Retirement? What’s that?

I calculated that I have at the very least 17 delightful more years of employment before I can retire.  My goal was 55 but unfortunately I am under the federal retirement system called the Federal Employee Retirement System (which sucks) or FERS for short. (source)

With that being said IF I retire with less than 30 years of service prior to 62 5% of my retirement pension will be deducted for each year am under the age of 62.

So, as of right now am trying to see about buying back my active duty time and apply it towards my total years of federal service.  If I am able to do that it means I can retire in about 13 to 14 years putting me at the tender age of 58. However, FERS employees only receive 1% of their base pay for each year they are in federal service.  So, 30% really isn’t a lot unless I put a bulk of my paycheck into my Thrift Savings Plan (TSP) and we all know with inflation and this shitty economy that’s not going to happen.

Friends have told me that eventually the pension will go the way of the Do Do Bird, and employees will have to invest instead in some kind of 401k plan.  Now, being a federal employee I am currently in no danger of losing my pension but when I reach 58 or 62 who the hell knows?

Scary to think I’d end up like those Detroit retirees whose pensions were to be frozen.  (source) Sad state of affairs. Perhaps a strong union would help. I feel it’s a travesty to our retirees taking their hard earned money. God only knows what’s in store for my daughter and future grandchildren.  It behooves young people to save NOW for their retirement.  Sock it away in something viable.  Though, when I was in my 20’s I wasn’t too concerned since we seem to think we are all invincible at that age.

If you are a federal employee or interested in becoming employed with the federal government here is some retirement info you can read to see if it’s something you really want to do:

FERS retirement topics:

• Eligibility – The main eligibility requirements for the common types of retirements.
• Computation – How your retirement annuity is computed.
• Creditable Service – Rules showing the civilian and military service that can be used to compute your FERS retirement benefits.
• Planning and Applying – It’s never too early to start planning for retirement in order to ensure it goes smoothly. Here you will find information to help ensure your retirement starts well.
• Early Retirement – Explanation of the minimum retirement age and early retirement if your agency under goes a “reduction in force” or you are involuntarily separated other than for cause.
• Types of Retirement – Learn about the age, service requirements and considerations affecting the various types of retirement.
• Deferred – If you are a former Federal employee who was covered by the Federal Employees Retirement System (FERS), you may be eligible for a deferred annuity at age 62 or the Minimum Retirement Age (MRA).
• Survivors – When a Federal employee dies, monthly or lump sum benefits may be payable to survivors. Learn about these Survivor benefits here.
• Military Retired Pay – Adding military service to your civilian service
• Service Credit – Payment to increase your annuity for civilian service when no CSRS retirement deductions were withheld or were refunded or for military service after 1956.
• Former Employees – Options if you leave your Government job before becoming eligible for retirement.