How Much Annual Income Can I Expect as a Federal Retiree?

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[@BaileyJames-zv2ddd]

I recently retired a month ago. With my $5.7 million pre-tax income, I did take *Leah* *Alderman* *Foster* counsel once. I have to do it all at once since I had an inherited $700k that I have to spend down in seven years. I'm fifty-nine years old now. Because I get a pension, I have $3.5 million in a Roth account. Taxes apply to stocks valued at $4.5 million. As you mentioned, I'm starting to give my kids gifts now to help with a house later on. I am no longer experiencing rmd symptoms. Children get it for free with no taxes. My wife's only asset is $600,000 before taxes, which I could eventually need to convert. I'm trying not to have to pay for Medicare. however, it seems that I will have to for a while. I can't even spend all of my pension every month. Withdrawing the balance from my investments.

[@palebiss1646]

I still seek for her even though it appears that you are in a position of independence and that you and your counsel have planned your retirement well. It is preferable to not have an IRS partner hovering over you when RMD time comes. We wish you the very best!

[@LouisMorganxb3]

I've always told my kids that there aren't any retirement scholarships available. Save as soon as you start working after school. They have no debt and are imparting the same teachings to their children.

[@kens.4537]

Long story short, you consistently put out great informative videos Dallen, keep up the good work.

[@AhkeeKennlee]

Love your videos. It’s just the 100k a year really throws my numbers off. I’m a blue collar worker and the large majority of people I know are in the 50-80k range. Could you include us in an example as well?

[@itguru2037]

The math is the same

[@lorimcmahon407]

It would be 15,400 if you made 70k for high 3 and worked 20 years.

[@zenawarrior7442]

Great info again thanks😊

[@libbysherrill713]

I am an old timer, CSRS retiree. Retired 50K 44 years. Contributed to TSP. CSRS employees do not get a TSP match or Social Security because they don’t contribute to it. However under CSRS if you can work to 41 years 11 months you will get 80% base pay in retirement based on your high 3 years. If there are any CSRS employees still working I recommend this. Although the percentage is higher than FERS, FERS has a 3-leg retirement system (pension, SS, TSP match) so it may even out.

[@edhcb9359]

FERS is not generally anywhere close to enough. 1% to 1.1% per year worked is very weak compared to most public sector pensions that provide 2% or more per year worked.

[@itguru2037]

Lol😂 where ? What public sector jobs pay 2 percent or more

[@edhcb9359]

@@itguru2037 For example? Calpers? Opers? Most of them actually. Look it up if you don’t believe me.

[@Hazyhyperion4130]

​@itguru2037 SC State Gov pays 1.82% multiplier. But you pay 9% gross pay in. I'd personally take the fed pen because for the same job I'd make double up to triple the income an only have to pay 4.4% out of my check.

[@edhcb9359]

@@Hazyhyperion4130 I know you think you would in theory, but do the true and realistic(historical returns based data) math and you’ll see you are not correct.

[@itguru2037]

@@Hazyhyperion4130 I’m a GS15 with 24 years of service and still want to work 10 more if I’m blessed to. 34, 35 years will be good

[@DexterTheDuck]

We want the long story, long.

[@oldrin1876]

I have a question that I really hope can get answered! Lets say you worked as a congressional staffer for 6 years ( 1 senate term) When you were 40 years old. Then worked in private sector til you were 62 years old. Would you be entitled to a FERS pension? (albeit a small one because you only have 6 years federal service. )?

[@itguru2037]

As long as you collect at 62 and have 5 years of service

[@notmeee7302]

Is MRA+10 only for immediate retirees? I think the only option for federal employees that left service before MRA is deferred retirement at 60 (w 20+ years - or 65). I'm 58 now but left service at 42 with 22 years service & I was told recently I'm only eligible for deferred at 60, no option for earlier retirement even with penalty. I've been on SSDI for 14+ years; I wasn't informed I was eligible for federal disability retirement so I completely lost that option + no FEHB! 😡

[@g2u499]

Pls. discuss about Survivor Benefits, Fegli . TSP of Federal Employee and what the survivor spouse should do and know. Any info about TCA .My husband died a week ago and I just have no idea what to do. Thanks

[@PlanYourFederalBenefits]

I'm sorry to hear about that. Here's some great resources on these topics: kzbin.info/www/bejne/oKHLZoWQg7x1oc0&pp=ygUyaGF3cyBmZWRlcmFsIHdoYXQgaGFwcGVucyBpZiBteSBmZWRlcmFsIHNwb3VzZSBkaWU%3D kzbin.info/www/bejne/e3LXo4ppi8-afs0&pp=ygUyaGF3cyBmZWRlcmFsIHdoYXQgaGFwcGVucyBpZiBteSBmZWRlcmFsIHNwb3VzZSBkaWU%3D If you would like to schedule a meeting with us to go over possible options, feel free to do so here: app.hawsfederaladvisors.com/work-with-us

[@juandelacruzi5937]

how come you left out postponed snd deferred FERS? there’s pension from those as well

[@PlanYourFederalBenefits]

Great point. I left it out for this video, but I have many other videos about it. Here's a good one: hawsfederaladvisors.com/fers-postponed-vs-fers-deferred-retirement-the-ultimate-guide/

[@notmeee7302]

👆👆👆 THAT VIDEO IS ONLY FOR CURRENT EMPLOYEES! WHAT ABOUT THOSE THAT LEFT SERVICE WHEN YOUNGER (42 YRS OLD) EVEN WITH 22 YEARS OF SERVICE? DEFERRED ONLY OPTION AT 60???

[@bleedingonthehomestead6643]

Good video but i have to face reality not all that money is available some is held for taxes

[@Dwe1964]

50k to 80k would be great

[@lorimcmahon407]

If your high 3 was 70k and you worked 20 years and you are at minimum retirement age than, 70k×20×.011=15,400 fers pension plus tsp deduction of 4 percent a year and social security.

[@exvan3571]

Schmooze and fight your way into the SES. Their pensions are insanely high

[@lorimcmahon407]

What agency has SES?

[@itguru2037]

@@lorimcmahon407all of them. Senior executive service

[@michelleh9794]

SES are just executive positions I think almost all Agencies has SES level positions anything above GS 15 so the CFO position for eg

[@exvan3571]

Special Executive Service. Google will lead the way

[@itguru2037]

@@exvan3571 senior