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The Reality of "Generation U"

GENERATION U

Worker Bee
Veterans Administration
Thu Nov 19, 2009 9:41 AM

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I do not see myself as ever retiring completely! I will be eligible next year, but I cretainly cannot live on the 40% of my salary that FERS provides! And if I start taking Social Security before age 66, I cannot work enough hours to make up for that lost income because of the earned money regulations associated with that.
If my current employer would allow me to work from home, that would be wonderful. But, it is TOTALLY out of the question here, even though all my work is on the computer and I don't work with the public or answer phones. I believe it is a control issue. All of the current information I've gathered shows that people working from home are more productive and have very little, if any, sickness keeping them out of the workplace. Also, it is much more cost effective for both the VA and the employee! No desk, no parking space, no transportation vouchers, etc, etc.
So in summary, until I can work from home, I will be here at my desk M-F until I'm over 66.

Re: GENERATION U

Consultant/Trainer
Government Personnel Services
Fri Nov 20, 2009 1:15 PM
Here's one of the main points of the article. Worker Bee, who finds time to comment on these pages with frequency writes, "I will be eligible next year, but I cretainly cannot live on the 40% of my salary that FERS provides!"

Freudian misspellings aside, s/he should get to know folks who can live on incomes so much less it's unseemly to be whining about security. Feds are blessed. If working a little longer means a secure income, s/he should hang out at an unemployment or Social Security office on one of the many days of annual leave the government provides. An education in gratitude is in order.

Re: GENERATION U

worker
fed
Sun Nov 22, 2009 2:56 PM
To worker bee,
Work until you are not comfortable working. I agree that it is much harder to retire under FERS than under CSRS, but I find it hard to believe you worked for the FEDS for 40 years and are under FERS. I have less time in then 40 years and I am under CSRS. Perhaps you are talking about the future.
Also do not forget your tsp. It still has value. If you are over 62 then multiply your years by 1.1%.
Good luck whichever way you go.

Re: GENERATION U

AO/ISO
DHS
Wed Nov 25, 2009 1:24 PM
Sounds like the "Consultant" is a bit jealous.

Retirement at 55

Illustrator
USMC
Thu Nov 19, 2009 9:41 AM

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I promised myself the day I hired that when I turned 55 I would retire. I have also diligently care of my finances so that I could make retirement possible on that day. I have been taking care of everyone else my whole career and now it is the time to take of me. Looking forward to living a happy, healthy retirement with my husband who will also be retiring on the same day...he’s been waiting for me for 2 years. I say don’t delay your retirement because life is to short and enjoy it why you can!

Re: Retirement at 55

Retired
IRS
Thu Nov 19, 2009 3:53 PM
Illustrator, I agree with you. I retired two months after my 55th birthday. I put money in the TSP, IRAs etc so I would be able to retire at 55. I love being retired. I spent 32 years dealing with the bureaucracy and that was enough.

Re: Retirement at 55

worker
fed
Sun Nov 22, 2009 2:58 PM
Good luck and congradulations.

Who can afford to retire?

contract specialist
VA
Thu Nov 19, 2009 9:42 AM

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When you retire your income is cut in half. A FERS retirement is a joke. Congress has left Feds out in the cold. We have no choice but work until you drop.

Re: Who can afford to retire?

IT Spec
DOE
Fri Nov 20, 2009 10:25 AM
To Accountant, retired, GS 14

Quit whinning, you get health care, a pension and a well run TSP program in addition to Social Security.

If you can't get by with a FERS retirement you'd be in big trouble in private industry.

Maybe you are just not able to care for yourself? How did you ever make it to a GS-14?

Re: Who can afford to retire?

Accountant, retired, GS 14
DOE
Fri Nov 20, 2009 11:04 AM
By not listening to losers and being an expert at long term planning. I started planning my retirement in 1976 before i graduated from college.which is why i retired at 53 with $4600 a month after tax income. To what do you attribute your lack of success? lol

Re: Who can afford to retire?

worker
fed
Sun Nov 22, 2009 3:04 PM
To acct GS 14,
You are probably under CSRS at a higher GS level. He is probably under FERS. They are much different retirement systems.
If he feels he must work, then so be it. I am glad I am in CSRS even though I am at a lower grade level. I am of retirement age, but I still must work to pay for college. So I will. I knew this when I planned so I have no problems with it.

Glad as Hell

Accountant, retired, GS 14
DOE
Thu Nov 19, 2009 9:57 AM

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The government twice tried to talk us CSRS people to go into FERS. FERS costs the government more and pays less and leaves the employee to manage their pension without any training. I stayed in CSRS and was able to take an early out at 53. my friends my age in FERS are mostly planning on retiring in their 60's.

Less savings means later retirement

HR Spec
DOD
Thu Nov 19, 2009 10:24 AM

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I am covered by CSRS, but had most of my savings in TSP and other mutual funds. Roughly $100k in my investments outside of TSP fell by 75 to 80 percent, so the "fun money" I had been counting on for traveling, etc. all but disappeared. Fortunately my funds in TSP were not as speculative (50 percent in G fund) and I lost a smaller percentage of TSP money, but I still took a big hit on the half that was not in G fund.

It was, and still is, my goal not to touch the funds in my TSP account until I am required to do so. So, best laid plans to retire this year (age 55) are on hold, probably for at least 5 more years.
The average FERS employee had much more at stake, both because of the matching funds and because their FERS pension is very small compared to CSRS. Social Security is not going to be much help in maintaining a "comfortable level of living". My guess is the average FERS retirement age will soon be closer to 70 than it is now!

Re: Less savings means later retirement

FERS Guy
ICE
Thu Nov 19, 2009 6:57 PM
I'm ready to go soon; eligible in a couple of years, mandatory in several.

Calculations reflect I'll receive 48% of my current salary, plus a TSP annuity of $1200-1700/month. I will also have a supplemental Social Security Payment of $1450-1800/month until age 62.

I'll decide what I want to do when I hit 62--whether or not to begin SS payments (likely not).

I can easily slide into a contractor job like many of my friends and co-workers did, but an extra $128K/year is not worth the time away from family.

I have no complaints as this retirement income is fine and about what I expected when I signed up.

The Reality of Generation U

Logistics manager
Navy
Thu Nov 19, 2009 10:37 AM

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I believe that although the article attempts to demonstrate that the bow-wave of retirements just has not occurred, the numbers of retirements each year does not tell the whole story, particularly with the recent down turn in the markets. What might be a better compression are these numbers presented against the numbers of employee optionally eligible to retire. My opinion is that when the economy improves the bow-wave will surge.

whining Boomers

engineer
DoD
Thu Nov 19, 2009 10:45 AM

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The Boomers act like us younger folk are the "entitlement" generation. But they're the ones feeling entitled to stay working even though most have lost their enthusiasm and let their skills fade. They're "entitled" to buying everything they want, belittling their spouses, and recently, breaking the backs of future generations for health care and long term care. Come on!

Re: whining Boomers

Accountant, retired, GS 14
DOE
Thu Nov 19, 2009 11:56 AM
Get used to it. The world is not always your oyster and you don't get a trophy for existing.lol, You can't do a thing about it and my generation is 3 times the size of yours and we vote at 70% rates

Re: whining Boomers

Analyst
DOD
Fri Nov 20, 2009 10:54 AM
Maybe the boomers act like you “younger folks” are the entitlement generation because thats what you act like. The boomer generation is entitled to buy anything they want as long as they can afford to, they have earned that privilege. You younger people don’t want to wait or earn anything, you don’t feel you have to pay your “dues” you don’t feel you should earn anything because you are “entitled” to the same thing it has taken boomers years to accomplish including buying everything they want. One more thing, why should they “move” aside and “give” you younger people their jobs? They should be able to work as long as they want to and as long as their health holds out. Not only are they younger generation the entitlement generation, they are selfish and greedy.

Re: whining Boomers

worker
fed
Sun Nov 22, 2009 3:09 PM
Wow. All of these attacks and generalizations. People are people whether they are boomers or younger. They are all different.
I have relatively current skills for my job. I stay because I feel I must. Same with most people.
Total Comments: 45
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