Re: [TSP_Strategy] Re: Are You Financially Ready to Retire?

 

He could have earned CSRS time and then chosen to transfer to FERS during one of two open season opportunities.

I have nearly 40 years of service -- 9 of those in CSRS and 31 in FERS. CSRS portion of annuity will be computed at 2% times years in CSRS. At age 62 FERS portion is 1.1% times years in FERS. Both portions times high three salary. Plus SS component and TSP of course.

"TransFERS" employees have some of the best features of both retirement systems. After running many scenarios, I decided to switch. For me, it turned our to be a good decision. But everyone's situation, risk tolerance, and investment decsions are different.

Maxing out TSP is fantastic if he can afford to do so. He could be in good shape in retirement. But as David pointed out there is a lot more to consider. Perhaps he started TSP too late in his career or was too conservative. And you never know what else is going on.

Jim

On Jun 10, 2016 7:01 PM, "Gary tweet_pa@yahoo.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com> wrote:

 

Yes FERS started in 1986 so they would have to be ether offset or some time of buy back of time.

Sent from my Verizon 4G LTE Droid

On Jun 10, 2016 3:54 PM, "Mike Tucker tuckerm83@yahoo.com [TSP_Strategy]" <TSP_Strategy@yahoogroups.com> wrote:

 

If they have more than 40 years, wouldn't hey be CSRS...unless they got talked into moving over to FERS when that whole thing went down - eek!

Sent from my iPhone

On Jun 10, 2016, at 3:08 PM, David Burrell hawkp60@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:

 

There is much much more information that needs to be known before one can answer that question. 

1) A much more detailed financial picture & 

2) Define the employee's necessities of life.

Sent from my iPhone

On Jun 10, 2016, at 12:42 PM, sticksandstones66@yahoo.com [TSP_Strategy] <TSP_Strategy@yahoogroups.com> wrote:

 

I've met an employee with more than 40 years of federal service who is saving $24,000 year in the Thrift Savings Plan, but still is worried about becoming destitute if he retires at 62.

Wouldn't this person be in a good position? I ran some numbers in my head and he or she should be okay, right?

 

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