What is everyone's appox pension going to be?
There are 10 types of people in the world. Those who know binary, and those that don't!!
Retired on December 31, 2018!!
Sounds more like a PERS retirement than a FERS retirement.
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Not a "typical" situation by any means.
Here's where 67% came from. Nothing about % of high-three.
https://federalnewsnetwork.com/mike-...oes-it-matter/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.
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.
Weatherweenie's Account Talk
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
Let's not forget, minus Health and Dental and Survivor Benefit if need be the case.
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 = Check my position
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
Teddy Roosevelt: Patriotism means to stand by the country. It does not mean to stand by the president or any other public official. Retired on November 30, 2023 with 30+ years of service.
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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