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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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Nate Paul  
#1 Posted : Wednesday, December 8, 2010 3:22:22 AM(UTC)
AceDog

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I am a former government employee that is tuning 59 this month. I served 4 years and bought 6 years of military time.  This gave me 10 year of time toward retirement.  When I left I took my TSP with me.  I call OPM about a month ago and they told me that I was eligible and needed to submit paper word about 90 day out from when I expect to retire.  I plan to retire at 65.5 when I can collect SSN.  My question is what I can expect if anything, in the way of money and medical benefits and how expensive is the medical.  I have 3 years as GS13 and served 1 year as a GS14 for a total of 4 and US military buy back of 6.

kg78  
#2 Posted : Wednesday, December 8, 2010 4:15:51 AM(UTC)

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If you are not already a government employee on the day you retire, you get no federal health benefits (unless somehow you're eligible for it through your military service, aka Tricare).  So if you stay out of the federal government, and submit your paperwork as a former employee, you're not entitled to health care.  You're only entitled to healthcare if you are a federal employee when you retire, you're taking an immediate annuity (not deferred as in your case), and you have carried health coverage for the previous 5 years through FEHB.  As for your federal pension, you really need to talk to someone at OPM for that figure.  Knowing what GS grades you were doesn't help since it's not based on what a CURRENT worker makes, but what you yourself made for your high 3 years when you were employed.  Keep in mind there's no COLA until you actually start receiving your pension, so it will be based on the actual amount you earned, not inflation adjusted dollars.  It also depends on whether you were FERS or CSRS.  Your best bet is to just pull out your old SF-50's and do the calculations yourself to get a rough estimate, or call up the folks at OPM and ask.
mtfed  
#3 Posted : Wednesday, December 8, 2010 7:49:10 AM(UTC)

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Also, if your were under the FERS system, you can apply for your deferred retirement at 62 years of age.  You don't have to wait till you "retire" retire from any other jobs.  And kg78 is correct, you do not qualify for medical if you apply for deferred retirement.
Here's a link for FERS retirement:
But don't make any decsions based on what we tell you here.  Do your research and call OPM.
Good luck,
jbWink
zinger1457  
#4 Posted : Wednesday, December 8, 2010 3:32:09 PM(UTC)

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kg78 wrote:
If you are not already a government employee on the day you retire, you get no federal health benefits (unless somehow you're eligible for it through your military service, aka Tricare).  So if you stay out of the federal government, and submit your paperwork as a former employee, you're not entitled to health care.  You're only entitled to healthcare if you are a federal employee when you retire, you're taking an immediate annuity (not deferred as in your case), and you have carried health coverage for the previous 5 years through FEHB. 


You do not need to be a government employee on the day you retire to collect FEHB.  If you have at least 10 years of service and leave government service after your MRA but before 62 you can 'postpone' your retirement to a later date.  You will not receive FEHB coverage during the 'postpone' period but once you start collecting your FERS annuity you also qualify for FEHB. 

I believe the problem the OP has is that he was not a participant in FEHB for the 5 years before leaving government service, so he would not qualify for FEHB because of that.  Not sure how the buy back of military time works into the equation, should check with OPM.
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