So I'm not an ATC nor federal law officer/firefighter, just your everyday federal DoD civilian smuck, so no special early retirement plans are available to me. However, I am interested in evaluating my options for early retirement.
Currently FERS, 45 years old, 20 years time served. Would like to retire at age 50 (or soon after).
From the FERS rules, it seems I'm stuck until my MRA, unless an early-out is offered after I turn 50, if I want full FERS benefits. The deferred retirement doesn't seem to be an option since you need 30 years service for full benefits - I'll be 55 when I get 30 years, so I might as well go another 14 months until MRA. However, if I wait until age 60 to collect FERS, then I’d get the full FERS. But if I understand correctly, if I do deferred retirement, then I won’t get any FERS supplement and I won’t be eligible to continue health benefits beyond the 18 month cobra period.
My TSP is respectable, but not enough to cover me from age 50 to 60 and not wipe it out entirely.
Seems my only option is to work until MRA, or get another high-paying job outside gov that would include benefits and defer any FERS payments until age 60. (or win the lottery!)
Have others in my boat retired early and made out? Help!
Currently FERS, 45 years old, 20 years time served. Would like to retire at age 50 (or soon after).
From the FERS rules, it seems I'm stuck until my MRA, unless an early-out is offered after I turn 50, if I want full FERS benefits. The deferred retirement doesn't seem to be an option since you need 30 years service for full benefits - I'll be 55 when I get 30 years, so I might as well go another 14 months until MRA. However, if I wait until age 60 to collect FERS, then I’d get the full FERS. But if I understand correctly, if I do deferred retirement, then I won’t get any FERS supplement and I won’t be eligible to continue health benefits beyond the 18 month cobra period.
My TSP is respectable, but not enough to cover me from age 50 to 60 and not wipe it out entirely.
Seems my only option is to work until MRA, or get another high-paying job outside gov that would include benefits and defer any FERS payments until age 60. (or win the lottery!)
Have others in my boat retired early and made out? Help!
