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Thread: FERS retirement at 62?

  1. #25

    Default Re: FERS retirement at 62?

    Hello Ripper, Just one thought re the AL cash payout, it really comes in handy since OPM can take 5-9 months to finalize your retirement. I retired 1-2-14 and was finalized by OPM in late May, 2014. That AL payout really came in handy! It eventually sorted itself out but cash flowing expenses could have been a real problem. Good luck with your decision.

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  3. #26

    Default Re: FERS retirement at 62?

    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.
    Allocations as of COB Dec 28 : 100% S. | Retirement Date:Dec 2025
    Past Returns:
    2020 31.85%,2019 27.97%,2018 -3.36%,2017 13.10%, 2016 -1.79%, 5Yr Avg 12.61%

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  5. #27

    Join Date
    Dec 2007
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    Default Re: FERS retirement at 62?

    Quote Originally Posted by Cactus View Post
    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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  7. #28

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    Rocky Mountain High
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    Default Re: FERS retirement at 62?

    Quote Originally Posted by Cactus View Post
    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.
    Personally, I think it's more advantageous to use the sick leave you have versus rolling it into the annuity.
    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.

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  9. #29

    Default Re: FERS retirement at 62?

    Quote Originally Posted by Scout333 View Post
    Hello Ripper, Just one thought re the AL cash payout, it really comes in handy since OPM can take 5-9 months to finalize your retirement. I retired 1-2-14 and was finalized by OPM in late May, 2014. That AL payout really came in handy! It eventually sorted itself out but cash flowing expenses could have been a real problem. Good luck with your decision.
    Thanks for the info. I've heard that from others, as well. But waiting nine months wouldn't be a major issue for me. Just as long as I eventually receive it.

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  11. #30

    Join Date
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    Default Re: FERS retirement at 62?

    Great thread with lot's of good info. It is a personal choice but one more factor to think about among the many we all have to consider. For myself going now at 17 years v going at 20 years and 62 yo means 17% v 22% or a 5% difference. A couple thou a year at best. I wonder after pay periods like this one if it is really worth it.

    Happy planning everyone. Looking forward to not having to get up at 0dark30 and driving down the interstate at 15 mph (on a "good" morning). In three short years that is.

    PO

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  13. #31

    Default Re: FERS retirement at 62?

    Quote Originally Posted by konakathy View Post
    Ripper...

    If you enjoy your job then stay the 15 months, but if not.....put the pedal to the metal and get on with enjoying the rest of your life. Who knows how much time each of us have left on earth. How much more a month will that .1% give you if you wait it out until 62? Enough to want to stay another 15 months?

    I'm punching the clock for the last time when I turn 60 and will not look back. I plan on taking that first year of retirement and travel around the U.S. If after the first year I think I need to make some more mad money...I'll get a part time job. No biggy. I want the freedom to come and go, and not punch a clock anymore.

    Don't keep second guessing yourself...go with your gut feeling, it's always the right choice.

    Aloha

    I don't hate my job. But then, I don't look forward to going to work each day.

    Staying the extra 15 months would increase my pension by about $3k/yr (before taxes). Nothing huge, but obviously a bigger increase than any other 15-month period in my career.

    I'll probably still leave before 62. I guess I just considered it because it was a way of receiving a higher return over that time.

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  15. #32

    Default Re: FERS retirement at 62?

    On a side note, I wish they could provide us with a decent estimate of what our Social Security supplement will be. I have a real good idea what my SS will be at 62, but I know that my supplement will be somewhat less than 3/4 of that for 30 yrs since I've worked quite a bit of overtime and I also worked full-time in the private sector for 10 years before becoming FERS.
    I'm guessing mine will be somewhere around $1k/mo., but not sure.

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  17. #33

    Join Date
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    6,999

    Default Re: FERS retirement at 62?

    Federal Employee CSRS and FERS Retirement Resources has a supplement calculator you want to try.
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

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  19. #34

    Default Re: FERS retirement at 62?

    I retired last Month at 56 with 35 years. Working for the Government changed from a job i loved for 25 years to something else over the last few years. Management dysfunction, rampant absenteeism, nepotism, bullying, constant downsizing, the list goes on and on. It was time to go. Anyone waiting to retire for the tiny bit of extra money, it is just not worth it in my book.

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  21. #35

    Default

    Quote Originally Posted by Cactus View Post
    Don't want to change the topic too much, but on a related note I see from Kaufmanrider's link that ATCs get 1.7% for the first 20 years. Are there any controllers out there? The link sounds like you actually have to retire as a controller. Is that correct? If you go on and do something else for the government and then retire do you lose the 1.7% for the years you were an ATC?
    After 20 the 1.7% is kept. The special retirement group reverts to the same 1% per year as other Feds (after 20). Also, if the person moved to another position after 20 they would still qualify for the 20 at 50 eligibility retirement. I retired at 49 with 25.5 years (25 years LEO at any age) and with military and SL had 32 years credited. My calculation was 34% for the first 20, 12% for the other 12. I recieve 46% of my high three, with the FERS COLA, and the special supplement (not COLA'd).

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  23. #36

    Default Re: FERS retirement at 62?

    Thanks for the feedback, Kaufmanrider.
    Allocations as of COB Dec 28 : 100% S. | Retirement Date:Dec 2025
    Past Returns:
    2020 31.85%,2019 27.97%,2018 -3.36%,2017 13.10%, 2016 -1.79%, 5Yr Avg 12.61%


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