Anybody retire from Fed Govt under CSRS?

[alde]

I will be eligible to retire in 10 1/2 months from my federal job under the CSRS retirement system. I started in 1980 and will have 36 years 5 months of service at 55 years of age. I am really leaning toward hanging it up.

I pretty burned out on my job and don't enjoy it anymore. I am with DoD (Navy) and use to feel like my job meant something. Things have changed over the last few years for the worse. They are also going to require me to learn a new computer program that I don't feel I will be able to give justice too. It needs a younger mind to pick it up.

Does anybody have any CSRS retirement advice they want to share? I use to thing I could go another 5 years and max out but I really don't think so anymore.

 

[BigBoy99]

PM me. I retired under CSRS a few years ago.

 

[alde]

PM me. I retired under CSRS a few years ago.

PM Sent.

 

[EQGuy]

Alde
I retired under CSRS in Jan 2010. Some things to consider. They will pay you a lump sum for any unused annual leave and also any unused credit hours. Any unused sick leave counts toward your longevity. Each month of unused SL is another 1/6% added onto your annuity. If you are married and you are going to leave your spouse a reduced annuity upon your death you will need to have a copy of your marriage certificate. If you choose to not leave her a reduced annuity she will have to sign a notarized statement agreeing to this. Check in with personnel as soon as possible to have them start the paper work going and they should be able to give you an accurate estimate of your annuity. If you have any service while not under the retirement system you will have to pay a percentage of the amount earned or your annuity will be reduced. Personnel can give you the amount required to pay and the amount of reduction if not paid if this applies to you. OPM is probably still backlogged in processing retirements and it will take several months before you get your first full check, In the mean time they will issue you checks at a reduced rate. This is where the check received for unused AL comes in handy. In my case it was about 8 months before I started getting the full amount on my checks. Also I had to keep calling OPM and reminding them that I hadn't been made whole. They kept telling me that I had to wait to wait 6 months before they would put me to the front of the line. When 6 months came and went I let them know and they did process it. Remember the squeaky wheel gets greased. Good luck and enjoy your retirement.

 

[CAJUNLAWYER]

PM me. I retired under CSRS a few years ago.

PM me too. I'm nosey

 

[alde]

EQGuy,

Lots of good information. I have always been one to save leave and have had my 240 hours on the books for years and have to scramble to use up my use or loose at the end of the year. I should have around 330 hours if I go in June 2016.

My wife and I have agreed that an insurance policy is better for us than the survivor annuity. She is 12 years older than I am and in poor health. She feels secure enough with the insurance. A full survivor benefit would cost almost $500 a month and I could not get that back if she were to go before me.

OPM is supposed to be getting better about processing claims but from what I understand they are still way behind. That leave buyout will sure be nice. Mine should be fairy simple as I am straight CSRS with no offset or obligation to a divorced spouse or anything like that. Besides, they want to get rid of all us old CSRS folks.

 

[Philadelphia Patriot]

I will be eligible to retire in 10 1/2 months from my federal job under the CSRS retirement system. I started in 1980 and will have 36 years 5 months of service at 55 years of age. I am really leaning toward hanging it up.

I pretty burned out on my job and don't enjoy it anymore. I am with DoD (Navy) and use to feel like my job meant something. Things have changed over the last few years for the worse. They are also going to require me to learn a new computer program that I don't feel I will be able to give justice too. It needs a younger mind to pick it up.

Does anybody have any CSRS retirement advice they want to share? I use to thing I could go another 5 years and max out but I really don't think so anymore.

My girlfriend currently works for DoD (Navy), but only has a few years on. You lucked out getting hired when you did. Reagan changed the benefits/retirement plans, and they're not as good as what they were.

Also, I can understand about the changes. There is a lot of petty games and politics at her work. She wants to serve her country and help the sailors, but there is a lot of BS. Regardless, she still rather be an engineer in the public sector than private sector.

I lucked out getting my foot in the door with the government (not federal, but possibly state or local ) when I did. By the time I retire, I'll be one of the only few people left who will get a pension.

Either way, congratulations and enjoy!!! I wish you a lot of happiness.

 

[Malpasowildlifer]

Good that you are CSRS; I'm FERS

 

[Bat Guano]

EQGuy's advice on CSRS sounds right on. I went out in '94, so obviously I am behind the curve on the details...

I was a long way from maxing out. I retired under law enforcement provisions at 62% of my high 3, including overtime. No debts. I've done fine on that.

I took the max survivor benefit for my wife.

Us CSRS types are a vanishing species. Like Eddie Rickenbacker said, "I could never be so lucky again"...

PM me if you wish, although it's been a long time. (I guess that's one way to say I beat the dealer.)

 

[Bat Guano]

EQGuy's advice on CSRS sounds right on. I went out in '94, so obviously I am behind the curve on the details...

I was a long way from maxing out. I retired under law enforcement provisions at 62% of my high 3, including overtime. No debts. I've done fine on that.

I took the max survivor benefit for my wife.

Us CSRS types are a vanishing species. Like Eddie Rickenbacker said, "I could never be so lucky again"...

PM me if you wish, although it's been a long time. (I guess that's one way to say I beat the dealer.)

 

[bearman49709]

Good that you are CSRS; I'm FERS

I retired under FERS, my friend and his wife retired under CSRS. I'm much happier with FERS than they are with CSRS.

 

[7shooter]

I retired in 2002 with 30+ years and age 55 . I saved up 240 hours of vacation time the last year so I got a nice check. I didn't know how long it would take for my retirement checks to come in.

The only thing I can recall that might be of interest to you is that HR told me to wait till the start of a new pay period because it would be some sort of financial advantage. Luckily my 55th birthday is at the end of the month so I could retire just as I was eligible by my age.

The only other advice I have is to retire as soon as you can financially pull it off. I got married as a teenager so my kids were educated and married off when I was still young. Retirement is great. I thought if I got bored or broke I would go back to work although I was burned out too and would have done something completely different.

Never did get bored or broke.

 

[alde]

I retired in 2002 with 30+ years and age 55 . I saved up 240 hours of vacation time the last year so I got a nice check. I didn't know how long it would take for my retirement checks to come in.

The only thing I can recall that might be of interest to you is that HR told me to wait till the start of a new pay period because it would be some sort of financial advantage. Luckily my 55th birthday is at the end of the month so I could retire just as I was eligible by my age.

The only other advice I have is to retire as soon as you can financially pull it off. I got married as a teenager so my kids were educated and married off when I was still young. Retirement is great. I thought if I got bored or broke I would go back to work although I was burned out too and would have done something completely different.

Never did get bored or broke.

7shooter,

It sounds like you are in a very similar situation to me. I was originally planning to retire January 3rd 2017 to max out my leave payout but I don't think I can go a whole year without taking leave. I will have my 240 plus whatever I earn by June.

My wife and I have agreed to not take the survivor benefit. We have enough insurance to take care of her if something happens to me. She also has an income so she should be fine.

I have plenty to keep me busy for the next 50 years with hobbies and projects around the house. It would be nice to be able to hit the range on a regular basis too.

It just feels like it's the right time.

 

[kaaskop49]

attn alde

If it feels like the right time, it is. Only you can know this. Others, such as union pension consultants, can point out the various options, but the decision is yours.

I retired from one position 4 years short of maximum benies, no specifics, please. A co-worker asked, couldn't I stay another 4 years? I replied I couldn't stay another 4 days.

I wish you and yours well!

Kaaskop49
Shield #5103

 

[judge]

Retired in 1991, and later found out about the Soc/Sec Federal "offset" - don't matter if you got the required 40 quarters, nor how much you paid into the system. You will get hosed for about 2/3 of your earned SS benefits. When you get to SS retirement age, you may be in for an unpleasent suprise. Check it out.

 

[radar1972]

Retired in 1991, and later found out about the Soc/Sec Federal "offset" - don't matter if you got the required 40 quarters, nor how much you paid into the system. You will get hosed for about 2/3 of your earned SS benefits. When you get to SS retirement age, you may be in for an unpleasent suprise. Check it out.

Nope. As long as you don't qualify for Soc Sec (which means you have less than 40 qtrs), then there's no impact on your retirement when you turn 62. That is my specific situation under CSRS retirement.

 

[LVSteve]

If it feels like the right time, it is. Only you can know this. Others, such as union pension consultants, can point out the various options, but the decision is yours.

I retired from one position 4 years short of maximum benies, no specifics, please. A co-worker asked, couldn't I stay another 4 years? I replied I couldn't stay another 4 days.

I wish you and yours well!

Kaaskop49
Shield #5103

Good grief!! Scary echoes of my father from 1990/91 when he quit the UK civil service.

 

[BearBio]

I retired under FERS, my friend and his wife retired under CSRS. I'm much happier with FERS than they are with CSRS.

I'm FERS. If I can hang on for 4 more years, I'll be 70 and have 20 in. That's give me ~23 or 24% of my annual salary, ~132% or so of my Social Security and my annuity (TSP=~$300K). Adding more to my TSP as "make up".

Feds will continue to pick up insurance through Blue Cross/Blue Shield and my drugs, together with Medicare. Won't be flush but will get by.

 

[Malpasowildlifer]

I retired under FERS, my friend and his wife retired under CSRS. I'm much happier with FERS than they are with CSRS.

Interesting; I've always been told how much better CSRS is, especially for LE as a GS-9. But, an IRS special agent told me FERS is better and when he had the option to switch out to FERS, he did. I believe he said the TSP option is awesome.

I guess nothing is as close to the former CA PERS (3% @ 50) but that changed.

 

[labworm]

Big Al, slip out the back door and never look back.

You'll be able to take naps in the afternoon just like me.