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Thread: FERS retirement at 62?

  1. #85

    Join Date
    Feb 2012
    Location
    Arkansas
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    3,277

    Default Re: FERS retirement at 62?

    Quote Originally Posted by alevin View Post
    now you got me wondering about the temporary time I bought back, not quite half a year's worth, but I didn't have a clue it wouldn't count for supplement calculations. I didn't buy back the time for that, more to get me to 30yrs a little faster, an give me an edge over someone in another position if it came to a RIF. which it might yet before I get to 62. We're hardpressed financially. they'll be counting the days til I retire, wishing I'd go out sooner so they can hurry up and combine my vacated position with someone else's halftime position into a single position. We all know that will be the plan when I leave.
    I bought back about 5 months of temp. appointment time before I retired. It's included in all my retirement comps. Buyback costs were almost nothing. Interest on the other hand was ridiculous. The usual HRM crap when I asked why someone didn't explain buying back temp. time shortly after I was hired on permanently. "That's not really our job". Really? What is? Anyway, I estimated it would take me just over 5 years to recoup it. Worth it in the long run.

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  3. #86

    Join Date
    Dec 2007
    Location
    inland Northwest
    Posts
    4,124

    Default Re: FERS retirement at 62?

    I was talking about federal civil service temporary time I bought back. Pre-1984 era.

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  5. #87

    Join Date
    Apr 2008
    Location
    Key West FL USA
    Posts
    184

    Default Re: FERS retirement at 62?

    60 or 62? You'll have to answer this question five years prior, in order to do what you gotta do in either case. I went at 60.

    I estimated a 20+% increase in my pension if I stayed to 62 but that didn't sway me (10% from the 1.1, 5% from better hi-3, 7.5% from length of service). For me it hinged on the value of my TSP. When it hit the target I pulled the rip cord. Five years out I cleaned up my commercial debt and had much work done on my teeth, bought new eyeglasses, dialed down my allocations (65G, 35CSI). Three years out I got my annual leave together so as to carry 240 into my final year, and maintaining that allocation enabled me to survive The Crash through bi-weekly rebalancing. Gradually I went more heavily into G-fund (85%) in my final year, took zero leave and worked everybody else's leave instead; final pay period I worked three holidays and twelve hours overtime, best paycheck I ever got.

    I went on Jan 1, 2011 so all that $$ plus $20k a/l went on next year's 1040. It got me through the 9 months it took OPM to process my paperwork and give me all my back-pay. The Supplement was about half my eventual SS due to my work history, got a nice raise at 62 and now SS approximately equals my (net) pension. I transferred my TSP to a pre-existing IRA at RBC Wealth Management out of St Paul MN where I lived when I opened the account in the 80's. It pays my mortgage and incidental expenses, its own expenses and the taxes. After 5 years and over $100,000 withdrawn it has held its value so I'm very happy. I've had the same account executive for as long as I can remember, just call and tell him how much I need, he does the rest.

    If you can swing it, go at 60. I had a hi-3 just this side of $100k which helped a lot all 'round, both ends. You have to plan for it, though and I needed some luck which came under the name of "March 14th, 2009", the day the market rebounded.
    Last edited by jimijr; 09-22-2016 at 09:03 PM.

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  7. #88

    Join Date
    Mar 2020
    Location
    Cape Cod
    Posts
    352

    Default Re: FERS retirement at 62?

    Quote Originally Posted by jimijr View Post
    I went on Jan 1, 2011 so all that $$ plus $20k a/l went on next year's 1040.
    If you retire on December 30, 2020 does the annual leave payout count on 2020 taxes or 2021? I am assuming you won't actually recieve the $ for a/l until 2021. correct?

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  9. #89

    Default Re: FERS retirement at 62?

    It would be 2021 income. My understanding is you receive the leave payout just like a paycheck with the normal withholding. If you don't want the taxes withheld at the higher rate go into Employee Express and set your exemptions to 99. Congratulations if you are going his year! Trying to decide what to do myself...

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  11. #90

    Join Date
    Mar 2020
    Location
    Cape Cod
    Posts
    352

    Default Re: FERS retirement at 62?

    Thanks for the info. Not going this year (absent some major windfall) but seriously considering going in 2023 when I turn 57 (MRA is 56 & 4 months). I had read that December is the best time to retire because if you wait until Jan 1, you won't get any pension or supplement in January (because you only get full months) but I hadn't seen the tax comment before. So still seems like December (to max out annual before use or lose) is best. Just finished buying my 6.5 years of Navy time so 57 will be 31 years.


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  13. #91

    Default Re: FERS retirement at 62?

    We are the same age so I am trying to decide what to do as well. I am ATC so forced out June 2022 at 56. If I can find something to do until October 2022 off the control boards I can get the vision 100 retirement which ups pension in a huge way. Either need to go ahead and bail now or find something else to get me to Oct. 2022. I still enjoy work so I will probably stay around. Good luck with the last few years!

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  15. #92

    Join Date
    Mar 2020
    Location
    Cape Cod
    Posts
    352

    Default Re: FERS retirement at 62?

    I know nothing about the vision 100 and ATC provisions. Do you have to remain in FAA? I keep seeing Aviation safety inspector jobs popping up in my USAJobs feed - not sure if your ATC experience would lend itself to that type of job. It is always something. I enjoy my job but would love to be able to do something different on my own schedule. I am not going to chase the numbers (1.1%) like some of my colleagues - it seems like more years that I won't have to enjoy it. Good luck to you also.

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