what age did you retire? or what age do you want to retire?

[12%ayear]

I want to retire at 62. SSN will kick in and have more time in the TSP without taking out. I will have 41 years in.

 

[ATCJeff]

1st retirement will be in 2011 at the age of 46. ATC gets 25 regardless of age. 2nd retirement wil be around age 60. I'll be flying somewhere.....

Jeff

 

[clester]

I'm with Jeff, Age 49 with 25 years ATC. Thats 1 year 8 months to go. But, who's counting.

 

[Bullitt]

Question for those of you who plan to 'retire' at age 45 or so.​

What are you going to do when you 'retire' and have 10+ years until you can withdraw from TSP or an IRA or collect SS? I would think that taking on a new job, losing seniority and a probable pay cut would be difficult as that's the time in life where I plan on paying for things like kid's college.​

Just looking for any ideas or thoughts.​

 

[Sunnyskies]

I retired at 54, just three months short of 55. They wanted to cut my division, so we were offered buy-outs or the "opportunity" to return to a job I hated more than the one I was in. I would have stayed until 62, but my last boss and I did not see eye-to-eye, so I was glad to take the buy-out.

The timing was great as our daughter married 30 days after I retired, and that gave our budget a huge bounce as she and her hubby took on her insurance and other expenses -- financially our disposable income stayed very near the same.

Since I'm CSRS, I look as my TSP as an tool which will defeat the effects of inflation. I plan to start withdrawals at age 70 which will give us a boost later in life. Our TSP balances aren't any where near what some of you have, but will bring in a good sum as the investment grows over the next 10-15 years. DH also will start drawing a small pension from NAF in 4 years, so that's another inflation tool.

Retirement timing is dependent on your own personal financial needs, you satisfaction with your job situation, and your perception of how your life will be after retirement. I'm very glad I took the buy-out and retired. I feel like I got my life back.

Gotta go, the turtle need feeding!

 

[Sunnyskies]

spelling error

 

[ATCJeff]

Question for those of you who plan to 'retire' at age 45 or so.​

What are you going to do when you 'retire' and have 10+ years until you can withdraw from TSP or an IRA or collect SS? I would think that taking on a new job, losing seniority and a probable pay cut would be difficult as that's the time in life where I plan on paying for things like kid's college.​

Just looking for any ideas or thoughts.​

We can start getting our TSP at retirement. There's a suppl. for Social Security to fill that gap. But, like I said above, I'm moving onto a 2nd career. College for my kids will come from savings and if they stay in state (GA), Hope Scholarship. http://www.gsfc.org/hope/

Jeff

 

[jayhawker]

I'll go when I have the service time in for retirement benefits and I can afford to go. This is my second career so I only have 18 years in service. I'd like to go at 60 (7 more years) with the SS supplement. More likely I'll go at 62.

 

[budnipper1]

(Re-post: original post lost in site crash last night)

Federal employees under FERS can retire at age 60 (with 20 or more years service), without pension penalty reductions and also receive a supplemental benefit of $600-700 per month, based on the future social security entitlement at age 62. This is payable until you become entitled to receive your actual social security benefit check, at age 62.

You can also elect to let your money remain in the TSP, or make yearly redrawals. You are required to start withdrawing at age 70-1/2.
(I'll be 60 in November)

I'll go when I have the service time in for retirement benefits and I can afford to go. This is my second career so I only have 18 years in service. I'd like to go at 60 (7 more years) with the SS supplement. More likely I'll go at 62.

 

[Bullitt]

Correct me if I'm wrong but I remember reading that whether 'retired' or not, if one chooses to withdraw from TSP before 55, any withdrawls are subject to a 10% tax penalty. So if one were to 'retire' at age 50 and choose to begin TSP as their source of income, they will have that 10% tax penalty to deal with on any withdrawls until they turn 55??

 

[12%ayear]

(Re-post: original post lost in site crash last night)

Federal employees under FERS can retire at age 60 (with 20 or more years service), without pension penalty reductions and also receive a supplemental benefit of $600-700 per month, based on the future social security entitlement at age 62. This is payable until you become entitled to receive your actual social security benefit check, at age 62.

You can also elect to let your money remain in the TSP, or make yearly redrawals. You are required to start withdrawing at age 70-1/2.
(I'll be 60 in November)

It makes no sense to retire at 60, with 2 years to go. Unless of course the job is backbreaking. Everyone seems to want to retire at 55. The way I look at it ..7 more years and you can build-up the TSP, obtain full benefits, and collect SSN at 62. I work at the USPS, Maint. Dept. I love my job and try to be postive about it. The key is to stay healthy and postive. Many guys I know are miserable and wish away time. Life is too short. I know many guys at work that retired at died shortly after. I guess you need to keep busy.

 

[Bullitt]

Actually there was an article in the WSJ talking about how the chances of an early death increase with the greater amount of time spent in retirement. It went to say that people who worked until 60 lived the longest. I'm sure the concept has been examined before but people probably just go nuts with all of that extra time on their hands.

 

[12%ayear]

Actually there was an article in the WSJ talking about how the chances of an early death increase with the greater amount of time spent in retirement. It went to say that people who worked until 60 lived the longest. I'm sure the concept has been examined before but people probably just go nuts with all of that extra time on their hands.

AGREE, I love to work. The main thing is to be active. Enjoy every moment of live because you never know when its taken away.

 

[Birchtree]

When you retire, unless you want to support the village, you should remain cognizant of your AGI - adjusted gross income. That sets your tax bracket. I plan to take social security at 70 and start my TSP withdrawal on a programmed basis and roll that money into a Roth. My wife has a defined contribution plan so she can take her money on demand - I wish I could convert my annuity to do the same. I'm getting off track - anyway tax planning is essential unless you want to support the village.

 

[clester]

Correct me if I'm wrong but I remember reading that whether 'retired' or not, if one chooses to withdraw from TSP before 55, any withdrawls are subject to a 10% tax penalty. So if one were to 'retire' at age 50 and choose to begin TSP as their source of income, they will have that 10% tax penalty to deal with on any withdrawls until they turn 55??

There are exceptions. Withdrawals based on life expectancy are exempt.
TSP has one option based on life expectancy and it is the minimum distribution method. You can also transfer your balance to an IRA and use the 72(t) rules which is SEPP (series of substantially equal payments) and has 3 options and all are penalty free.
I plan on using the amoritization method. Check out www.72t.net

 

[budnipper1]

Federal employees under FERS can retire at age 60 (with 20 or more years service), without pension penalty reductions and also receive a supplemental benefit of $600-700 per month, based on the future social security entitlement at age 62. This is payable until you become entitled to receive your actual social security benefit check, at age 62.
(I'll be 60 in November)

It makes no sense to retire at 60, with 2 years to go. Unless of course the job is backbreaking. Everyone seems to want to retire at 55. The way I look at it ..7 more years and you can build-up the TSP, obtain full benefits, and collect SSN at 62. I work at the USPS, Maint. Dept. I love my job and try to be postive about it. The key is to stay healthy and postive. Many guys I know are miserable and wish away time. Life is too short. I know many guys at work that retired at died shortly after. I guess you need to keep busy.

AGREE, I love to work. The main thing is to be active. Enjoy every moment of live because you never know when its taken away.

I'm assuming you intended to say, "It makes no sense (to you) to retire at 60". Everyone has different situations and lifestyles, so what wouldn't make sense to some might make perfect sense to others. There are lots of people who believe that they should work as long as possible to maximize their savings and retirement benefits. To them, I say "go for it" if that's what they want to do. But, why stop at 62? Maximum social security benefits won't kick in until age 66 for me and anyone else born in 1943 or later.

That said, I will also say that I personally know a few who seem to be happy only when they are at work, and are apparently miserable the rest of the time. (Job = Life) Speaking for myself, I want to maximize the number and the quality of the years I live after I retire by doing things I enjoy, without clocks and deadlines. I stay pretty busy, but everything I do now has to be done is a hurry, in between getting off work and going back to work, or on rare days off or weekends. Sure, I like money nearly as well as most people, but I'd rather have a little less money and enjoy life a little more.

 

[Spaf]

But, why stop at 62? Maximum social security benefits won't kick in until age 66 for me and anyone else born in 1943 or later.

There is an exception. If you retire early the benefits are reduced. However, if a disability was evident, full benefits can be restored.

If you are in the armed forces and get injured, make sure you get your disability benefits.
[Quad-50: 1. Helicopter: 0]

The reason I say this is because what seems to be minor at age 20 - 40, can get real serious in the 50's, 60's, and +.

I have found that the folks at the VA and SSA will work with you. Just a lot of paper work, tests, and documentation. But, heck thats nothing new to us!....

 

[Sunnyskies]

Correct me if I'm wrong but I remember reading that whether 'retired' or not, if one chooses to withdraw from TSP before 55, any withdrawls are subject to a 10% tax penalty. So if one were to 'retire' at age 50 and choose to begin TSP as their source of income, they will have that 10% tax penalty to deal with on any withdrawls until they turn 55??

Here's from the TSP website publications:
Additional 10% penalty tax if you are under age 59½
If you receive a TSP distribution before you reach age 59½, in addition to the regular income tax, you may have to pay an early withdrawal penalty tax equal to 10% of any portion of the distribution not transferred or rolled over. The additional 10% tax generally does not apply to payments that are:
• Paid after you separate from service during or after the year you reach age 55;
• Made because you are totally and permanently disabled;*
• Paid as substantially equal payments over your life expectancy;
• Annuity payments;
• Ordered by a domestic relations court;
• Made because of death; or
• Made in a year you have deductible medical expens-es that exceed 7.5% of your adjusted gross income.*
Special note for members of the uniformed services: The penalty tax does not apply to that portion of a TSP distribution (including the taxable distribution of a loan) which represents tax-exempt contributions from pay earned in a combat zone.
Also, the Pension Protection Act of 2006 provides re-lief from the 10% early withdrawal penalty for eligible Reservists called to duty for more than 179 days. To be eligible, a Reservist must have been activated after Sep-tember 11, 2001, but before December 31, 2007, and must have received his or her distribution from the TSP during the period beginning on the date of the order or call and ending at the close of the active duty period. This provision is retroactive as well as prospective. The Reservist may also be eligible to repay the distribution to an IRA (not the TSP). Participants should consult with their tax advisors, legal assistance of.cers, or the IRS regarding this relief.

 

[Rustynutt]

My MRA is 56 years 8 months, with 30 years, don't plan to stay federal service a day longer.
Reason being is I consider the social security offset a benefit, one that if I stayed a FERS employee, would basically give up. That's around 75 grand to me until I'm 62. It's the benefit that was dangled in front of CSRS employees to get them to change out of the old retirement system, and mandatory for those entering service after December 31, 1983. I missed CSRS by 2 days. To "feel" good about my job, I'd need at least a 15K/year increase in pay just to be equal, which isn't going to occur as I'm topped out in grade.

Once 62, the offset goes away, but the TSP is still there to supplement income until age 66, when it would be a good time to pull full Social Security.

Guess I'm in agreement with budnipper1, I like the work I do, but don't particularly care for how business is managed at the installation where I'm employed.

That's not to say I wouldn't work as a contractor during the offset years, double dipping. The retired brown badges have it pretty good.

There are so many things on the shelf right now, I wouldn't see the light of retirement, at least the listless kind, until well after age 62. I've always thought shuffleboard looks fun, but like riding a motorcycle across a golf course, it's just something you can't do until you’re "of age".

 

[Show-me]

I'm planning for my MRA, if I live that long. Life is short, get the hell out as soon as you can. Of course if you like/love what you do or have a good working environment, stick with it.

If I get bored I can volunteer some where.