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FERs Mainly
- Thread starter JimmyJoe
- Start date
Aviator_Guy
Member
I fall under the FERS as I came into civil service back in 1985. Both the CSRS and FERS are both outstanding. I’ve worked in the private sector (1982-1985) and we’re very blessed to have this outstanding retirement system. When I entered back in 1985, new fed employees were in a void when congress decided to terminate CSRS for new employees and the end product was the FERS program. I sat down with a very smart co-worker who worked for Hughes Aircraft (USN F-14 Radar Tech Rep) and he put together a spreadsheet showing me how my FERS TSP would grow over time. He also explained the importance of investing in stocks long term vice G Fund... A CSRS employee criticized my decision to max out saying all you need to do is 5% to get the matching and the extra 5 percent really doesn't make a difference. I’m thankful I had someone show me on paper that maxing it out early makes a HUGE difference.
My advice to any new FERS employee is to invest as a bare minimum of 10% of your base and 16.5K even if you have to eat Pinto Beans and Cornbread... In the early years of the TSP, you could only deposit 10% of your base. But, worse than that, you could only move your money once per month and that was only the first trading day of the month!!!! LOL... Talk about tough trading days... 12 per year... LOL:blink::blink:
Your account will grow at an amazing rate, especially if you take advantage of maxing it out early in your career. I found early on you don't miss what you don't take home. I personally maxed out mine since day one of the TSP. Now that I’m over 50, I can now max it out at 22.5K... Good luck with your investing!!!
Note: I’m one of the 500 fed employees identified as making too many trades and I’m proud of it!!! The TSP board restricted trades to only 2 per month which is bad. The board said this will save participants money. Their logic proved false and the board is now spending hand over fist...LOL
My advice to any new FERS employee is to invest as a bare minimum of 10% of your base and 16.5K even if you have to eat Pinto Beans and Cornbread... In the early years of the TSP, you could only deposit 10% of your base. But, worse than that, you could only move your money once per month and that was only the first trading day of the month!!!! LOL... Talk about tough trading days... 12 per year... LOL:blink::blink:
Your account will grow at an amazing rate, especially if you take advantage of maxing it out early in your career. I found early on you don't miss what you don't take home. I personally maxed out mine since day one of the TSP. Now that I’m over 50, I can now max it out at 22.5K... Good luck with your investing!!!
Note: I’m one of the 500 fed employees identified as making too many trades and I’m proud of it!!! The TSP board restricted trades to only 2 per month which is bad. The board said this will save participants money. Their logic proved false and the board is now spending hand over fist...LOL
Afishegg
Member
I fall under the FERS as I came into civil service back in 1985. Both the CSRS and FERS are both outstanding. I’ve worked in the private sector (1982-1985) and we’re very blessed to have this outstanding retirement system. When I entered back in 1985, new fed employees were in a void when congress decided to terminate CSRS for new employees and the end product was the FERS program. I sat down with a very smart co-worker who worked for Hughes Aircraft (USN F-14 Radar Tech Rep) and he put together a spreadsheet showing me how my FERS TSP would grow over time. He also explained the importance of investing in stocks long term vice G Fund... A CSRS employee criticized my decision to max out saying all you need to do is 5% to get the matching and the extra 5 percent really doesn't make a difference. I’m thankful I had someone show me on paper that maxing it out early makes a HUGE difference.
My advice to any new FERS employee is to invest as a bare minimum of 10% of your base and 16.5K even if you have to eat Pinto Beans and Cornbread... In the early years of the TSP, you could only deposit 10% of your base. But, worse than that, you could only move your money once per month and that was only the first trading day of the month!!!! LOL... Talk about tough trading days... 12 per year... LOL:blink::blink:
Your account will grow at an amazing rate, especially if you take advantage of maxing it out early in your career. I found early on you don't miss what you don't take home. I personally maxed out mine since day one of the TSP. Now that I’m over 50, I can now max it out at 22.5K... Good luck with your investing!!!
Note: I’m one of the 500 fed employees identified as making too many trades and I’m proud of it!!! The TSP board restricted trades to only 2 per month which is bad. The board said this will save participants money. Their logic proved false and the board is now spending hand over fist...LOL
Thanx aviator for the story, I love hearing the back stories from guys and gals who have been around awhile, it helps put a human touch on all this money talk which can be boring sometimes. I'm a young buck myself at 32. I also fall under FERS. I have 8 years now with the man. I put in 13% and I have a sizable chunk (well, by my standards that is) saved up. My only concern is that someday soon we are going to face a real financial day of reckoning here in the U.S and it will have all been for naught. But as you stated well, you don't miss what you don't bring home. I guess my advice would be the same as yours max out and stay with it.
Elgallo
Member
Yep I'll take FERS anyday but I'm a risk taker and have always been one.
I'm 63 with 33 months left, and like Jimmy have 4x my high 3 in my TSP, and my concern is the change in the retirement calc. from high 3 to high 5. God knows what we hav not heard about yet which could be about anything
Do you think if they do this that they will grandfather anyone? Like say everyone over 62 or if their feeling extra generous maybe 55?
I am concerned and feel I should consider leaving now before any changes happen, but thats probably part of the snakes in suites plan also.
I'm 63 with 33 months left, and like Jimmy have 4x my high 3 in my TSP, and my concern is the change in the retirement calc. from high 3 to high 5. God knows what we hav not heard about yet which could be about anything
Do you think if they do this that they will grandfather anyone? Like say everyone over 62 or if their feeling extra generous maybe 55?
I am concerned and feel I should consider leaving now before any changes happen, but thats probably part of the snakes in suites plan also.
Afishegg
Member
I think alot about what retirement actually means, and for me personally it is different than most. Being 32 I and having been laid off several times in my life and having seen my parents struggle after a nasty divorce and now just fresh out of the recession I have learned a few key point in my life, which will definatley affect how I retire.
1. Carry NO unnecessary bills (ever in life) only the basics (which for me are utilities)
2. NO credit cards EVER (no having a high fico score is NOT important, thats what "they" want you to think)
3. Maximize your saving while you are working, TSP. plus regular savings and stocks.
4. Plan for your retirement at the earliest. (for me I plan on retiring @ 50 or 55 depending on several factors, MRA at the time etc etc)
5 *Important* Lower your living standards, be happy with the small things, and buy a small place out in the country with a few acres.
These are my basic tenents in life and I think it will work out for me in the long run.
1. Carry NO unnecessary bills (ever in life) only the basics (which for me are utilities)
2. NO credit cards EVER (no having a high fico score is NOT important, thats what "they" want you to think)
3. Maximize your saving while you are working, TSP. plus regular savings and stocks.
4. Plan for your retirement at the earliest. (for me I plan on retiring @ 50 or 55 depending on several factors, MRA at the time etc etc)
5 *Important* Lower your living standards, be happy with the small things, and buy a small place out in the country with a few acres.
These are my basic tenents in life and I think it will work out for me in the long run.
JimmyJoe
Member
Consider putting down $30/oz for silver. Should go up to $50 by June. Even if it doesn't it'll stay above $25 per. Not a bad, fairly sure investment. I'd take those odds. Well, I am.
There's a good chance it'll go below $30 per in the next day or so, but the pressure for it to go up is high, really high. Too high for JP Morgan to keep down. Just go to a coin dealer and get some.
There's a good chance it'll go below $30 per in the next day or so, but the pressure for it to go up is high, really high. Too high for JP Morgan to keep down. Just go to a coin dealer and get some.
Silverbird
Well-known member
Me thinketh that if Congress leaveth the Budget on Autopilots, it doesn't matter what the President sayeth. We will overrun the budget ceiling and no plan will be seen for the future, and the stock market will slide down in uncertainty.
