What does retirement mean to you?

[zzyzzx]

Originally Posted by grampi

I work for the federal gov and I know for a fact 1) you can't draw 100% of your pay in retirement and 2) once you retire from a federal job, you can't go back to work for the federal gov...


You can work for a state or local government.

 

[Driz]

Originally Posted by zzyzzx
Originally Posted by grampi

I work for the federal gov and I know for a fact 1) you can't draw 100% of your pay in retirement and 2) once you retire from a federal job, you can't go back to work for the federal gov...


You can work for a state or local government.




Oh no you can't!!! Under FERS (new system) you CANT WORK FOR ANYBODY unless it's a chump change job. Not unless you want to give back part of that Social Security Supplement. ANY WORK INCOME over $18,000 and you start losing a dollar for every one you earned. It drops back to $1 for every $3 at a certain point. Still you can see the futility of doing this unless you are just doing it for something to do. Now remember this hits you regardless of your collecting SS OR getting the supplement part the agency has to pony up until you turn 62. You can thank Ron Reagan for all this.
There's always confusion over the old CSRS. Civil Servant Retirement And the post 1986 FERS retirement. My strong advice is for FEDS to get on that retirement calculator. All agency's have them someplace on the Employee Webpage. Do it in your first few years ( it runs hypothetical historical calculations) and keep with it checking at least yearly. I've found it opens a lot of eyes .......and fills them with tears if they have a free-spending lifestyle. Others it wakes them up preventing ugly surprises later on.

 

[MRtv]

I had my first job at ten. Sold papers on the street for some pocket change. Moved onto paper route later. Parents moved to area with no opportunity for a pre teen kid to have a job. Was there for just under two years. Moved back to a bigger population area when in middle school and I took on another paper route. From there I just moved from better job to better job as I got older.

I often in life worked a full time job and at least one other part time. At one point I had full time and two part time jobs. On top of this I was doing church work stuff. So at 65 I was ready to retire. I was just a few months away from planned date. I was doing a job that had a few unfavorite things I had to do from time to time. I kept telling myself if I have to do this again I would quit. One day I had two of my least favorite things to do come up on the same day even. I ended up quitting the next morning several months before my planned date. Best thing I ever did.

That was the day my last grand daughter was born. I spent a lot of time at home doing day care for her. We were inseparable. She has moved away with mom now so I have lots of free time on my hands. Miss her terribly. Free time now is in spades. I love it. I love being home. I have craved having no commitments from day to day and I am pretty much there. My favorite place to be is home doing home stuff. Putter around in the garage. Work on hobbies. Help people at church move in or out of their homes. Maintain my truck and wife car. Easy stuff. No nose to the grindstone stuff. I do work occasionally for the old company I was working at if they need someone to fill in on really busy days. We parted well so they didn't mind having to ask me about doing some help out work.

I am not big on travel. Fine for some but not my thing. I am enjoying my life. Would like to have more money but my first wife was not into investing while I was younger. She loved to spend the cash. I would have saved more and retired years earlier but she didn't see the big picture of how interest compounding for decades could work out for us. I did not do the investing I would like to have done. Luckily she dumped me one day. Life has been easier ever since. Second wife and I are enjoying a great time together. We aren't rich in money but we are rich in family and a great life together.

 

[JLTD]

Retirement is having the option not to work if you don't want to. To have freedom and finances, and to travel as much or as little as you like.

 

[Astro14]

Originally Posted by Jarlaxle


Around here, all the hacks do it. It's an old scam: retire from one government job around 50-52...get another job and "retire" again around 60. Presto-two full pensions!


Please explain how you get a "full pension" after working 8-10 years.

Sounds a lot more like urban legend than any actual retirement "plan".

After 20 years of Federal Government Service, my wife will get 22% of her base pay only. That's less than 20% of her present pay.

Hardly the 8 years and "full pension" that you claim.

Got any specific example? A link? State or other government that offers a "full pension" after 8-10 years?

Because my hogwash detector spiked on your claim.

https://www.opm.gov/retirement-services/fers-information/

 

[Jarlaxle]

Originally Posted by Astro14
Originally Posted by Jarlaxle


Around here, all the hacks do it. It's an old scam: retire from one government job around 50-52...get another job and "retire" again around 60. Presto-two full pensions!


Please explain how you get a "full pension" after working 8-10 years.

Sounds a lot more like urban legend than any actual retirement "plan".

After 20 years of Federal Government Service, my wife will get 22% of her base pay only. That's less than 20% of her present pay.

Hardly the 8 years and "full pension" that you claim.

Got any specific example? A link? State or other government that offers a "full pension" after 8-10 years?

Because my hogwash detector spiked on your claim.

https://www.opm.gov/retirement-services/fers-information/


https://www.umassp.edu/hr/employee-handbook/benefits/state-retirement-plans

Hired before 2012, anyone with 10 years of service and 55 or older can collect a pension. Several types of employees (cops topping the list) add 5 or 10 years to their ACTUAL service time for pension purposes.

For decades, employees of the MBTA (mostly buddies of the corrupt midget) could retire (regardless of age) after 23 years. Many retired in their 40's.

 

[JHZR2]

Originally Posted by Jarlaxle
Originally Posted by Astro14
Originally Posted by Jarlaxle


Around here, all the hacks do it. It's an old scam: retire from one government job around 50-52...get another job and "retire" again around 60. Presto-two full pensions!


Please explain how you get a "full pension" after working 8-10 years.

Sounds a lot more like urban legend than any actual retirement "plan".

After 20 years of Federal Government Service, my wife will get 22% of her base pay only. That's less than 20% of her present pay.

Hardly the 8 years and "full pension" that you claim.

Got any specific example? A link? State or other government that offers a "full pension" after 8-10 years?

Because my hogwash detector spiked on your claim.

https://www.opm.gov/retirement-services/fers-information/


https://www.umassp.edu/hr/employee-handbook/benefits/state-retirement-plans

Hired before 2012, anyone with 10 years of service and 55 or older can collect a pension. Several types of employees (cops topping the list) add 5 or 10 years to their ACTUAL service time for pension purposes.

For decades, employees of the MBTA (mostly buddies of the corrupt midget) could retire (regardless of age) after 23 years. Many retired in their 40's.


"A" pension is a different thing than a "full" pension (whatever that actually means).

 

[Wolf359]

Originally Posted by JHZR2
"A" pension is a different thing than a "full" pension (whatever that actually means).


Yes, a pension is a far cry from a full one. I'm not sure what it would be after 10 year, but I know someone who retired from the postal service after 10 years with a pension. I think he just retired so he could get the health benefits. He said his pension was so low that when he did the paperwork, the guys were saying that he was the only one they knew that had to pay for their health benefit because everyone else had a pension that was greater that covered the health insurance premium.

 

[DallasTexas]

I have been retired since I turned 58. I was lucky enough to come to US after high school on F1 Visa - students Visa. After college I went to work for a large defense contractor in their non defense unit. After citizenship I moved in their defense unit and after 30 years of service they offered an enhanced retirement to older guys with a bridge to Medicare and I took it. I was born in a 3rd world country & I lived frugally & bought Land, maxed out on IRAs, 401k and made personal investment (Vanguard Health care fund). Married 32 years NO kids and do quite a bit of Road trips & a single foreign trip. Loving it & go to gym at my time rather then at 6 AM, taking Yoga and pilates. Forgot started my SS at 62. If you can retire early do it.

 

[gman2304]

When you ask someone on Saturday, " Is today Tuesday " ?

 

[Astro14]

Originally Posted by Jarlaxle
Originally Posted by Astro14
Originally Posted by Jarlaxle


Around here, all the hacks do it. It's an old scam: retire from one government job around 50-52...get another job and "retire" again around 60. Presto-two full pensions!


Please explain how you get a "full pension" after working 8-10 years.

Sounds a lot more like urban legend than any actual retirement "plan".

After 20 years of Federal Government Service, my wife will get 22% of her base pay only. That's less than 20% of her present pay.

Hardly the 8 years and "full pension" that you claim.

Got any specific example? A link? State or other government that offers a "full pension" after 8-10 years?

Because my hogwash detector spiked on your claim.

https://www.opm.gov/retirement-services/fers-information/


https://www.umassp.edu/hr/employee-handbook/benefits/state-retirement-plans

Hired before 2012, anyone with 10 years of service and 55 or older can collect a pension. Several types of employees (cops topping the list) add 5 or 10 years to their ACTUAL service time for pension purposes.

For decades, employees of the MBTA (mostly buddies of the corrupt midget) could retire (regardless of age) after 23 years. Many retired in their 40's.


Reading through this, using your hypothetical person, Group 1, age 60, with 10 years of service, they get a pension that's 20% of their salary. Group 1 is a pre 2012 hire, with prior service to the government.

(Age Factor)(Years of Creditable Service)(Salary Average)=Total


Further, from the site:

"Limitations on Post-Retirement Employment in a Governmental Job

There are limitations that apply to retirees who work in positions in state or local public sector positions in Massachusetts. Employees classified as "consultants" or "independent contractors" are also subject to these limitations if they are receiving pension benefits & working in a governmental position.
Limitations include:
ƒ Employment may not exceed 960 hours per calendar year; and/or
ƒ Total earnings per calendar year cannot exceed the difference between the retirement allowance and the current salary of the position from which you retired. As a retiree, you must cease employment whenever either one of the above two conditions are met. If you wish to continue working, then you must waive your retirement allowance. (See M.G.L. c.32, §91)
ƒ After you have been retired one full calendar year, you may earn an additional $15,000 per year beyond the limitations listed above; however you are still limited to the maximum 960 hours per year. "

So, no, you can't work after retirement.

And, you are NOT eligible for Social Security if you're on this pension.

I don't know what you think a "full pension" means - but it means that you qualify for a small percentage of your salary in this case, and you're not getting two, or working in another state job if you're getting one already.

Getting 20% of your salary, no social security, and not being able to work for the state sure sounds different than:

"Presto-two full pensions!"

 

[wtd]

I retired at age 50 from a Federal Gov't job in August of 2017 and have not gone back to work. I have many hobbies and things to do and rarely ever get bored. Certainly not enough to go back to work. I had over 26 years of Gov't service and get a pension of 40% of my high 3 base pay years.

I also contributed to my TSP from the beginning and was contributing 17% of my wages at the time of my retirement. The Gov't matched the first 5% I contributed. Even though I lost the majority of it in a divorce in 2004, I still have a decent amount and have not touched it since retirement and it continues to grow.

I also have no debt and made sure of that before I retired.

Retirement means freedom to do what I want, pretty much when I want. When my fiancee retires from the same place in five years, we plan on doing a lot of traveling.

Some people just like to work and that is fine if that is what makes them happy. I saw too many people die before retirement, right after retirement, or had major health issues so that they were not able to enjoy retirement to make me want to go back to work. I enjoy every day of retirement and enjoy the small things in life. I have time to read and do the things I enjoy.

I feel very fortunate to have been able to retire so young. I may not be rich but I live comfortably and my bring home pay is more than when I was working.

 

[tiger862]

I knew ahead that I would have problems with pain so I only got small debts that only lasted a couple of years. At 50 had back surgery and doctors told me I could go to work for couple of years the another surgery then possibly wheelchair then more surgery or retirement (Disability). I chose this and live in pain but nice to be able to work around house or stay in bed if to sick and still get a check. Wife has since had a stroke so I am able to care for her. People would be amazed how much pain a person could live with.

 

[Dave Hess]

wtd,

Sounds like you had are your all ducks in a row and planned wisely before you retired.

Too many bozo people spend more time researching what TV or cellphone to buy than planning for their retirement.

Wife and I are also set and just 5 more years to go.

 

[CKN]

Originally Posted by Astro14
Originally Posted by Jarlaxle
Originally Posted by Astro14
Originally Posted by Jarlaxle


Around here, all the hacks do it. It's an old scam: retire from one government job around 50-52...get another job and "retire" again around 60. Presto-two full pensions!


Please explain how you get a "full pension" after working 8-10 years.

Sounds a lot more like urban legend than any actual retirement "plan".

After 20 years of Federal Government Service, my wife will get 22% of her base pay only. That's less than 20% of her present pay.

Hardly the 8 years and "full pension" that you claim.

Got any specific example? A link? State or other government that offers a "full pension" after 8-10 years?

Because my hogwash detector spiked on your claim.

https://www.opm.gov/retirement-services/fers-information/


https://www.umassp.edu/hr/employee-handbook/benefits/state-retirement-plans

Hired before 2012, anyone with 10 years of service and 55 or older can collect a pension. Several types of employees (cops topping the list) add 5 or 10 years to their ACTUAL service time for pension purposes.

For decades, employees of the MBTA (mostly buddies of the corrupt midget) could retire (regardless of age) after 23 years. Many retired in their 40's.


Reading through this, using your hypothetical person, Group 1, age 60, with 10 years of service, they get a pension that's 20% of their salary. Group 1 is a pre 2012 hire, with prior service to the government.

(Age Factor)(Years of Creditable Service)(Salary Average)=Total


Further, from the site:

"Limitations on Post-Retirement Employment in a Governmental Job

There are limitations that apply to retirees who work in positions in state or local public sector positions in Massachusetts. Employees classified as "consultants" or "independent contractors" are also subject to these limitations if they are receiving pension benefits & working in a governmental position.
Limitations include:
ƒ Employment may not exceed 960 hours per calendar year; and/or
ƒ Total earnings per calendar year cannot exceed the difference between the retirement allowance and the current salary of the position from which you retired. As a retiree, you must cease employment whenever either one of the above two conditions are met. If you wish to continue working, then you must waive your retirement allowance. (See M.G.L. c.32, §91)
ƒ After you have been retired one full calendar year, you may earn an additional $15,000 per year beyond the limitations listed above; however you are still limited to the maximum 960 hours per year. "

So, no, you can't work after retirement.

And, you are NOT eligible for Social Security if you're on this pension.

I don't know what you think a "full pension" means - but it means that you qualify for a small percentage of your salary in this case, and you're not getting two, or working in another state job if you're getting one already.

Getting 20% of your salary, no social security, and not being able to work for the state sure sounds different than:

"Presto-two full pensions!"


It seems that some on here don't know how various retirement systems work-and how some pensions do not let you collect Social Security-or a very small fraction of what you are entitled to. I linked the info a few pages back in this thread.

In short-as much as they claim to know about oil......

 

[JTK]

You guys that retired at ~50. I assume you didn't have children? Just envi.. I mean curious.

 

[wtd]

Originally Posted by Mr Nice
wtd,

Sounds like you had are your all ducks in a row and planned wisely before you retired.

Too many bozo people spend more time researching what TV or cellphone to buy than planning for their retirement.

Wife and I are also set and just 5 more years to go.

Thank you. Planning for retirement was always a goal and is why I made sure to contribute to my TSP and to contribute a decent amount to it. I also made sure to be financially stable at retirement so that I did not have to go back to work if I didn't want to. I had my house paid off 4 years before retirement.

The key is planning to have as little to no debt at retirement and to fund some type of 401K or IRA even if you get a pension. I was always taught to pay yourself first.

Don't get me wrong, after I got divorced and gave up 65% of my TSP balance and basically had to start over in that area, I still forced myself to contribute 17% of my pay to fund it and try to recover as much as I could. I worked a lot of overtime and sacrificed in other areas but it was worth it in the end.

 

[wtd]

Originally Posted by JTK
You guys that retired at ~50. I assume you didn't have children? Just envi.. I mean curious.

I retired at 50 and have two children and got divorced 13 1/2 years prior to retiring. I gave up 65% of my TSP(401K) when I got divorced but got to keep our house which I only had 9 years left to pay on. I had it paid off 4 years before I retired. I also was paying quite a bit of child support the entire time which finally stopped this past November, over a year after I retired.

It can be done and it wasn't easy but I made it happen.

 

[Vikas]

Originally Posted by grampi
For me retirement means I'll be done working, and I'll be spending my time with my family, traveling, and enjoying my hobbies. I started working when I was 14 and I will retire at 62. I think 48 years of working is enough...

WHAT? Am I the only one who is completely shocked that you are NOT yet retired NOR 62 year old? Has somebody stolen your identity?

 

[CKN]

Originally Posted by JTK
You guys that retired at ~50. I assume you didn't have children? Just envi.. I mean curious.


I retired at 55. We had three kids. Not listening to Dave Ramsey and buying several rental properties (with mortgages). That was 30 years ago. They are all paid for and provide income. I just filed early for Social Security at 62.

Healthcare is the big unknown when you retire early. Currently buying on the exchange with outrageous premiums but I have minor pre-existing conditions.