Morty
Well-known member
Because I like to argue...and yes?
POLL: Retirement
- Thread starter DB.Cooper
- Start date
Because I like to argue...and yes?
Charlie Brown
Well-known member
Good catch, my math skills aren't what they used to be. I don't know why I didn't realize that.
(All those with an MRA of 55 would have aged out of the supplement)
Ok, if you were born from 1953-1969 you're MRA would be anywhere from 56 to 56 and 10 months so you can definitely retire at your MRA and still get the supplement at age 56 with 30 years. I know one supervisor that will do that but doubt there are many others eligible at 56
"To qualify you must have completed at least 30 years of service with your Minimum Retirement Age or with at least 20 years of service at age 60."
Just the way it is, but folks who go career after 42 years old won't qualify for the supplement. By the time they hit the required 20 years of service, the supplement would have ended (at 62.)
Just the way it is, but folks who go career after 42 years old won't qualify for the supplement. By the time they hit the required 20 years of service, the supplement would have ended (at 62.)
Unless you have bought back military service or civilian other federal service.
I'll be hitting my 20 right at 62, with my prior service. If I could have bought back my RCA time, I could have retired with 20 at my MRA.27 years worth. There was actually a time (CSRS) when it was advantageous to forgo an enlisted military retirement and apply it to PO time. Some decent base pay increases and FERS changed all that.Unless you have bought back military service or civilian other federal service.
Selling back previous military time is a good deal. Non credited sub time is USPS ripoff #1.
DB.Cooper
Well-known member
How many years did you have at 60.
.. I realize it's different for everybody, but it's good to compare notes...
Funny, I seldom hear anybody say... gee, I wish I'd stayed a couple of years more....
Windindaface
Well-known member
I did some quick math about staying a few years longer for that comment.
Let's say your high 3 average is 60,000, for 20 years and age 60. The retirement would be $13000 per year or $1083 per month.
At 65 and 25 years that total is $15000 per year or $1250 per month. A difference of $167 per month.
The way I see it to make up for that loss with $15 hr minimum in play is you would be better off picking up two 4 hr shifts per week somewhere else and enjoy the time off one earned.
Let's say your high 3 average is 60,000, for 20 years and age 60. The retirement would be $13000 per year or $1083 per month.
At 65 and 25 years that total is $15000 per year or $1250 per month. A difference of $167 per month.
The way I see it to make up for that loss with $15 hr minimum in play is you would be better off picking up two 4 hr shifts per week somewhere else and enjoy the time off one earned.
waisting away
New member
my math says 20 yrs and 60. retirement would be $12000 yr or $1000 mo.65yrs old with 25 yrs.would be $16500 yr or $1375mo.
FrozenToes
Well-known member
I'll most likely retire at 60. But checking your numbers: 60,000 x .20 ( 20 years x .1) = 12,000/yr. or 1,000/ month
At 65 you would also get the .1 % bonus. 60,000 x .275 ( 25 years x .011)= 16,500yr. or 1,375/month
A difference of $ 375/month.
Taking the supplement at 60 vs. waiting until 65 or later, to collect Social Security Benefits, is a difference too.
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I had 31 years, only 1.5 as an RCA which I bought back years ago, I had almost a year of sick leave also which both added to my pension .Some would disagree about burning the sick leave but I've been retired for 2 years while the naysayers are working. I was virtually debt free and own my home. Check out Postal Benefits Group, Dave Fielder is a great guy and straight shooter. We spoke many times before I retired, he held my hand through the processHow many years did you have at 60.
.. I realize it's different for everybody, but it's good to compare notes...
Funny, I seldom hear anybody say... gee, I wish I'd stayed a couple of years more....
uselesshasbeen
Well-known member
And I never heard anybody say, darn I should have died so my spouse could have got that insurance money.Funny, I seldom hear anybody say... gee, I wish I'd stayed a couple of years more....
What people seem to leave out is that you should also be increasing your TSP and most likely your SS.
But it is all personal choice, life is about tradeoffs, retire younger or wait to have more cash?
DB.Cooper
Well-known member
And... don't lose sight of you are foregoing ALL retirement payments for those 5 years.... how many years of $375 payments will it take to make up for that???
Whenever they start offering you $$$ money to quit coming to work.... I'd recommend seriously considering it....
Cold hard fact is, once you hit 60.... odds are you have somewhere around 20 years left, on average.... do you want to spend 25% of that slogging the mail, or would you rather go fishing, or something more enjoyable??? Also, those 5 years are the youngest you'll be for what is left of your time here.... aka, potentially your most enjoyable.... just some stuff to think about... you can maybe work until 75.... but how much time will you have for retirement???? It's a personal choice, and everybody has different circumstances....
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FrozenToes
Well-known member
As has been said, it's a personal choice.And... don't lose sight of you are foregoing ALL retirement payments for those 5 years.... how many years of $375 payments will it take to make up for that???
Whenever they start offering you $$$ money to quit coming to work.... I'd recommend seriously considering it....
Do you have to work the rest of your life to maintain that $375?
Healthcare isn't getting any cheaper.
stillfirstclass
Well-known member
at 60 hoping to still be in decent shape.. get a part time job at 65 to make up that 375 when i am bored of being bored on the lake and watching grand kids
DB.Cooper
Well-known member
As soon as they will give me some $$$ money to quit going to work, then I plan to quit going.... might go a few extra months just to go at the end of the year and/or the beginning of the next year....
I've heard there are certain times of the year that are better than others for tax purposes and so forth...
If you sell back AL is it better to do that at the beginning of the year, tax wise....
Just thinking about when are the best months to go...
I've heard there are certain times of the year that are better than others for tax purposes and so forth...
If you sell back AL is it better to do that at the beginning of the year, tax wise....
Just thinking about when are the best months to go...
