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tfcheng  
#1 Posted : Friday, March 6, 2020 7:21:40 AM(UTC)

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Hi, I am in FDA, GS13-5 this year and plan to stay for another 15-20 yr or so before retirement. My retirement plan is "FERS AND FICA". Can someone help me figure out how to estimate my annual income after retirement? thank you!
JDSIII  
#2 Posted : Friday, March 6, 2020 8:16:29 AM(UTC)
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OPM has a pretty nice retirement calculator at https://www.opm.gov/reti...ark-estimator/index.html
thanks 1 user thanked JDSIII for this useful post.
LawOrder on 3/7/2020(UTC)
bp340  
#3 Posted : Friday, March 6, 2020 9:24:41 PM(UTC)

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Originally Posted by: tfcheng Go to Quoted Post
Hi, I am in FDA, GS13-5 this year and plan to stay for another 15-20 yr or so before retirement. My retirement plan is "FERS AND FICA". Can someone help me figure out how to estimate my annual income after retirement? thank you!



For a non covered (Non LEO) FERS position you earn 1 percent per year. If you retire after age 62 it jumps to 1.1 percent per year. The most common MRA for regular FERS is 30 years of service at 57 years of age. If you have 30 years OF FERS you get the FERS supplemental (from 57 to 62) which with 30 years of FERS service equates to 75 percent of you Social Security at 62. At age 62 the FERS supplemental ends and you are eligible for Social Security.

Just to make the numbers easy let’s use a high 3 of 100K and a monthly Social Security of 2k..

FERS 30 years of service /retiring at age 57

100K x 30 percent = 30K

FERS Supplemental (30/40 or 3/4 your benefits at 62) = 18K

Total from 57 to 62 = 30K + 18K = 48K

At age 62 the supplemental goes away and you can apply for Social Security. That would increase totals to 54K. None of these calculations include TSP.
Endless Summer  
#4 Posted : Friday, March 6, 2020 10:10:12 PM(UTC)
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Originally Posted by: bp340 Go to Quoted Post
Originally Posted by: tfcheng Go to Quoted Post
Hi, I am in FDA, GS13-5 this year and plan to stay for another 15-20 yr or so before retirement. My retirement plan is "FERS AND FICA". Can someone help me figure out how to estimate my annual income after retirement? thank you!



For a non covered (Non LEO) FERS position you earn 1 percent per year. If you retire after age 62 it jumps to 1.1 percent per year....


Are you sure about that? I thought it jumped to 1.1% after 20 years of service and wasn't based on age.
bp340  
#5 Posted : Friday, March 6, 2020 11:46:12 PM(UTC)

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Originally Posted by: Endless Summer Go to Quoted Post
Originally Posted by: bp340 Go to Quoted Post
Originally Posted by: tfcheng Go to Quoted Post
Hi, I am in FDA, GS13-5 this year and plan to stay for another 15-20 yr or so before retirement. My retirement plan is "FERS AND FICA". Can someone help me figure out how to estimate my annual income after retirement? thank you!



For a non covered (Non LEO) FERS position you earn 1 percent per year. If you retire after age 62 it jumps to 1.1 percent per year....


Are you sure about that? I thought it jumped to 1.1% after 20 years of service and wasn't based on age.


Positive -
Computation for Non-Disability Retirements
FERS Basic Annuity Formula
Age Formula
Under Age 62 at Separation for Retirement, OR
Age 62 or Older With Less Than 20 Years of Service 1 percent of your high-3 average salary for each year of service
Age 62 or Older at Separation With 20 or More Years of Service 1.1 percent of your high-3 average salary for each year of service

https://www.opm.gov/reti...information/computation/
TheRealOrange  
#6 Posted : Monday, March 9, 2020 4:58:26 AM(UTC)
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Originally Posted by: Endless Summer Go to Quoted Post
Originally Posted by: bp340 Go to Quoted Post
Originally Posted by: tfcheng Go to Quoted Post
Hi, I am in FDA, GS13-5 this year and plan to stay for another 15-20 yr or so before retirement. My retirement plan is "FERS AND FICA". Can someone help me figure out how to estimate my annual income after retirement? thank you!

For a non covered (Non LEO) FERS position you earn 1 percent per year. If you retire after age 62 it jumps to 1.1 percent per year....

Are you sure about that? I thought it jumped to 1.1% after 20 years of service and wasn't based on age.

I know this has already been answered, but you cannot get the 1.1 percent multiplier prior to reaching age 62. Here is the link to the OPM information: https://www.opm.gov/reti...information/computation/ .

Computation for Non-Disability Retirements

FERS Basic Annuity Formula


Under Age 62 at Separation for Retirement, OR Age 62 or Older With Less Than 20 Years of Service -- 1 percent of your high-3 average salary for each year of service.
Age 62 or Older at Separation With 20 or More Years of Service -- 1.1 percent of your high-3 average salary for each year of service.

Edited by user Monday, March 9, 2020 4:58:58 AM(UTC)  | Reason: Not specified

ex-military  
#7 Posted : Monday, March 9, 2020 5:13:19 AM(UTC)
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Originally Posted by: tfcheng Go to Quoted Post
Hi, I am in FDA, GS13-5 this year and plan to stay for another 15-20 yr or so before retirement. My retirement plan is "FERS AND FICA". Can someone help me figure out how to estimate my annual income after retirement? thank you!


If you are forgoing that third leg of retirement, TSP, you are leaving cash on the table. Over 15-20 years, that could add up to quite a bit. Even if you dont stay in the TSP after retirement, why would you walk away from the matching?
TheRealOrange  
#8 Posted : Monday, March 9, 2020 5:22:49 AM(UTC)
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Originally Posted by: ex-military Go to Quoted Post
Originally Posted by: tfcheng Go to Quoted Post
Hi, I am in FDA, GS13-5 this year and plan to stay for another 15-20 yr or so before retirement. My retirement plan is "FERS AND FICA". Can someone help me figure out how to estimate my annual income after retirement? thank you!

If you are forgoing that third leg of retirement, TSP, you are leaving cash on the table. Over 15-20 years, that could add up to quite a bit. Even if you dont stay in the TSP after retirement, why would you walk away from the matching?

My guess is that tfcheng was probably referring to the "Service Type" for retirement listed in the personnel records. For instance, I have two types of service listed in my records, "FERS" and "FICA."
The characterization of the service type does not mean that I am not a participant in the TSP, as I have been since I was first eligible. Hopefully that is true for tfcheng also.
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