10:29 am, May 26, 2015

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  • 13

  • The Rules
    Looks like FedEmps have forgotten the rules: 1) eat your vegetables, 2) Stock market does better under Dem Presidents, 3) FedEmps do better under Repub presidents. While the rest of the country improves, we continue to sink.
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    of retirement for Federal Employees is put out there!! Good article and hope to see many more like it with even more detail by Agency, CSRS/FERS, and stories about the lengthly wait...why some have it and a very few don't! This would be very helpful and informative for those anticipating the plunge...but, the bottom line seems to be "DON'T DO IT IF YOU REALLY DON'T HAVE TO!"...had a colleague that retired recently and his excuse was, "I'd rather be at home getting 60% during furlough times than at work getting 80%..." WHAT? Do the math, Einstein! You're getting more by staying at work no matter what! Not unless you're driving a HUMMER to work!
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  • You forget a few things
    It isn't just commuting expenses, that can be substantial in a place where many travel over 50 miles to work every day in heavy traffic. It is also the fact that time is money. When you are working, you have no time to do other things. You could get a part time job and make up more than the 20% or 40% difference in pay. You could move to a state that doesn't tax pensions or that has a much lower cost of living than the DC area, which is just about anywhere. Add it all up and you can do much better for yourself even if you have to start off with only 60% of your full pay. I know someone that moved from DC to Jacksonville, FL, dropped 2 grades, and had virtually the same take home pay. Even after losing the locality pay, the reduction in taxes made up the difference. And that didn't even count the lower cost of living. They bought a bigger house and paid less for it. If you are planning to retire and want to stay in the DC area, you may as well keep your job. There are very few benefits to retiring in this area. If you have plans to move out of the area, then get going before they start the next round of furloughs and they start cutting benefits.
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  • Perhaps he'd rather live in retirement
    than die at his desk. Too many things to do in life to work forever.
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  • Really?
    You work all your adult life (for me that's 50 years, mostly private sector) and when the time finally comes to hang it up, sit back and relax, this. Life is all about timing, for better or worse. Unfortunately, for most non-Congressional federal workers, it's the latter.
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  • Sixty days...
    I worked as a claims rep for the Social Security Administration for 13 years. Processing time goals were on the order of seven DAYS for a retirement or survivor's benefits claim; much longer than that and you were in for a talk with your supervisor. Many claims were taken, adjudicated, awarded, and processed for payment THE SAME DAY. By contrast, it took two or three months after I retired before I started getting my full federal retirement pension, even though I put in my retirement papers the recommended three months AHEAD of my retirement date. Yes, it took six months for the U.S. government, which had ALL my work history, to figure it all out.
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  • Can't Live on Your Estimated Payments?
    So Causey's saying, don't retire if you don't have any savings you can draw on while getting about 80% of your expected retirement pension. I would suggest that if you're looking at retiring with NO savings, and you're walking that close to the edge, you probably shouldn't be retiring. And honestly, if you worked thirty or forty years and have no savings, you seriously screwed up your life.
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