ACor58 Posted February 22, 2007 Share Posted February 22, 2007 Enjoy... http://www.usatoday.com/news/nation/2007-0...ons-cover_x.htm Link to comment Share on other sites More sharing options...
R. Rich Posted February 22, 2007 Share Posted February 22, 2007 Before 1984, federal workers had a defined benefit plan and no Social Security. Today, new employees have Social Security and a pension that is part defined benefit plan (lifetime monthly payments) and part defined contribution (a lump sum at retirement). I wish. My Social Security will be offset by my FERS (federal employees retirement system) pension, so, for the most part, I won't get squat from Social Security. But, that's why I also pay into my Thrift Savings Plan, purchase certificates of deposit, and buy savings bonds as well. It pays to plan ahead instead of counting on something you may not even see by the time you need it. Link to comment Share on other sites More sharing options...
buckeyemike Posted February 22, 2007 Share Posted February 22, 2007 I have never worked a government job. But I am relying on myself...I have a SEP IRA that I have donated to heavily over the past eight years. This is in case there is no Social Security thirty years from now when I turn 67. My parents told me not to rely on Social Security...they are 71 and 70, and get only about $2,600.00 per month total. But, they still work as well. Link to comment Share on other sites More sharing options...
DieHardFan Posted February 22, 2007 Share Posted February 22, 2007 My parents told me not to rely on Social Security...they are 71 and 70, and get only about $2,600.00 per month total. But, they still work as well.ONLY! $31K is probably more than the mean salary in Buffalo. Link to comment Share on other sites More sharing options...
BB27 Posted February 23, 2007 Share Posted February 23, 2007 No pissing me off! I have 15 years in on my 25 year US Government pension. I plan on leaving federal service at 47, thats right, 47. I got in when I was 22 and once I have 25 years, I'm leaving and getting a part time job doing something I love. The best part is I keep my health benefits until I die! Link to comment Share on other sites More sharing options...
erynthered Posted February 23, 2007 Share Posted February 23, 2007 No pissing me off! I have 15 years in on my 25 year US Government pension. I plan on leaving federal service at 47, thats right, 47. I got in when I was 22 and once I have 25 years, I'm leaving and getting a part time job doing something I love. The best part is I keep my health benefits until I die! So the job you have is NOT something you love? But yet you'll work there another 10 years for a pension that you might not even make. Got it, thanks. Link to comment Share on other sites More sharing options...
JimBob2232 Posted February 23, 2007 Share Posted February 23, 2007 For those who dont know.... Federal Government pays 1% of your salary for every year you work there. I started at 22, if i retire at 57 (minimum retirement age to collect benefits), that means I get 35% of my salary when I retire as a pension. On top of that, I get a Thrift Savings Plan (aka 401K), which they match 5% if I put in 6%. So 11% of my salary is going into my TSP. That means after 35 years, I will have put in the equivalent of 4 years salary. Not accounting for the inevitable growth of this money, the principle alone (at about 5% a year interest), would give me another 20% of my salary. And then my IRA, I wont go into details here because its irrelavant to the discussion... And then there is social security....which I'm not counting on... Basically If I work there for the minimum number of years, get NO real interest on my money put into the TSP until I retire, get no social security or IRA money, im looking at 55-60% of my salary starting at age 57. Hard to beat this plan IMO... After 15 years, you get 26 days of vacation a year. Virtually unlimited sick time & Full government holidays. Downside: There are no stock options or revenue sharing plans in the government. Bonuses are somewhat limited. Upward mobility is difficult at times. Link to comment Share on other sites More sharing options...
BB27 Posted February 23, 2007 Share Posted February 23, 2007 So the job you have is NOT something you love? But yet you'll work there another 10 years for a pension that you might not even make. Got it, thanks. Actually, I have a great job. But, I will not think twice about leaving to spend more time with my family and work part time doing some mindless job at REI, EMS or other outdoor type store. Glad you got it. Link to comment Share on other sites More sharing options...
Chef Jim Posted February 23, 2007 Share Posted February 23, 2007 So the job you have is NOT something you love? But yet you'll work there another 10 years for a pension that you might not even make. Got it, thanks. I bet he's working real hard at it too. Link to comment Share on other sites More sharing options...
tennesseeboy Posted February 23, 2007 Share Posted February 23, 2007 Hey, we all make choices and part of the choices include the pension as a fringe benefit. Ya gotta live with the choices you make. Link to comment Share on other sites More sharing options...
DieHardFan Posted February 23, 2007 Share Posted February 23, 2007 Hey, we all make choices and part of the choices include the pension as a fringe benefit. Ya gotta live with the choices you make.Some truth in that but back in the day most govt jobs were for slugs that couldn't get one anywhere else. Pay was not up to par and SS not included. And a teaching degree was the last resort before flunking out of college. Thanks to politicians, lazy voters, greedy unions and courts that require salary be tied to the size of the cities coffers and the downsizing revolution in the real world the tide has turned. Gotta live with the choice, sure. But at smart one at the time, not so much. Link to comment Share on other sites More sharing options...
buckeyemike Posted February 23, 2007 Share Posted February 23, 2007 ONLY! $31K is probably more than the mean salary in Buffalo. Maybe, but my dad's worked his butt off for 45 years to get to that point. I believe my mom had to go back to work to qualify for her Social Security (she previously worked for the federal government, took the lump sum, and was then a homemaker until my brother and I were grown). And my dad had a chance at a government job in the early 60s, when he got out of the Army. But, he chose private sector, and is still at it today. Link to comment Share on other sites More sharing options...
tennesseeboy Posted February 23, 2007 Share Posted February 23, 2007 Some truth in that but back in the day most govt jobs were for slugs that couldn't get one anywhere else. Pay was not up to par and SS not included. And a teaching degree was the last resort before flunking out of college. Thanks to politicians, lazy voters, greedy unions and courts that require salary be tied to the size of the cities coffers and the downsizing revolution in the real world the tide has turned. Gotta live with the choice, sure. But at smart one at the time, not so much. Hmmm...worked as cop, and grew up with a whole bunch of cops, firefighters and teachers who were definitely not "slugs" and were every bit as capable as folks in the private sector. I would not call them "slugs". I've worked in the public sector in military, police, litigation and education for nearly 40 years now, and I've had plenty of offers to work on the private sector side for much more money. However I like being on the side of the people who lived in the Love Canal to have the chemical companies clean up their mess as opposed to getting more representing chemical companies...representing the state in taking licenses from nursing home operators who abuse patients...as opposed to making more representing nursing home operators trying to bilk the government...mentoring students who will represent people with disabilities and others who need their services as opposed to finding tax loopholes for big b. No apologies here, and I'm pretty darned happy to have been a public servant and teacher. Link to comment Share on other sites More sharing options...
Buftex Posted February 23, 2007 Share Posted February 23, 2007 Some truth in that but back in the day most govt jobs were for slugs that couldn't get one anywhere else. Pay was not up to par and SS not included. And a teaching degree was the last resort before flunking out of college. Thanks to politicians, lazy voters, greedy unions and courts that require salary be tied to the size of the cities coffers and the downsizing revolution in the real world the tide has turned. Gotta live with the choice, sure. But at smart one at the time, not so much. Spoken like a true a-hole! Link to comment Share on other sites More sharing options...
R. Rich Posted February 24, 2007 Share Posted February 24, 2007 For those who dont know.... Federal Government pays 1% of your salary for every year you work there. I started at 22, if i retire at 57 (minimum retirement age to collect benefits), that means I get 35% of my salary when I retire as a pension. On top of that, I get a Thrift Savings Plan (aka 401K), which they match 5% if I put in 6%. So 11% of my salary is going into my TSP. That means after 35 years, I will have put in the equivalent of 4 years salary. Not accounting for the inevitable growth of this money, the principle alone (at about 5% a year interest), would give me another 20% of my salary. And then my IRA, I wont go into details here because its irrelavant to the discussion... And then there is social security....which I'm not counting on... Basically If I work there for the minimum number of years, get NO real interest on my money put into the TSP until I retire, get no social security or IRA money, im looking at 55-60% of my salary starting at age 57. Hard to beat this plan IMO... After 15 years, you get 26 days of vacation a year. Virtually unlimited sick time & Full government holidays. Downside: There are no stock options or revenue sharing plans in the government. Bonuses are somewhat limited. Upward mobility is difficult at times. Yeah, 15 years for a full 8 hours per pay period. Of course, you go from 4 hours to 6 hours in your first 2 years, then have to wait another 13 to get to 8. Only 5 more years to go for me. Link to comment Share on other sites More sharing options...
Gary M Posted February 24, 2007 Share Posted February 24, 2007 Enjoy... http://www.usatoday.com/news/nation/2007-0...ons-cover_x.htm I buy lottery tickets. That's my retirement plan. Link to comment Share on other sites More sharing options...
JimBob2232 Posted February 24, 2007 Share Posted February 24, 2007 Yeah, 15 years for a full 8 hours per pay period. Of course, you go from 4 hours to 6 hours in your first 2 years, then have to wait another 13 to get to 8. Only 5 more years to go for me. I still got 9 more to go, but 26 days vacation a year is a TON of time. Heck, I can hardly use the 20 a year I got now. One of the reasons I dont plan on leaving federal service. Link to comment Share on other sites More sharing options...
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