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Post by Pixie on Mar 7, 2015 10:27:20 GMT -5
There is another way to ballpark it and doesn't involve calling Bob. We want him to be kept busy calling members of this board with offers!
If you plan to retire before age 62 or before you have 20 years service, that is the regular retirement.
If you plan to retire at or after age 62 and with 20 years of service, you qualify for the enhanced retirement.
To estimate regular retirement benefits, take your high 3 (maybe soon to be high 5?) years of average earnings and multiply by your number of years of service times 1%. This is your yearly retirement benefit.
For the enhanced retirement use the same formula except use 1.1% for the multiplier.
For most judges with 20 years and age 62, it is only about 36,000 a year. That is why a 401 (k) plan, such as the TSP, is so important. Pixie.
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Post by gary on Mar 7, 2015 10:37:27 GMT -5
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Post by Ace Midnight on Mar 7, 2015 12:47:36 GMT -5
For most judges with 20 years and age 62, it is only about 36,000 a year. That is why a 401 (k) plan, such as the TSP, is so important. Pixie. And that is where my ballpark "$2k per month" - net comes from - maybe the reality is closer to $3k a month, gross. And - we've discussed it earlier in the thread, to compare apples-to-apples to CSRS retirement, recall that they do not qualify for SS retirement unless they worked another job that was so eligible. So, on top of the $2k to $3k in your FERS pension, you will also be in the $1500 to $2000 range for SS retirement benefits. So, that gets you to a guaranteed, life pension of between $55k and $70k per year, before we touch 1 penny of private retirement savings, 401k, IRA, real estate investment, etc. And working 20 years, only having the minimum withheld to receive the match should result in a minimum of $250k to $300k in your TSP after 20 years, which itself should yield a permanent income of another $10k to $12k per year, or a 20 year income of approximately $24k. If you are able to save more, obviously that will be even higher. And for those of us fortunate enough to qualify for a military pension (either active or reserve) that bolsters that retirement even more.
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Post by 71stretch on Mar 7, 2015 12:57:19 GMT -5
And, some of us would be collecting state retirement pensions while working as a Fed ALJ.
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Post by hopefalj on Mar 7, 2015 14:17:40 GMT -5
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