Re: FERS retirement at 62?
Originally Posted by
Cactus
Be careful in applying accrued SL to your retirement projections. It does count, as time added in monthly increments, towards your annuity, but it doesn't count as time towards qualifying for retirement. You must meet the time/age requirements for retirement without the SL factored in. In particular you must be 62 or older to get the extra .1%. The whole reason you are getting that, after all, is because now they don't have to pay you the social security supplement.
Thanks Cactus. I wondered about that (whether could get to the 1.1 through combo of actual years in plus S/L time credits). Rats. For me, I'll have 30 yrs, 6 months actual years in at 60, plus 7 months S/L credit to add to the annuity, as things stand right now. I really don't want to hang around another 2 years after 60, even for the 1.1. Only reason to stick around would be to keep pumping up the TSP account with maxed out contributions for another 2 years. I'm feeling more and more ready for a major life change in next couple years. Conserving S/L to extent feasible to boost annuity makes total sense to help me reach that goal financially.
The 1.1 at 62 (and required years in) is definitely a carrot to keep the agencies from having to pay the supplement out of agency budgets, you're absolutely right.
"life can only be understood backwards, but it must be lived forwards" - soren kierkegaard
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