4:33 pm, July 10, 2014

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  • It's not just the Feds
    Sue from the IRS
    Many, many of my contemporaries who aren't Feds will have to be working way beyond the normal retirement age of 65. I'm 57, with 27 years with the IRS. With the way things are going, since I am the only breadwinner in my family, I expect to work until I am 70 and retire with 40 years in. I'd love to retire earlier, but, economically, age 70 is more realistic. The handful of my coworkers who are under CSRS who haven't retired are sticking out more years to pay for their kids' college educations and the ilk. They know that it makes no sense to retire and have to find a job elsewhere because of age discrimination. I really feel for the younger generation throughout our country because people who would normally be retiring at this point are all working another 10 years, leaving the youngsters with few opportunities.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Same thing
    Milo Cook
    I'll be working well past retirement age. Same reason - only breadwinner, can't afford it. Forget college for the kids - I'll be lucky if the house is paid for.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Working past retirement age
    Modicrum
    Sue and Milo, With people like you working until you are 70 or beyond, it seems the federal pension fund may last longer than anticipated. The unfortunate aspect for people working so long may be you will never get to enjoy a pension before the grim reaper comes knocking.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Shades of Gray
    Rock Man
    No one in my office is under age 42. In fact, three of us will be 60 this year. Most are in early 50's. No one is going anywhere. We would have, but too many changes in the budget and economic situation are keeping us here. But there will come a time, perhaps in 5 years or so... we'll be bustin down the doors, because Rand Paul will be the next President, and things will truly suck then.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • You need to be looking at NET take home pay
    dailycheese
    I don't know where folks are getting this 30% figure for FERS. Here you go old-timers! After computing your FERS annuity, (1 % of high 3 salary x years) you get an annual $ figure. If under 62, add your FERS annuity supplement, which is (approximately 75% of your SSI at 62) Add that to the FERS annuity. Divide by 12. Right now you get 26 pay days per year. For simplicity, round it to two pay days per month. Compare your NET take home pay for a month to your NET monthly annuity. After taking out FEHB insurance and tax withholding and it is not 30%. And this is BEFORE you have touched your TSP. If you are already 62, you can apply for social security pension. Talk to your personal folks and have them run your numbers.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Not Rich
    Joe
    I am in FERS and can retire at my MRA of 56 with 33 yrs service. That will get me 33% of my hi-3. The SS Supplement is about 13% or 14% of my hi-3 for a grand total of 46%. I would need to be able to get another 20% from my TSP to approach what a CSRS retiree gets. Tough times ahead.
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • A wise man once said....
    Lifer
    If the opposite of "pro" is "con" what is the opposite of "pro-gress"? (Wait for it....) Con-gress! Ya gotta love Seth McFarland! I do want to add a comment about the old vs. young workers. We were all young at one time and we looked at the older workers and wondered when in the heck they would leave so we could get ahead. So I don't really feel too bad about the young person (yes, just one) in my office because I had to wait 30 years to get my 12 and they will probably wait just as long. Please picture my thumb and forefinger rubbing together in the age old sign for the smallest violin playing, "My Heart Bleeds for You".
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • Those who could get out, did!
    fedgal
    My agency just completed a limited buyout. About 60 of our seasoned employees took it and ran for the doors. More would have but it was only offered to certain job categories--even so, others opted to bail without the buyout. The place looks a bit younger now, but oh boy is there a lot of grumbling among those younger employees!
    { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }
  • { "Agree":"1","Funny":"1","Insightful":"1","Disagree":"-1","Offensive":"-1","Troll":"-1" }