FERS Supplement
Once your FERS Supplement ends, should you take Social Security benefits? This really comes down to a case by case basis. As you probably know by now, the additional income from the FERS Supplement ends once you turn 62, reverting to the regular pension that you normally would have received. We are fans of delaying […]
FERS MRA
What is MRA? Minimum Retirement Age is a threshold that was created for FERS and CSRS to determine a federal employee’s eligibility for retirement. Depending on the year someone is born, the MRA for that person can range between ages 55 and 57. In addition to age, a federal employee’s years of service also determine […]
FERS Contributions
What is my FERS contribution? Depending on your start date, your contribution will be either be 0.8%, 3.1%, or 4.4% to FERS. The chart below breaks this down based on your start date, to show how much is going to the FERS Basic Benefit Plan and how much is going to Social Security: How much […]
FERS Benefit Formula
How is my benefit calculated? In order to calculate your FERS pension, you will need to know your creditable years of service as well as your “High-3” average salary. Your creditable years of service includes the years, months, and days rounded down to the nearest month of how long you’ve been working as a federal […]
FERS Basic Benefit Plan
What is the FERS Basic Benefit Plan? As a Federal Employee, your retirement consists of three components: your Basic Benefit (also called your annuity or your pension), social security, and the Thrift Savings Plan. The FERS Basic Benefit plan is a defined benefit plan for Federal Employees that allows you and your agency to contribute […]
Federal Employee Retirement Planning
“I am 60. I plan to work till 70. All bills will be paid off including house sept 2021. House value now 431,000. Tsp 300,000 , 31 years in postal service Should have 41 at 70 years old. Should I stay until 70 or retire sooner? What considerations should I factor in?” -Dave When […]
FERS Annuity Supplement Reductions
“… I recently went over the max earnings on my supplement and when I filled the form out in early June it is expected I was appx 2,500 over. Two questions: 1. If I go over again is it subtracted from the original amount of the supplement or the adjusted amount? 2. How do […]
Ep #8: Q&A
Today Micah and Tammy are opening up the mailbag to answer your most burning questions about federal retirement. A few people wrote in asking about their retirement dilemmas, from accessing TSP and early retirement to Roth conversions, social security, widow’s benefits, and more. Listen in as Micah and Tammy share their insight in these areas […]
FERS Annuity Calculations
“My husband wants to retire and he has been at the USPS and was always told he gets 60% of his basepay and the more we look into its like we will only get 1400 a month? This is with FERS.He is 70 and has been there 24 yrs.” – Tonia What if you retired […]
Ep #7: The Myth of 80% Retirement
Today Micah and Tammy are setting the record straight and dispelling some myths about what you actually need to retire with. There’s a lot of water-cooler talk about the rules of retirement, but do you know how to make the best decisions for your unique situation? Listen in as Micah and Tammy share where to […]
Ep #6: Social Security Claiming
We hear a lot of people say they want to turn on their social security as soon as possible in order to capitalize on the benefits while they are still available. So today, Tammy and Micah are discussing the misconceptions that lead to this idea, as well as the history of the system and how […]
Ep #5: What Does Retirement Really Look Like??
Everyone looks forward to retirement and the freedom that comes along with no longer being locked down to a job, but what if it isn’t all it’s cracked up to be? Today Micah and Tammy are discussing the common misconceptions of retirement and how to set yourself up for a happy and wealthy retirement. In […]
