Are you counting on that city, state, fed pension?

[jerrymrc]

I can start next year after 34 years. I want to go another 4. Not much in the way of a pension for us .gov federal workers anymore but it is better than nothing. After 37 years with a final high 3 pay of $65K my annual "defined benefit" will be about $24K per year.

Under the new retirement plan that started in 89 SS is part of our retirement system along with a 401K plan.

People like clerks/admin/nurses that did like 25-30 years would only get about $10 in retirement. In my case in looking at all my sources when I retire I hope to be around $60K per year but then I have a total of 15% going into my 401K plan. I put in 10% and have a match of 4% along with an automatic 1%.

I do look at it that if my employer is unable to pay my pension then the USA does not exist as we know it. It is not the giant gravy train many think it is. I have many friends that work for company's that have a much better deal.

[mpatch]

I can start next year after 34 years. I want to go another 4. Not much in the way of a pension for us .gov federal workers anymore but it is better than nothing. After 37 years with a final high 3 pay of $65K my annual "defined benefit" will be about $24K per year.

snip

So you retire at 35 years at roughly 60 then live for another 20-30 years getting 24k every year. Any math guys that can tell me how much that would equal in a traditional retirement account?

[jerrymrc]

So you retire at 35 years at roughly 60 then live for another 20-30 years getting 24k every year. Any math guys that can tell me how much that would equal in a traditional retirement account?

60 Years old will be right at 38 years of federal service. Most of the larger company's that I could work for have about the same retirement plan. in addition I might do it next year just for the fact that in my field working for the fed I am about 30-40K short on income and almost no OT to be had. I got about 24hrs last year.

I know it may seem like a lot but not really. Had I known then what I know now I would have gone to GE or Philips. I lost two of my good techs this year because after talking a hard look they left for more $$$. My one guy started at what I am making now.

$250K in an IRA should provide about $24K a year. I am close to that in mine. Current FERS retirement has 3 parts. The defined benefit, 401K plan and SS. I currently put $630 per month into my 401K with a match of $150. I hope that by living within my means for the first 60 years of my life that I can enjoy the last 20-30 but that was a choice I made many years ago.

I know that is not where you wanted to go with this but that is where I took it.