Is there a website that tells what the rate is for 20 and 25 years of service? Or can someone tell me the percentage rate after 20 and 25 years? I tried to google it and can not seem to find it. Thanks.
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Federal LEO pension rate?
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For federal LEO's (it is not the same as federal civilian), it is 1.7% a year for 20 years, and then 1% a year after that. It is an annuity based on your high three. It is a lower % than a lot of local/state LEO's get, however your base pay will probably be higher (depending on the region, I know someone always whips out Suffolk County but on the whole federal base pay is higher than local/state in most areas of the U.S.). Also, the contribution by the officer is low, I think it is like .05% or something.
As a fed you also can participate in the TSP where the G matches up to 5% of your salary and invests in funds of your choice. If you contribute early and often the TSP is a nice supplement to your retirement annunity.
Lastly you start collecting SS benefits when you retire (don't have to wait until 65). For what that's worth, since SS will probably be gone by the time we get there.Before science, it was believed that autumn was caused by Chuck Norris simultaneously roundhouse kicking every tree on the planet.Comment
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Also, when looking at your retirement, as previously mentioned, you have to include 3 components: 1) pension, 2) TSP, and 3) social security. I personally would only recommend focusing on # 1 and 2, and not counting on SS.
In the private sector, you can contribute up to $16,500 annually to your 401K. Not sure what the TSP is, but in general, contribute at least the 5% for the match, and then as much as possible thereafter (depending on what other debt you might have).
If you are currently a Navy SWO, then you have access to the TSP currently, correct? Hopefully you are contributing already.Comment
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What's really scary is seeing all these guys in the BOP who are going to retire as a GL-08 step 10. It's not like an 1811 position, where you can make six figures. These guys will be retiring with a pension of 34% of $57,000/yrWhat is Perseverance?
-Perseverance is commitment, hard work, patience, endurance.
-Perseverance is being able to bear difficulties calmly and without complaint.
-PERSEVERANCE IS TRYING AGAIN AND AGAIN.
BOP - BPA - ICEComment
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Don't rely on the gov't to fully fund your retirement. You get paid enough, so take personal responsibility and save your own money for retirement - pay yourself first.
Also, when looking at your retirement, as previously mentioned, you have to include 3 components: 1) pension, 2) TSP, and 3) social security. I personally would only recommend focusing on # 1 and 2, and not counting on SS.
In the private sector, you can contribute up to $16,500 annually to your 401K. Not sure what the TSP is, but in general, contribute at least the 5% for the match, and then as much as possible thereafter (depending on what other debt you might have).
If you are currently a Navy SWO, then you have access to the TSP currently, correct? Hopefully you are contributing already.Comment
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How is the health care in the feds?
In my state, we got a 25 years and retire with 75% of the best 3 years, plus the DROP.
These numbers you guys are bringing out are quite dishearteningComment
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yup
The key to Federal retirement is getting into thrift ad maxing it out, but the trade off is. My budddy did 20 in NYPD he did not break 100K per year under almost his last year..... I've been on 13 yeara, and broke 100 k for the past few.Comment
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Something people have not brought up is paying off your debts. Currently my expenses run about $4000-4500 per month. After paying off the big items my expenses will run $2000-2300 per month. That is not changing my lifestyle, only paying off the all of my debt. Of course this is using todays figures, but the annuity portion of my fed retirement is expected to be in the neighborhood of $40k. Assuming my expenses and income go up with the rate of inflation, I will be able to retire on my federal annuity after working 20 years. Everything else is gravy. In the feds the retirement kind of sucks, but the working pay is great. Pay off what you can, before you retire. Live within your means and you will have a great retirement.
One promise I made to myself is to not retire until all of my debts are paid off. So the last two or three years of work, if my debts aren't paid, that will be my focus. I will also purchase two new cars within the last year or two of working with cash, so I won't need to buy another for at least 10 more years after I retire. I will be eligible to retire when I am 57, I might even work another year just to pad the retirement that much more. I know it isn't easy, at one point I was in debt up to my eyes. At the worst the difference between how I was living and living debt free was about $3-4k. Take a second job, put in for the O/T. In short do what you must to get rid of the debt. When working the streets I would talk to these guys I would arrest, who actually had a job. Many were working 10-12 hour days Monday through Saturday for crap pay. It dawned on me that if I took a part time gig and worked the hours they did for a year or two I would be able to pay off so much debt. I took the job and paid off much of the debt.
The big difference between those who have and those who don't, is those who have are willing to do what it takes to have.But when a long train of abuses and usurpations, pursuing invariably the same object, evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new guards for their future security.
For the intelectually challenged: If the government screws the people enough, it is the right and responsibility of the people to revolt and form a new government.Comment
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Something people have not brought up is paying off your debts. Currently my expenses run about $4000-4500 per month. After paying off the big items my expenses will run $2000-2300 per month. That is not changing my lifestyle, only paying off the all of my debt. Of course this is using todays figures, but the annuity portion of my fed retirement is expected to be in the neighborhood of $40k. Assuming my expenses and income go up with the rate of inflation, I will be able to retire on my federal annuity after working 20 years. Everything else is gravy. In the feds the retirement kind of sucks, but the working pay is great. Pay off what you can, before you retire. Live within your means and you will have a great retirement.
One promise I made to myself is to not retire until all of my debts are paid off. So the last two or three years of work, if my debts aren't paid, that will be my focus. I will also purchase two new cars within the last year or two of working with cash, so I won't need to buy another for at least 10 more years after I retire. I will be eligible to retire when I am 57, I might even work another year just to pad the retirement that much more. I know it isn't easy, at one point I was in debt up to my eyes. At the worst the difference between how I was living and living debt free was about $3-4k. Take a second job, put in for the O/T. In short do what you must to get rid of the debt. When working the streets I would talk to these guys I would arrest, who actually had a job. Many were working 10-12 hour days Monday through Saturday for crap pay. It dawned on me that if I took a part time gig and worked the hours they did for a year or two I would be able to pay off so much debt. I took the job and paid off much of the debt.
The big difference between those who have and those who don't, is those who have are willing to do what it takes to have.
Just live within your means and don't get into debt in the first place, unless it is some kind of true emergency that drives you to it.
Common sense and logic will get your far.Comment
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The only good thing about Fed LEO retirement is the Social Security Supplement. It is not SS, but paid by the pension to match what your SS would be at age 62. Because SS is considered part of our three tiered retirement system(FERS), If SS was to ever go away, they would be forced to continue to pay the SS Suplement.
So if you retire at 55, you recieve the equivelent of SS imediately, plus your pension, wich technically brings your pension up much higher than it says on paper. Plus your annuity from the TSP.
All in all, when calculating my retirement, I should be at close to 100% of my base pay.Comment
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