Your Benefits

Civil Service Discussion.

Moderator: Aitrus

1962GUTK
Posts: 8
Joined: Fri Sep 21, 2018 8:32 am

Re: Your Benefits

Post by 1962GUTK »

tacatlin, I think I can still get the supplement at 60 even if I retire in the next two months. That's the big question. I realize staying 10 months until 60 is a positive step and I could save a little bit more, but the option to go early is too tempting at this point and financially I think I am stable. I just do not want to lose the supplement if I go early. Hope that makes sense

BelieveGod
Posts: 30
Joined: Thu Feb 15, 2018 10:56 am

Re: Your Benefits

Post by BelieveGod »

https://fedimpact.com/mfr/ offers retirement workshops. They may be selling annuities but you can still learn from them. They have online viewing too, I believe.

1962GUTK
Posts: 8
Joined: Fri Sep 21, 2018 8:32 am

Re: Your Benefits

Post by 1962GUTK »

tacatlin, Thanks for your response and advice. As long as I can draw the supplement at 60 (and it appears I can) I am gonna probably retire 1 November and then collect the supplement in May of next year at 60. I am financially stable with no major bills (car, house, rent, etc..) There is just no reason for the long daily commute and when winter hits it is a real struggle. Thanks again for your input

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Aitrus
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Joined: Mon Aug 06, 2012 5:03 pm

Re: Your Benefits

Post by Aitrus »

tacatlin wrote: Thu Jul 29, 2021 10:41 am
1962GUTK wrote: Thu Jul 29, 2021 7:45 am tacatin, Thanks for the response. So I my plan to retire this year with 20 at 59 years old and collect the supplement at 60 next year will work. Big relief
Negative. Don’t retire before 60 years if you don’t have 30. In your situation it’s way better to wait the short amount of time to reach 60.

If you retire before 60 with 20 years you won’t get the supplement. And I don’t think you’ll get health coverage too. You’re so close. In your situation it makes no sense to retire before 60. You’ll lose too much considering you have a year or less to make 60. Don’t do it.
Does the 30 years of service count the military buyback? My situation: if I retire at my MRA of 57, I'll have 39 years of credit: 29 years of service plus 10 years of military buyback. Would I be eligible for the supplement, or would I need to work until 58 to be eligible?
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tacatlin
Posts: 9
Joined: Mon Mar 09, 2020 11:40 am

Re: Your Benefits

Post by tacatlin »

Federal retirement is confusing and I’m no expert to be sure. I think your military buy back would count. You should be good. I’d ask your hr retirement specialist.

I think 1962GUTK can retire before 60 if he takes a delayed retirement and has at least 20 years. And it obviously depends on your mra based on your age and number of years you have in. Im going to hold on for an immediate retirement

But honestly, federal retirement is a rabbit hole of obscure details. Confusing as heck.

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evilanne
Posts: 2067
Joined: Thu May 14, 2015 6:52 pm

Re: Your Benefits

Post by evilanne »

Fallingh2o wrote: Thu Jul 29, 2021 11:11 am IMO, one of the best resources out there to understanding your FERS benefits and retirement is the FERSGUIDE.COM. The creator is Dan Jamieson and I cannot say enough good things about him. His yearly subscription cost is $20 a year, but well worth it considering Dan puts out so much valuable information. I certainly have gained a great deal of knowledge from his information.

I would also like to mention that I DO NOT gain anything for mentioning this resource, but I want others to know about it because it is very useful. Knowledge is power!!!
I totally agree! Suggest everyoone subscribe at least for 1 year prior to retirement. With a subscription you can also ask him question directly.

Aitrus,

I think you are oK in your situation but the military time does not count for the calculation but I would verify that with you HR/Personnel Office. You may be able to figure it out from your online portal. I remember mine had estimated annuity at different ages. You have to retire with an immediate annuity to qualify for the Supplement.

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evilanne
Posts: 2067
Joined: Thu May 14, 2015 6:52 pm

Re: Your Benefits

Post by evilanne »

tacatlin wrote: Fri Jul 30, 2021 11:24 am Federal retirement is confusing and I’m no expert to be sure. I think your military buy back would count. You should be good. I’d ask your hr retirement specialist.

I think 1962GUTK can retire before 60 if he takes a delayed retirement and has at least 20 years. And it obviously depends on your mra based on your age and number of years you have in. Im going to hold on for an immediate retirement

But honestly, federal retirement is a rabbit hole of obscure details. Confusing as heck.
If you are not sure, be careful of what you recommend. I'd stay away from delayed/deferred retirement in current situation since to qualify for. supplement you must retire with immediate annuity to qualify.

https://www.fedsmith.com/2020/09/02/imp ... upplement/
https://www.opm.gov/retirement-services ... Supplement
https://www.opm.gov/retirement-services ... ligibility

OPM doesn't address 20+ and FedSmith has eligibility "with 20 years of service at 60 years old." It may be correct that 1962GUTK must retire at 60 in order to get the supplement. He may be able to retire early and get the supplement at 60, similar to me getting it once I reached my MRA with early retirement. I really don't know and would definitely want the correct answer before pulling the plug.

I would recommend that you verify any information you obtain online with your personnel office or OPM and as mentioned previously, see https://fersguide.com/

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