Hit 25 years today...

steveinaz

25 years federal service. 15 to go! :cool:

krabby5

steveinaz wrote: »

25 years federal service. 15 to go! :cool:

nice..you must have around 1000 days in your vacation bank...;)

Face

It must feel nice to be past the halfway mark.

I have 9 in and either 16 or 20 more to go.

steveinaz

Damn budget cuts, I didn't get a Rolex, hell I didn't even get a Timex...LOL

George Grand

Congrats mon!

How old are you?

amulford

Cool. But with 25 in already, why aren't you going to pasture? You must be eligible for a full ticket.

Congratulations...

steveinaz

George Grand wrote: »

Congrats mon!

How old are you?

Thanks George, I'm 45.

Anthony, not eligble until 53 (if I want 100% benfits), I'm under FERS retirement. I figure I'll work til 60, that'll give me 40yrs.

George Grand

I work under the old fed system Antny, the CSRS system (Civil Service Retirement Sys.). People like Steve, hired by the feds after 1 Jan 84, went into the new fed system they created, the Federal Employee Retirement System. CSRS is 100% pension, and FERS is largely self-funded 401k type with the Federal Thrift Savings Plan. There is a government match of up to 6% I believe with the TSP. Us old guys in the CSRS were given permission early on in 1984 to also contribute to the TSP, but with no matching gov't. donation. We were allowed to throw in up to 5% of our gross so I did it from the beginning. Few years back they upped it to 10% for us so I did that. In addition to my pension, I got a tidy sum in there that I can tap whenever I please after age 55 (Nov).

If Steve was under the old system, when he retired at age 60 with 40 years of service, he would get 78% of his normal pay in his pension check. Not too shabbish. HOWEVER, I THINK that Steve will also get a pension. I think the gov't. gives the FERS employee a pension as well as the TSP. I think a FERS employee gets a credit of 1% for every year of employment. That means, in addition to the TSP, which could be INCREDIBLY BIG after 40 years if Steve contributed the max the whole while, he will also get a monthly pension of 40% of the average of his highest three years salary. Sweet.

I plan on getting my first retirement check on 1 October of this year. Then at age 60 my military retirement check for 32 years service will kick in. It should be as large a pension as the fed one. Life be looking bright. SS at age 62 just to bust the chops of the kids who'll be struggling. And the whole while between now and 62, I get to listen to my wife get up and go to work.

BlueMDPicker

steveinaz wrote: »

25 years federal service. 15 to go! :cool:

Congrats Steve! The next fifteen will seem like you're on a rocket sled. Enjoy the ride.

I have 40 years with my outfit this November, am retired from one division (drawing three pensions and a 401), and working for another (and 2+ years into accumulating vesting for a fourth pension.) Since my mid-30's, 55 was always my target age and I made it. Funding these kid's 529's before I'm SS eligible is the new short term goal. Retiring again with 6 paychecks is the slightly longer term goal.

George Grand

My new financial advisor.

engtaz

That's great. Congrats on stick to it.

steveinaz

Thanks all. Correct George; I forget the exact percentage, but it will be based on my "high three" salary grade. I do also invest heavily in TSP, so retirement is a 3-tier scheme: pension/TSP(401k)/social security. I'm a GS-11, so I'll probably make GS-13 within the next 15 years, though it's tough in logistics to get that high--the slots are simply not there.

I bought my Army time back (1982-1997), when I started working Federal service in 1997, so I fell under FERS (Federal Employee Retirement System). So 15yrs Army and 10yrs Fed comes up to 25 years--but you have to buy your time back for it to count for retirement purposes. My 15 years cost about $5800 to buy-back, well worth it. Since I didn't "retire" from the Army, my 15 years has always counted for leave/bumping rights should there ever be a rif (Reduction in Force) action. I also get veterans preference for being prior military.

wingnut4772

That's a good marker! Congrats! We get our 'high 5' and I have 151/2 years to go baby! Race ya!:D

steveinaz

I'm too old to run anymore...LOL

TroyD

I'm playing the lottery. When I hit that, I'll be on EASY street laughing at all you clowns.

BDT

Strong Bad

Hell, i'm coming up for the BIG FOUR OHHHHHHH (40) in November. Yeah, I got atleast 20 more to work, but i'm having lots of fun now. Why wait till you retire! Eff that! I do save my pennies though in the good old 401k and IRA's.


John

Rivrrat

I'll be retirement eligible in 11 months, but I'm be far too young to even consider it. That and I have a 14 yr old daughter, that I'm hoping will need to be put through college.

Maybe in 10 yrs or so.

petrym

TroyD wrote: »

I'm playing the lottery. When I hit that, I'll be on EASY street laughing at all you clowns.

BDT

Powerball odds:

petrym

Oh, and congratulations steveinaz!

hearingimpared

Congrats Steve. . . I always say that if I were given a second chance to go back and change something in my life, I would work for the Federal government. . . the only problem is that knowing me I would end up in Federal prison!!!!:eek:

schwarcw

Congrats Steve! I've got 11 more.

reeltrouble1

way to go Steve. I have four more to go, we are mandatory at 57, kind of a nice thing for LEO's.

RT1

tonyb

Looking at 8 yrs more here....maybe longer if I want to.Depends on the wife.Actually,depends on the first wife who gets half of one pension in a
divorce settlement.But I got the kids in that one.....wait......she made out on that one.:) Anyway,you get to a point when it pays you the same to stay home than go to work.Unless you need the better medical coverage from your employer,get out of the rat race and enjoy life asap.

TroyD

petrym wrote: »

Powerball odds:

Never tell me the odds.

BDT

engtaz

reeltrouble1 wrote: »

way to go Steve. I have four more to go, we are mandatory at 57, kind of a nice thing for LEO's.

RT1

How many LEO's do have on the Forum?

reeltrouble1

I dunno, Wing for sure.

Anyway, once again Best Wishes to you Steve, 40 years will be quite an accomplishment.

RT1

Airplay355

Enjoy my SS money George! Buy some nice stereo stuff with it since SS will probably be gone when I'm old enough (I'm 21 now).

acsubie

engtaz wrote: »

How many LEO's do have on the Forum?

reporting for duty!:)

wutadumsn23

Congrats Steve, I still have a long ways to go. About to hit 11 years Active Duty Military Service in November, so I'm getting there, lol.

-Jeff

AudioGenics

congratulations

disneyjoe7

Congrat's