FERS Social Security supplement?

[nnuut]

Just work until you're 62, that way no supplement, no cut. I worked until I was 65!

 

[Frixxxx]

You take your years of fers service and divide by 40. That is the factor to multiply by your age 62 amount from your SS statement. That amount is fixed(no cola) until you turn 62 and are on the real SS.

I am receiving the payments now. I have 10 more years til I get a cola.

At least you're getting the supplement....Probably be gone by the time I want to retire! You must have been a Federal Cop to retire so soon. Are you earning another income yet or are your feet up on the ottoman?

Just work until you're 62, that way no supplement, no cut. I worked until I was 65!

My wife is 6 years older than me...So I'll go at 57.

 

[clester]

At least you're getting the supplement....Probably be gone by the time I want to retire! You must have been a Federal Cop to retire so soon. Are you earning another income yet or are your feet up on the ottoman?


My wife is 6 years older than me...So I'll go at 57.

I was ATC. I have been retired 2.5 years and haven't worked yet. I am going to college though. I was going to be a high school math teacher but all the teacher bashing and high workload ( yes really) and the fact that would have to have 6 evaluations every year turned me off. Now I'm studying physics and computer science part time. I love going back to school. I wish I liked it the first time.

My wife is a teacher and will have to work until 65 I think. I tell her it's payback for all those summers I had to work and she was off.

 

[nnuut]

At least you're getting the supplement....Probably be gone by the time I want to retire! You must have been a Federal Cop to retire so soon. Are you earning another income yet or are your feet up on the ottoman?


My wife is 6 years older than me...So I'll go at 57.

Ha! My wife is almost 6 years younger than me.

 

[Rustynutt]

I was ATC. I have been retired 2.5 years and haven't worked yet. I am going to college though. I was going to be a high school math teacher but all the teacher bashing and high workload ( yes really) and the fact that would have to have 6 evaluations every year turned me off. Now I'm studying physics and computer science part time. I love going back to school. I wish I liked it the first time.

My wife is a teacher and will have to work until 65 I think. I tell her it's payback for all those summers I had to work and she was off.

Sounds like a good life.
My wife just turned 49, err, 29 today!

I'm 56 1/2 and started DOD FERS January of 1984. I don't think there has been a day gone by not cussing the HR rep that told me December of 1983 to just go home and check in after the holidays. Working side by side with CSRS employees all those years have been tough, but as of yesterday it's pretty much water under the bridge.

Very long story short, yesterday at 12:00 pm got a phone call from my division head to come see her. As I've been on detail assignment the past two years, wondered on the way to her office what I could have "done now". She had me close the door to her office, then with a very serious face handed me a letter. Then she cracked a big smile watching me grin ear to ear reading a survey letter for my acceptance of a VERA with VISP! The catch was the letter had to be returned to HR by 16:00 the same day. I've been crunching the numbers for over two years now, the choice was a no brainer!

Without any hitches, my final date will be January 31st, 2013.
I am speechless and elated. My mind is drifting, but not to day to day negative or worrisome problems, but this engulfing feeling of freedom at last.

During a 30 year career, many times emotions can swing wildly. For all the down sizing, hiring freezes, topped out for 10 years, COLA freezes and more, will have to admit to being shipped out on a good note.

FERS pensions for the average person are not likely enough in themselves to alone provide support retiring at an age which when reaching your MRA and service time allow. The addition of the FERS supplement, no matter how small it may seem, provides just enough incentive to walk out the door at an early age, look at the world and say, what's next in the saga!

PS, after restoring in the neighborhood of 30 vintage motocross machines the next two years, wish to return to college and earn a degree in Astrophysics. Seems about as useful as anything else

 

[Frixxxx]

Congratulations Rusty!

So glad you can take the news and make it good. Thank you for your years of service and well deserved. Good Luck on that degree....It may be the hardest (most rewarding) thing you ever do!

Let us know how the process goes for future retirees!!!

 

[nnuut]

Sounds good Rusty, I know I'm enjoying my retirement and hope you do to. There is more to do around the house than you think.
I missed the VERA with VISP by one week, they transferred our group to another section and a week later our old section offered it to all who qualified, and I did what a bummer!

 

[Rustynutt]

Frixxxx and nnuut, thanks for the well wishes.

Last October there was a limited window and spots for a VERA. There was rumor of being considered, in the end that's all it ended up being. As rumors go, my advice is to not get to emotional until you have the survey in hand, that is pretty much the tell tail of action on ones part. The other is, with so much unknown going on in Federal service, the opportunity can sneak up on a moments notice. If not just for good measure in itself, good idea to keep a financial spread sheet to play with some years before considering retirement and be prepared if opportunity knocks!

During the detail assignment, most duties and responsibilities from the assigned position were transferred to a new hire controls engineer (young kids now!). The detail assignment was just that, screwing light blubs into old missile systems. Aside from a little this and that left, will focus on a time line of the process to post here for others to develop a baseline to plan on. I myself have benefited from members post here time and time again.

Cheers!

 

[jimijr]

I just received my final Special Supplement payment on Nov 1st. Now in December I go to Social Security which will net me about $500 more per month. Trouble is, OPM pays everybody on the first of the month but SSA pays me on the 4th Wedensday of the month, which they go by your number. So I have one more week to wait. Meanwhile I was notified that my award will increase a little in January. Thanks for nothing!

FERS vs CSRS -- I had a FERS-factor of .265, or 26.5% of high-3. Add my soon-to-come SS award expressed as a fraction of high-3 and it sums to about 47%. Under CSRS I would have had 27 years of service (greater S/L credit). I believe that would convert to around the same number 45-50%.

So for me the pension is about the same except I meanwhile put away a nice bundle in the TSP. I withdraw about another 20% (high-3) each year. With this addition I am doing as well or better than before I retired because I was putting $22000 a year into the TSP and was paying $7000 a year in FICA as well.

I'll take my FERS over CSRS any day.

 

[nnuut]

Yeah SSA notified me that I am going to get a 1.7% raise in my measly SSA check effective in January. That would be a whopping $6.00, BUT my Medicare went up $5.00 leaving me with a $1.00 gain WWWAAAHHOOOOOOOO!

 

[eccougar]

I get a $13.00 net gain on the SS.

 

[Rustynutt]

Ha! My wife is almost 6 years younger than me.View attachment 21437

Mine is 7 1/2, she worked for a year since immigrating, now she kind of likes the housekeeping job. Since I have experience with that position being a single parent since the son was 3, and through college, I can appreciate the position Still, hoping she can pick up a few hundred a month when I retire this month. We need lots of Diesel!