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Thread: Pension

  1. Default Pension

    What is everyone's appox pension going to be?


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  3. #2

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    Default Re: Pension

    Quote Originally Posted by gibsonman View Post
    What is everyone's appox pension going to be?
    First, CSRS typically 67%, FERS typically 52%, of High Three salary.

    Besides that, depends on salary, # of years, and sick leave left over.
    There are 10 types of people in the world. Those who know binary, and those that don't!!
    Retired on December 31, 2018!!

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  5. #3

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    Default Re: Pension

    Quote Originally Posted by uscfanhawaii View Post
    FERS typically 52%, of High Three salary.
    Please explain how a FERS employee can get 52% their high three.

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  7. Default Re: Pension

    Sounds more like a PERS retirement than a FERS retirement.


    Sent from my iPhone using TSP Talk Forums

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  9. #5

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    Default Re: Pension

    Quote Originally Posted by Bullitt View Post
    Please explain how a FERS employee can get 52% their high three.
    By having 47.28 years creditable fed service? If it was all civil service that would mean having converted to FERS. Could be the person started as FERS and bought back 13 years or so military time? Peace Corp time? I looked up the average and for 2016 it was 27%.

    PO

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  11. #6

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    Default Re: Pension

    Not a "typical" situation by any means.

    Quote Originally Posted by uscfanhawaii View Post
    First, CSRS typically 67%, FERS typically 52%, of High Three salary.
    Here's where 67% came from. Nothing about % of high-three.

    In FY 2018, more than 2.6 million people received civil service annuity payments, including 2,132,713 employee annuitants and 514,266 survivor annuitants. Of these individuals, 67% received annuities earned under CSRS.
    https://federalnewsnetwork.com/mike-...oes-it-matter/

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  13. #7

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    Default Re: Pension

    If they are in the FAA/LEO etc, they can get 1.7% for their first 20 years of service. Otherwise, 'regular' FERS will be able to get 1.1% if they have 30 years and 62+ years of age. Of course, that works out to over 47 years of service to get 52%.

    No thanks. I'm going at my minimum retirement age, 56.5. I will have around 33 years of service. If you add Social Security, if it's still viable, I will receive over 50% of my current salary.

    Quote Originally Posted by Bullitt View Post
    Please explain how a FERS employee can get 52% their high three.
    Weatherweenie's Account Talk
    Expected retirement date: November 2023

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  15. #8

    Default Re: Pension

    Let's not forget, minus Health and Dental and Survivor Benefit if need be the case.

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  17. #9

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    Default Re: Pension

    FERS retirement ~31% Top 3 years at 56 3/4 yo
    Military (reserve) ~41% base pay of E-8 over 33 years service at 60 yo
    TSP - yearly withdrawals
    Stocks (dividend paying)- Price dependent
    Bonds - Price dependent

    My estimated yearly income will be ~ 110% of current income

    Assumptions:
    1. No mortgage payment
    2. No mortgage payment
    3. No mortgage payment

    Assumes 3.5% annual market value increase
    Assumes % withdrawal will be adjusted on market performance
    @70 yo take mandatory withdrawals and invest in CD/Municipal Bonds if viable

    Last note: Since I never have trusted that SS would be around for my retirement, I've never added it in to my calculations (except as supplement for FERS).
    If it is there that's a cruise every other month for me and the missus!
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    100%- I Fund


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  19. #10

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    Default Re: Pension

    I got my final numbers this morning. Planning on retiring August 31.

    Final FERS numbers for me are:

    31 years 9 months 28 days of service

    high three was $ $125,957

    FERS will be: $ 3,007 per month

    FERS Supplement will be : $1,292 /month

    I intend to withdraw $5,000 per month from TSP until everything is settled, then probably back it down ti $4K a month or less until age 67, whe I get full SS.
    I ran the numbers and if I earn 7% per year on tsp stock gains, I'll be able to take $5 K a month forever. I don' think I will be around "forever"

    I also have $1400 a month from Guard retirement starting this month .

    So....not bad.


    So- not too bad.

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  21. #11

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    Default Re: Pension

    James,

    Did you deduct anything from your FERS calculation? Based on the numbers you provided, your figure seems low.

    Quote Originally Posted by James48843 View Post
    I got my final numbers this morning. Planning on retiring August 31.

    Final FERS numbers for me are:

    31 years 9 months 28 days of service

    high three was $ $125,957

    FERS will be: $ 3,007 per month

    FERS Supplement will be : $1,292 /month

    I intend to withdraw $5,000 per month from TSP until everything is settled, then probably back it down ti $4K a month or less until age 67, whe I get full SS.
    I ran the numbers and if I earn 7% per year on tsp stock gains, I'll be able to take $5 K a month forever. I don' think I will be around "forever"

    I also have $1400 a month from Guard retirement starting this month .

    So....not bad.


    So- not too bad.
    Weatherweenie's Account Talk
    Expected retirement date: November 2023

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  23. #12

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    Default Re: Pension

    This is an estimate for me from 2018:

    Actual High-3 Salary = $77,545

    Service Comp Date = 01/25/1989

    Service Computation Date = 01/25/1993

    Unreduced Monthly Annuity = $2,116.33

    Gross Monthly Annuity = $2,116.00

    Deductions, Health Insurance Premium = $558.59

    Net Monthly Annuity = $1,557.41

    FERS Annuity Supplement = $1,109.00

    Total of Net Monthly & Supplement = $2,666.41

    Monthly Survivor Annuity Selection = $0.00

    Service Credits = 32 years, 9 months, 3 days

    Estimate Basis Age at Retirement = 56 years, 2 months
    Scott Harrison
    Senatobia, MS

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