after you actually retire as the $$$ doesn't go up very much at all (a little, but not much)
    This is the presumption I get as well from the SS website. There is a calculator I ran on there where I put in 56 years old as the age when I stopped working and made zero dollars after that and it decreased my amount at 62 on my statement by 10%. It wouldn't change the numbers for 67 and 70 and the calculator assumed I would make my current income until those ages. That makes it difficult to know what it would be if I held out until later. It says it goes up by 8% a year but if they assume you're working and not sitting on your butt collecting your pension, the numbers would drop, but by how much?

  4.  
  5. #27

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    10,687

    Default Re: Pension

    If you are CSRS you get penalized on your SS because of your pension. FERS no penalty.
    In my opinion if you are still working it is best to wait until you reach FRA then collect SS. If you wait until 70 it could take 7-10 years to make up the difference if you started collecting at FRA. Then again if you live to be 100 you loose money.
    May the force be with us.


  6.  
  7. #28

    Join Date
    May 2011
    Location
    Florida
    Posts
    1,664
    Blog Entries
    6

    Default Re: Pension

    I'm 33yo so who the hell knows. What I do know is my pension will be wildly different if I retire at 20 years at E-7, or keep promoting, stay in, and eventually retire as an E-9 with 30. The difference is absolutely massive. But, less years on the back end to enjoy it. And more years my family has to deal with military life.

  8.  
  9. #29

    Join Date
    Feb 2007
    Location
    San Diego, CA
    Posts
    6,985

    Default Re: Pension

    Quote Originally Posted by bmneveu View Post
    I'm 33yo so who the hell knows. What I do know is my pension will be wildly different if I retire at 20 years at E-7, or keep promoting, stay in, and eventually retire as an E-9 with 30. The difference is absolutely massive. But, less years on the back end to enjoy it. And more years my family has to deal with military life.
    Financially, when you go over 20 years your base pay is 1/2. If you do the math, since you may work after retirement, it would be better to get a job then and invest your military retirement check. I'll look for the site I used to go to do that math.
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  10.  
  11. #30

    Default Re: Pension

    Quote Originally Posted by nasa1974 View Post
    If you are CSRS you get penalized on your SS because of your pension. FERS no penalty.
    In my opinion if you are still working it is best to wait until you reach FRA then collect SS. If you wait until 70 it could take 7-10 years to make up the difference if you started collecting at FRA. Then again if you live to be 100 you loose money.

    I did the math on SS. The tables show that if you make it to 80, it doesn't matter if you take it when you are first eligible or wait until FRA. You'll draw the same total amount. I'm taking at 62. That way my wife can draw off my SA account.
    Current allocation: 90-L2030 10-L2050. Trust in God and keep your powder dry. Oliver Cromwell

  12.  
  13. #31

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    65,016

    Default Re: Pension

    Quote Originally Posted by Weather View Post
    I did the math on SS. The tables show that if you make it to 80, it doesn't matter if you take it when you are first eligible or wait until FRA. You'll draw the same total amount. I'm taking at 62. That way my wife can draw off my SA account.
    I started mine at 64 and am glad I did.
    05/09/2021
    LS CRUDE Oil
    =$59.32 a Barrel, Daily Status -$.28

  14.  
  15. #32

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    10,687

    Default Re: Pension

    I waited for three reasons 1) was the CSRS penalty 2) I failed retirement and I'm still working full time and 3) I didn't want the SS penalty.
    So why take it now? I did the math and it's better to get it now then at 70.5, 1) is less of a penalty, 3) isn't in the mix anymore and in 2021 I'm planning for retirement 2.0.
    May the force be with us.

  16.  
  17. #33

    Join Date
    Feb 2007
    Location
    San Diego, CA
    Posts
    6,985

    Default Re: Pension

    Brass Tacks:

    I expect to retire at 58, FERS, with supplement. How long does the supplement last? 62 when I'm eligible, or when I file for SS later?
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  18.  
  19. #34

    Join Date
    Oct 2010
    Location
    Aiea, Hawaii
    Posts
    1,122

    Default Re: Pension

    Quote Originally Posted by Frixxxx View Post
    Brass Tacks:

    I expect to retire at 58, FERS, with supplement. How long does the supplement last? 62 when I'm eligible, or when I file for SS later?

    Good Plan!
    Supplement is good to 62.
    SS starts at 62. (If you want it, otherwise whenever you decide to take it. I’m sure you’ve seen all the discussion lately on when is best to start taking SS.)
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

  20.  
  21. #35

    Default Re: Pension

    Quote Originally Posted by Frixxxx View Post
    Brass Tacks:

    I expect to retire at 58, FERS, with supplement. How long does the supplement last? 62 when I'm eligible, or when I file for SS later?
    Not only dose the supplement stop when you reach age 62, you need to be aware that the supplement is also subject to an earnings test. That is, your supplement will be reduced if you have earned income exceeding $18,240 (2020 number). I retired at 57 and have had to keep an eye on my earnings the past 3 years to keep the full supplement amount in play. I may actually work full time again once the supplement goes away when I reach 62 as I don't plan to start drawing SS until I reach my FRA at 67.

  22.  
  23. #36

    Join Date
    May 2011
    Location
    Florida
    Posts
    1,664
    Blog Entries
    6

    Default Re: Pension

    Quote Originally Posted by Frixxxx View Post
    Financially, when you go over 20 years your base pay is 1/2. If you do the math, since you may work after retirement, it would be better to get a job then and invest your military retirement check. I'll look for the site I used to go to do that math.
    Every year after 20 adds 2.5%, capping out at 30 years / 75%. I'd also be making a pretty decent annual salary while still in at that point.


  24.  
Page 3 of 4 FirstFirst 1234 LastLast

Tags for this Thread

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
SPY (C Fund) (delayed)
Pension
(Stockcharts.com Real-time)
DWCPF (S Fund) (delayed)
Pension
(Stockcharts.com Real-time)
EFA (I Fund) (delayed)
Pension
(Stockcharts.com Real-time)
BND (F Fund) (delayed)
Pension
(Stockcharts.com Real-time)

Yahoo Finance Realtime TSP Fund Tracking Index Quotes