Readers' Comments
Total Comments: 16
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Nearing Retirement? You Probably Have Reason to be Thankful
Total Comments: 16
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March 18, 2010
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Retirement
USDA-NRCS
Wed Aug 2, 2006 9:54 AM
Post Reply
I want to know all about retirement. I have several mouths left before I will be eligible under CSRS. Why arent this information available to me insted of my to having purchase those retirement guides. In other words, why is it that the federal government do not make this information available to it's employees at no cost. I know we have "General Manuals" and booklet and some general information and an occasional retirement siminar.... It's just to much information put out in a hurry. I need information I can take time read to help me make the most informed decision...
Holler Back
JFBennett
Cons. Tech.
Re: Retirement
DFAS
Wed Aug 2, 2006 10:42 AM
Very thankful
IRS
Wed Aug 2, 2006 10:32 AM
Post Reply
As a longtime federal employee (28 years), I am very grateful for my CSRS package -- especially being able to carry my health insurance coverage with me for life.
I have just over eight years to go before I can retire. I am taking full advantage of my time and "planning" for my retirement. I am waiting for the five year mark so that I can attend the mandatory agency retirement seminar. I use the OPM web site to peruse the guidance and information on retirement. I have created an excel spreadsheet where I can play with my numbers using the retirement calculations.
Being able to retire at 55, I am praying for a long and heatlhy retirement and using my time to "plan" the best retirement for me and my family.
I don't feel threatened, nor do I believe that any major changes are on the forefront for folks in the CSRS plan.
Good luck everyone!
CSRS
DoD
Wed Aug 2, 2006 10:49 AM
Post Reply
Long ago when there was an attempt by the Government to persuade employees to switch to FERS I did not do it. I figured that if the Govt wanted me to switch there was a problem. I figured it was to the Govt best interest, not mind, to switch to FERS. So I did not switch. The harder they tried to get me to switch the more I resisted.
I put in as much as I was able to put into TSP ... for which I was thankful ... so hopefully I am as funded as I can be with CSRS, TSP max, IRAs, real estate ventures, other saving BUT I still fear the unknown ... wonder how much the cost of living will rise in the next 30 yrs I expect to be around. I have done all reasonable things to prepare for my retirement. Many people who made far more than I did spent it faster than they made it ... have less to show for their retirement than I did.
I think the Govt would be wise to train employees how to save for their retirement early in employees careers so they are able to fund they own retirement when the time comes ... we need to do this.
CSRS
DOD
Wed Aug 2, 2006 11:09 AM
Post Reply
It was the retirement and health benefits that kept me in civil service. I developed a chronic illness that, for a few years, left me at risk for needing a disability retirement. I chose not to switch to FERS as it would leave me with no possible disability benefit at that critical time. Later I had too much time invested to just drop my job and go to the private sector. I had a few companies encouraging me to leave but I chose to stay. Whatever regrets I have, I made the best choice I could at that time. BUT, had I been FERS, I think I may have left.
Between FERS and NSPS, I think it will be harder to retain most of the work force long enough to become experts. In spite of the many critiques of fed. workers, most of us work hard for the taxpayer. It isn't easy with the constant change, reorganization, etc. Used to be you could count on having a job and a retirement in return.
CSRS
DoD, USAF
Wed Aug 2, 2006 12:59 PM
Post Reply
I thank God every day for the CSRS, and especially when I read in the Business pages that another big Corp. has terminated their pension plan (good luck to those already retired and depending on it!!). I'd hate to think that I might have to get out and try to find a job to support myself at my age, if my retirement check dried up!!
CSRS Liability
DOE
Wed Aug 2, 2006 2:09 PM
Post Reply
Your comment that the CSRS assets are $417B and the CSRS liabilities are $950B is mis-leading. If you factor in the interest that the federal gocernment would have earned on your 30 plus year payment stream into the CSRS and compund the interest, then the true value of your payment stream into CSRS will far exceed the $950B in liabilities that you quote.
Gov't retirement plans are all good plans
DOT
Mon Aug 7, 2006 10:41 AM
Post Reply
CSRS. CRSR offset and FERS plans are all excellent plans and I agree are better than most if not all private sector plans nowadays. It's really shameful that the private sector folks were swindled out of their pensions by CEOs who took the money and ran. This should not be permitted for any American employee, private sector worker or fed. I do count my lucky stars that I am employed by the federal gov't and should be able to count on the annuity that was promised.