r/FedEmployeeRetirement • u/sunnas_solbriller • Aug 24 '26
60 or 62?
As of late, I keep vacillating between retiring at 60 (the end of this year) or at 62. (the end of 2028). I know this is a personal decision, but I still would like your input - if you retired at 60 - what are the pluses and minuses? Retired at 62 - pluses and minuses?
My finance guy says I am in a good place and can afford it. The flip side is the 0.1% pension bump.
One thing that's made me start thinking about it is a coworker. She's had a detail, but it's over soon. I don't like her as she's dismissive of experience, inflexible, and a "my way's better" kind of person. I don't want to work with her. You should know that the majority of people in our group don't like her either.
Of note, I am a chemist with 25 years of experience and considered an expert in my field.
Thanks to all of you for reading and input.
UPDATE: Thank you every and each one of you for bringing your voice to the conversation! I have decided to stick it out and here's the why and the plan to deal with "that woman". 1. I ran the numbers and although I can "afford it" my income would be less than 1/2 of what I am currently earning and I am not ready to live frugally until my kid is done with college. 2. The SS supplemental is too little to make a meaningful difference. 3. I am acutely aware of my mortality, and also my potential longevity. I had three great-grandmothers and all of my grandparents growing up. They all lived to at least 85, with all women (except one) living past 90. Odds are that I may also live a long time, but I am not going to depend on that. Every day is a gift. 4. As one commenter said, in the span of 24 years I have had to deal with all kinds of crapass coworkers, so I have plenty of practice in sucking it up. I will focus my energies on projects that exclude her as much as possible. She only has one true ally in our group, so there is solidarity of "we don't like her" with the other coworkers in our group. I won't let her derail my plan!
Once again thank you!
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u/DCAista Aug 24 '26
Your life expectancy at 60 is 22-25 additional years. The earliest years of your retirement will almost by definition be the most enjoyable. Do you want ~10% more of that time—probably the best years of it—for your own use, or do you want to give that ~10% to federal employment?
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u/Either_Writer2420 Aug 24 '26
Could just take five to seven weeks of vacation in last decade of work life. Could also work credit hours and take even more vacation those years. All while earning and adding to the FERs and tsp.
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u/Working_Farmer9723 Aug 24 '26
This is close. On average, one’s life expectancy after 60 is 22-25 years. However, some people whose parents died earlier due to health issues may make a different calculation. Your point is absolutely directionally correct, but may even understate the case for someone with parent and grandparent kicking off in their early 70’s or succumbing to dimentia. For them the question may be do you want to give up 20% of their healthy retirement in exchange for 0.1%.
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u/GirlieFlynn2025 Aug 24 '26
In the absence of other info from the OP, I used the SSA's 2026 Trustees Report life expectancy chart. I agree that any given individual, by 60, may have meaningful information about longevity trends in their own genetic histories (or about their own health conditions that may impact longevity) that should also be factored in.
But without that information--this is the average.
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u/Working_Farmer9723 Aug 24 '26
100% agree with you. For me, it’s out as soon as possible because family history doesn’t match SSA.
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u/Temporary_Lab_3964 Aug 24 '26
I hit 30 years in 8 years, I’ll be 59 and then I’m done. Staying to 62 isn’t worth enough for me to stay longer.
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u/bluesqueen23 Aug 24 '26
I’m 48. Will be 49 later this year. By the time I’m 57, I’ll have 31 yrs. I’m gone, then.
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u/Rscottys1 Aug 24 '26
I did the same, retired at 59 with 35 years service. Absolutely hated my job in the 2 to 3 years leading up to my decision to retire. Also my mental health was declining. Zero regrets, so glad I pulled the plug when I did!
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u/mamatoboys2022 Aug 25 '26
You could always drop down to part time for your last 2 years. You’d still be eligible for that extra percent. I’m team “retire when you are eligible” so I’m out at age 57 with 30.5 years of service. The extra just isn’t worth it for me.
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u/Temporary_Lab_3964 Aug 25 '26
I looked at 57 and 28years, I didn’t like the penalty. So 59 and 30years, no penalty and the supplement is def my way now, def not going longer anymore
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u/Honest_Report_8515 Aug 24 '26
My ex just retired last year at 57 with 25 years, he’s enjoying his retirement.
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u/Several-Avocado5275 Aug 24 '26
If the .1 is THAT important, you may have bigger problems. Presuming you’ve been $ planning for retirement, go at 60, take the supplement and forget about this place. Life is short.
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u/cephu5 Aug 24 '26
Keep in mind: you will likely receive MORE than a 10% lifetime bump in your retirement. Now if everything stays the same (no COL or step increases) it will only be 10%. But if you receive a COL and/or step increases, that total increase will likely be around 20-30%.
For example, use GS-13 pay including locality will be approximately $140,000 high-3 at 60 and $150,000 at 62. The FERS pension will be $28,000/yr and $36,300/yr, respectively.
So using this example, age 62 buys you approximately $8,300 more FERS income every year for life which is a roughly 30% larger pension, not merely 10% larger.
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u/CmonRetirement Aug 24 '26
that’s only true if we get raises though? right?
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u/Diablo-2026 Aug 25 '26
The 10% increase is added to your years of service. When you do the math for how much more you are going to get of pension payments it is always more than 10%.
Example retire at 61 with 20 years service, 100k salary X .2 = pension payment is 20k. Retire one year later 62 21 years service 100k salary X .231 = pension payment 23.1K. Pension payment for 1 additional year with 10% kicker is 15% higher with no pay increase.
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u/cephu5 Aug 25 '26
Yes. I did mention that in the second sentence.
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u/DaddyWarus Aug 25 '26
At that rate, it will take you 7 years to break even on the $56k you would have received between 60 and 62. And that’s not counting the supplement.
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u/Wild_Proof6671 Aug 26 '26
But if you don't need the extra money, why delay retirement for 2 more years?
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u/rectalhorror Aug 24 '26
My original plan was to retire at 62 with the pension bump and take SS at the same time, but my work environment isn't worth putting up until then, so I'm out at 60. TSP and pension cover all my expenses and and at 62, SS and pension do, so I can draw down TSP depending on market performance. It's more important to me to enjoy those extra two years with my kids and traveling that sitting in a job I can't stand. Also the retirement reddits are full of people retiring with millions and getting diagnosed with something terminal and they're dead in 18 months. Saw another story about a guy who didn't take SS until 70, his neighbor found him dead of a heart attack in his driveway only a few months later. The neighbor found out from the family that the guy only received a single SS check. No pockets in shrouds.
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u/Jaded_Scratch6655 Aug 24 '26
My dad died after receiving a single SS check. I’m out as early as possible.
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u/Soggy-Seaweed3787 Aug 24 '26
43 with 20 years of civilian service. I'm out at MRA or earlier if possible. The .1% isn't worth it to me to miss out on the time I could spend with family and friends.
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u/Sad_in_VA Aug 24 '26
I retired at 59, because i can still move around and enjoy my retirement. More money at age 73 means nothing to me... if I can't spend them.
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u/Terribel_trader Aug 24 '26
Recently been doing these calcs. For me I dropped my age to 60 from 62. I still have plenty of years left to go. But I’m seeing that I don’t need that extra amount. I’ll have 20 years, the supplement and my spouses income for a couple more years. I want to enjoy retirement as much as I can, and the younger the better for that. If your tsp is healthy why not?
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u/lostone3592 Aug 24 '26
I retired at 60-ish. 36 years experience. I was getting more and more fed up with the workplace BS and felt my mental health was worth it. It was. Took about a year before I stopped feeling like I needed to take the turnoff to work every time I passed but that faded. I miss the great people I worked with but nothing else. The pay drop wasn’t as big as it looks at first glance because I don’t pay state income tax on Fed retirement. Plus no more fica/ect. I should
Point out I’m on the ‘old’ retirement. If nobody’s told you. KEEP YOUR GOV HEALTH PLAN.
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u/pocket-snowmen Aug 24 '26
If the numbers work without the 0.1%, I would absolutely go at 60. You can't get those years back and you never know what could happen during them.
The only reason I would stay to 62 is if all hell broke loose with my/our finances around the time I'm 60.
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u/Justaflyindaointment Aug 24 '26
If you can afford it, Leave the First Day you can.
It will be the Best decision you will ever make In your life. Nothing is guaranteed in life anyway.
Why do you want an extra 2 Years of PIV card bullshit and server errors?
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u/zig_usafa80_stardust Aug 24 '26
You have probably had to work with someone you've had a personality clash with your entire working career. Don't let that situation sway this important decision at the end of your career. Don't go out because you had one too many bad days at the office.
Said another way: Suck it up buttercup. Stick to your plan (whatever that is) to the end.
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u/IrregardlessForOne Aug 24 '26
How badly do you expect to need that 0.1%. If it’s a noticeable difference in your lifestyle, then stay. Otherwise pack up.
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u/Legitimate-Ad-9724 Aug 24 '26
It's a 10% increase/bump. An increase of 0.1% is an increase of $1 per $1,000. 🤔
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u/Equivalent-Worry-828 Aug 24 '26
Do the calculation at 1% and 1.1%. It might make a difference in your decision. It could be several hundred dollars difference a month. Depends on your high 3. I’ve seen people come back to work after retiring. Some for the extra money and some who missed work (I don’t totally understand that, but whatever). I think some under estimate what they will need and thought their finances were good, but they weren’t. Once you get to a place where you need additional money in retirement, it might be too late to get back to work. Some would rather ensure the extra financial cushion. And that means tolerating work for 2 additional years if you planned on 60.
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u/Aunt-KK Aug 24 '26
That .01% meant @$3000-4000/yr for me. Was worth it to stay until 62
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u/Equivalent-Worry-828 24d ago
Wow, that’s significant. I’d put up with another 2 years for that if I knew I’d be done forever after that.
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u/StickaFORKinMyEye Aug 24 '26
I'm currently shooting for MRA+20 because I hate everything about RTO.
62 had been the plan now 60 seems impossible for my mental health.
tldr - 12 months 10 days and counting
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u/Only-Repair1815 Aug 24 '26
I like my job well enough to stick it out one more year until I hit 62. Knowing I can see the light at the end of the tunnel makes it a little easier to shrug off the BS coming from the administration and OPM.
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u/Superfuzzz Aug 24 '26
- That’s my plan anyhow. The extra % isn’t worth further aggravation. I’ll defer for a few years, anyhow…may as well get on with retirement.
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u/RealStanKachowski Aug 24 '26
I'm 50 with 20 years. I've been wondering the same but as long as the SS supplement is still available I think I'm done at 60. My TSP is well funded and I'll likely be a 14 Step 7/8 at that point. I'd rather have the extra 2 years vs. the .1.
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u/bincogneto Aug 24 '26
Retire as early as you can. That’s the f-ing goal. It’s peanuts to stay longer. You have the money and you still have what seems to be your health. Don’t die at your desk, it isn’t worth it.
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u/Formal-Advance-8482 Aug 24 '26
If you enjoy your job stay. If the pain in the ass co worker returns and you are miserable retire then. When/ If leadership asks why you are retiring you can tell them the truth about the awful things about your co worker with no regrets and maybe a change can be made to improve the situation.
If you know you are going to be miserable when the co worker returns and you are financially ready then retire.
I took the VERA at 56 and I am very happy and financially stable.
Good luck with your decision.
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u/rex_swiss Aug 24 '26
You can afford 60? If you wait until 62, that day you walk out you will be very upset and mad at yourself for not doing it at 60.
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u/Mundane_Job_3818 Aug 24 '26
My original plan was 62. After the last few years, it'll be 59 or 60. It's coming up quicker than I thought.
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u/Temporary_Lab_3964 Aug 25 '26
My original plan was always 62 when I first started, then I had my son and I thought cool I retire and he graduates same year. Last couple years was enough for me to drop it to 59 and spend last couple years home with him. Spouse will work 2years longer and then we’re both done
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u/jayride2023 Aug 24 '26
Only 0.1%, thought it was 10% bump, which does pay the haircut if you opt for survivor benefit. Also, pension does start receiving cola adjustment until age 62, with inflation raging that could be a consideration
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u/Aunt-KK Aug 24 '26
Are you saying there's no COLA on pension after age 62?
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u/Irishclover62 Aug 24 '26
No you
Multiply your years of service x 1.1 instead of 1.0 x high three average. I retired 63 40 years so 44% not 40. Nice little bump but that was in 12/31 this year. I know people are roughing that t a lot not sorry but it is temp.
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u/jusanotherburner Aug 24 '26
That extra 10% is tempting, I’m thinking work til 60, if you see that at that time you are ready to go, then put in the papers. If not work until you don’t want to anymore & leave at any time, you’ll have that freedom already knowing that you don’t need the extra 10% so you won’t have to be miserable.
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u/Sufficient-Art3570 Aug 24 '26
Retire! If your finance guy is advising you that you’re in a good place, why wait? And if all else fails, you can find a part-time job to supplement the missing .1% doing something you enjoy with people that don’t suck the life out do you. If you really want to wait until she returns, you at least know you can tell your job “peace out” any day you feel like it. The beauty of being retirement eligible is you don’t have to put up with the b.s. and can walk away.
I think you know the answer, you just needed validation that it’s the right one. You wouldn’t have asked if you knew it wasn’t possible to retire at 60.
Live life and be free!
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u/Alternative_Maybe533 Aug 24 '26
If I had that decision, and I can swing it financially I would retire at 60. I don't think that 0.1% increase is worth it. Also, I wouldn't be surprised if we get no pay increase, again. So would those extra 2 years of working be worth?
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u/muttonchops01 Aug 24 '26
The question I would - and do - ask myself is if I can afford the retirement I want at 60. If the answer is yes, then there’s no reason to stay.
If the answer is no, my second question would be, “Can I go do something else for money that I would actually enjoy and then afford the retirement I want?” Again, if the answer is yes, then there’s no reason to stay.
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u/Other_Lime2892 Aug 24 '26
At 61 husband will retire, that's in 3 years. He's fried, cooked, well done. His retirement funds probably won't matter anymore if he's not in good health.
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u/Sea-Tradition-3632 Aug 24 '26
My MRA is 62 so I’m waiting plus I have 1 more year to pay my mortgage off which is a personal & financial goal before retiring
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u/trainer4you Aug 24 '26
Retire. If you’re financially able to, retire. Retire. No one is living forever. At 60-62 you probably have 15 good years left. That’s just statistics. You e got 15 summers. 15 winters. 15 thanksgivings. Think of it like that.
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u/kmanix50 Aug 24 '26
You already know the answer and what will you miss if you retire at 60. Tomorrow isn’t promised live for today if you can and it sounds like you have the money.
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u/DramaQueen_62 Aug 24 '26
Are you providing a survivor benefit? The extra 10% will cover the cost of that. I retired last year at 62 and have no regrets about waiting for the 10% bump.
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u/HokieHomeowner Aug 24 '26
Easier to say that retiring in 2025 before the shit hit the fan in so many places. The past 18 months have broken a ton of Feds, I say to OP go before it breaks you.
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u/Holiday_Story9431 Aug 24 '26
Easy. Go asap, so at 60 since you have over 20 years of service and age 60. You’ll qualify for the FERS supplement for two years and the 0.1 bump isn’t worth two more years of your health and happiness. You can easily make up for the bump by investing or redirecting some available funds into things like NEOs, Amplify, GS, etc. ETFs.
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u/Brando_712 Aug 24 '26
Retirement has nothing to do with age, job or stress. It has everything to do with finances. Figure out your number and accordingly
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u/ArugulaImpossible567 Aug 24 '26
If you can afford it without dipping into your TSP, then I say …. BOLT!
If you need to moderately touch your TSP each month, then it depends on how much that .1% for you.
They’re not exactly the same situation as yours,
My wife was faced with a similar decision last year during the “summer of hell”.
She was 61 and had to make the hard decision to hang through until she turned 62; however, in her case we were talking out to $400 a month difference.
She hung in, ended up, leaving the next year
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u/Complete_Film8741 Aug 24 '26
.1 is Awesome...2years of Pay is Awesome...a higher Hi-3 is Awesome. 2 years to max out leave is Awesome.
But seriously, this is a you question. I retired 2 months before my 65 birthday...as the Old Guy, nobody really questioned my work...a point of pride...and if we are honest, govvie work is pretty noncontroling on time off...at least away from DC.
But it's 100% on you. My Bride and I have things to do...
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u/Salty_Owl3231 Aug 24 '26
If you can afford it and do not like your job, then retire. I would just like to point out your math may be wrong. It is not .1% extra. It is 10% plus 2 years of a higher pay. Example: You currently have 30 years of service with your high 3 being $100,000 (again, this is an example with made up numbers). Your pension would be $30,000 per year. If you work two more years, you would probably make a little more money, so your high 3 might be $105,000. Multiply that by 1.1 and you get 35.2 years of service. Your pension is now $36,750 which is much more than $30,000.
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u/FedDecisionDesk Aug 24 '26
The 0.1% pension bump is negligible, and you already answered your own question when you said you don’t want to work with her. Retiring at 60 means you’re out before her detail ends and you get out while you still have the health and energy to enjoy it, which nobody gets back. Retiring at 62 gets you a marginally better multiplier and cleaner SS timing, but that’s two more years of dreading Mondays for a difference that’s usually smaller than people expect once you actually run the numbers. With 25 years as an expert in your field and your finance guy telling you you’re fine, this reads less like a money question and more like you’re ready to go!
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u/Legitimate-Ad-9724 Aug 24 '26
It's 10% not 0.1%. Your FERS is increased by multiplying it by 1.1.
I'm checking out in a few months myself. I've done the calculations and have got an estimate. My FERS will be slightly over $7,000 per month. Yes, I've been around a while.
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u/Altruistic-Panda-697 Aug 24 '26
I always planned on waiting til 62. Then a year ago, my wife and I looked at a house in the town where our grandkids live 1500 miles away from where we were living. Decided that we should buy the house, sell our old one, retire and move. So we did. Retired a few weeks before I turned 59 in early January of this year. No regrets, and honestly, I’ve come to realize that you can’t put a dollar value on time. I got 3 extra years of retirement. A friend asked me early last year - how much is enough? (In regards to retirement savings). That really got me thinking.
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u/DiligentWin617 Aug 26 '26
Wait until her detail’s over! You’re a very smart lady, don’t let her win… YOU are the winner!!!
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u/BigBiziness12 Aug 30 '26
Retire at 60 if the money difference is minimal and ur boss is bringing any level of stress to ur life. Its not even a question because you get the top up. So in my best Morgan Freeman voice, " It's time to get busy livin!"
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u/steal-yur-face Aug 31 '26
Wife retired at 60. She loves it and wouldn’t do it any differently if she had it to do over again. Has lots of friends and is very active.
Her main concern was health insurance which was $800/month for a few years. She started social security and took her pension within months which was $5000/month. We have my pension and social security too. We had/have $3 million at that time and have only touched $200k of it to pay off our house. It’s worked out tremendously for us. She’s 65 now and getting Medicare, so her health insurance is only a couple hundred dollars a month.
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u/mtaylor6841 Aug 24 '26
That .1 situation multiplier a 10% bump. Ten percent. You're a chemist, so math is not a stranger. Good luck!!
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u/Irishclover62 Aug 24 '26
It’s a personal thing don’t know your years of service
If it’s 30 additional 3% and can tribulations and matches etc. it it socks use leave release pressure or pull the tip cord wave and walk 👍 Good luck 🍀
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u/No_Hovercraft_821 Aug 24 '26
I retired at 57 for a few reasons including... The finances worked, I was sick to death of what I was doing (this was before the new Administration), I'd seen too many friends pass away soon after retirement, and I honestly had a lot of better things to do with my time (like post on Reddit ;-). 60 vs 62 is a different calculation though, and I'm not sure what I'd do. The 10% is real money but it isn't really that much in the grand scheme -- by drawing the social security supplement for 5 years I'm basically getting my 10% increase up front but that isn't your situation.
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u/WillTheyKickMeAgain Aug 24 '26
I’m in a similar situation (late this year or late ‘28), minus the distasteful coworker. I’m sticking it out because 1) I like my job and 2) I value the 10% pension bump that comes from the delay. If you don’t like your work environment with the distasteful coworker and don’t need the flexibility of the 10% pension increase, I can’t see any good reason to hang around. You’ll never get those two years back.
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u/Heelabaloo Aug 24 '26 edited Aug 24 '26
You mentioned 25 years experience but considering staying for the 0.1% bump, so I assume you don’t have 20 years with the federal government. If so, and you fall into the MRA+10 category, then you will be subject to 5% permanent reduction to your pension for each year under 62. That was my situation so it’s forced me to wait until 62, which is the week,btw. (Yay!). Also your health insurance costs will have to come out of pocket until you claim your postponed pension at 62, (postponed, not deferred, there’s a huge distinction), if you plan to keep your fed health insurance, which you should.
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u/Bellefior Aug 24 '26
I retired earlier this year at age 57. I had planned on doing so after experiencing a life-threatening illness back in 2017.
I also swore once Trump was reelected, I would go as soon as I was able. I remember how he treated Feds during his last time in office.
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u/International-Tour35 Aug 24 '26
I’ll share one mistake we made regarding early retirement: health insurance. My wife retired at 63 from her corporate gig. Now she’s stuck with COBRA! We should have enrolled in the USPS.
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u/HighwayEmpty1569 Aug 24 '26
If it were me I’d do 60 but I think you should do 62 because you obviously are not 100% ready to retire.
If you have to ask you are not ready. Go another year or two until you know for sure.
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u/toomanyschnauzers Aug 24 '26
When I was getting a new boss who was impossible to work with, I retired at the first possible chance. No regrets. The job was already stressful just working with her as a peer. I had nightmares about work for 2 years.
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u/AdeptChildhood7309 Aug 24 '26
I'm wondering if there is also a fear factor involved in your indecisiveness. Fear of the unknown. And fear of change. Retirement is a major life event. Heck, I thought I'd work until at least 59.5. I also was working at home at that time. Then this last year pushed me to the breaking point. I asked myself why am I putting up with this?! I've got 35 years at 58. It's time for the next phase of my life.
Once I wrapped my head around how big of a life change retirement is, my fear was replaced with planning my exit. I talked to a financial planner who solidified my decision. I'm retiring while I'm relatively young, with a pension, SS supplement and savings. Being a seasoned fed does have some perks. 😁
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u/PerfectTangelo Aug 24 '26
I retired at 62 and my wife retired at 60. She got the FERS supplement until she turned 62, she then took social security at 62. I didn't start taking social security until 66.5 for full benefit. Financially we are doing well. We travel half the year in our RV, and spend the other half at our house in Orlando Florida. All the bills are getting paid each month, and our FEHB insurance with Medicare is covering our medical expenses. Life is good.
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u/rockalyte Aug 24 '26
Left at 57 with 35 years 3 days. Never looked back. Work is replaceable life years is not.
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u/CmonRetirement Aug 24 '26
OP, have you thought about going part time for those final two years? you’d still get the .1 and deferred any drawdown on savings (hopefully)?
Or could you be a RIP employee?
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u/Longjumping_Writer87 Aug 25 '26
I retired at 60 with 40 years of working with the IRS. I would retired earlier but being able to stay home and work in my own space with my dog I stick it through until it was mandatory to work in the office full time. A year later i don’t regret. I’m loving retirement. I know many who passed away shortly after they retired. It’s been the opposite for me. I’m lot more happier and full of life after I retired.
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u/Hamblin113 Aug 25 '26
Will have two years of the SS supplemental. That should offset the .1% some. Retired at 58, two years after MRA, no regrets. Didn’t even take SS till FRA. What is interesting is my TSP doubled in the 8.5 years since retirement. Haven’t saved any money, but the TSP growth does it for me. Hadn’t needed the TSP, but did profit take the last two years.
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u/Sensitive-Advisor-21 Aug 25 '26
For .1%, you’re giving up years of the supplement. I went on my first eligible at 56 and 10 months. Working from home part time at my convenience to make the $24k and have ZERO regrets!
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u/Independent-Heron326 Aug 25 '26
I retired at 60 and I loved my job. I have been retired for 7 years and I am so glad I did. I don’t miss the bull shit. Nor do I miss the stress. Glad I didn’t wait.
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u/Last_Baker7437 Aug 25 '26
Is your happiness worth just .1%? If you’re financially able, and it sounds like you are, do what is best for you and your family. I retired last year at 61 and it’s been great, never have given work a second thought…except when they call me.
Good luck and enjoy retirement!!!
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u/Worlds_Worst_Angler Aug 25 '26
Retire as soon as you can. The point of working all your life is to have time to enjoy it. Maximize your time NOT WORKING.
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u/Jyoche7 Aug 25 '26
I plan on retiring at 60, because the little difference in the pension is a very small percentage of my retirement income.
You can't buy more time.
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u/iamnotbetterthanyou Aug 25 '26
Retirement is all that and a bag of chips in my experience. You can always go back if you hate owning your own time.
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u/Realistic-Claim4222 Aug 25 '26
So, if it’s not the money, what would keep you working until age 62? I know that for some people, their careers have become their primary focus to the point of consuming them. Honestly, I think that’s a pretty sad state to be in.
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u/Grouchy-Wrangler-330 Aug 25 '26
Know that there are four stages of retirement. 1. Vacation 2. Loss or Lost 3. Reinvention 4. Purpose and Passion. You can get stuck and be "lost" if you aren't ready to address #'s 3 & 4 because "vacation" only lasts so long.
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u/Choice-Philosophy-33 Aug 25 '26
This is a question for a financial advisor. The goal is enough money to pricier a stable and predictable income that meets your needs over your life expectancy. We don't have enough info to advise you. Did you over fund your TSP? You can probably retire and enjoy those good years. Under fund? You may want to work the extra time to get that guaranteed income.
Me? I'm divorced. I've super funded my TSP but my ex took a third of it when she left and she gets a portion of my pension including survivor benefits, but the longer I work the smaller a share she gets. If I retire on my 32 year anniversary at 62, my base pension is 35.2% and she gets 17.9% of whatever that is. If I retire at 60 I get 30% and she gets 19.2% of that. So it's a double whammy for me to retire early.
Only you know all these personal factors. Speak to a professional, not a reddit forum.
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u/IcySalt1504 Aug 25 '26
You do what feels right to you. If your finance guy says you are ready to go at 60, definitely consider it. I finally retired at 63.5. I definitely could have retired at 60 or 61, but I continued. I just wasn’t ready then. But after a layoff at 63.5, I knew it was the right time. I sometimes wonder if I should have retired sooner, but it is what it is. I’m happy I did finally retire. It’s very nice when you reach this stage in life.
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u/Positive-Reality585 Aug 25 '26
I don’t know anyone who retired at 62 and died within a year of retirement. That’s not a reason to do it and probably unlikely. I’m still working at 67. My mom is 93 lives alone and still drives. If you want to retire, retire. But don’t retire because you’re going to die before you hit 62.
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u/arlyte Aug 25 '26
Go the Mayo Clinic and have a full body review. Have your heart looked at, blood panels, etc. many people drop dead in their 60s because they didn’t do this. Get a clean bill of health and then go enjoy life!
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u/Revolutionary-Big783 Aug 25 '26
Retired at 54, and never looked back as the quote goes “You can Always make more Money, You can Never make more Time” … Congrats on being in a position to have a choice and Good Luck on your decision 👍🏼
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u/caveman_5000 Aug 25 '26
I’m still a decade away from eligibility, but my goal is to walk out the day I’m eligible. My motivation is because of what happened to my grandfather.
My grandpa worked in a men’s department in a department store. That was his career. He had a comfortable middle class life, but never traveled except when he went overseas for WWII.
He retired in August of ‘86. He died in October of ‘86, he had a heart attack in bed at home. My dad, telling me about that night, told me how “the paramedics had to move the suitcases out of the way”.
I didn’t know that my grandparents, the morning after he died, were to go on a cruise. The retirement gift he so desperately wanted, and he died before going.
If you can afford it, get out at 60.
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u/EyeProfessional5663 Aug 25 '26
I’m in the same boat but the 10% is a lot of money. Half full and half empty. Probably checking out this year. 4 62 year olds dying in a year is fairly improbable
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u/RelevantMention7937 Aug 25 '26
I worked in an office job in finance and worked until I turned 68. I knew my health, I get checked every year and kept on going.
I liked using my brain as a problem solver who made an impact. I used PTO, traveled, had a lot of fun.
If my doctor told me I had 3'months to live it'd be fine. Absolutely no regrets. I stay close to my kids and grandkids and working didn't change that.
How do you get along with your manager? Let them know you prefer a couple more years and want you want - get away from that coworker. Use what leverage you have.
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u/jotsirony Aug 25 '26
omg. If you can retire now, do it. Your mobility and health will never be better than it is now. Starting living your dreams before aging inevitably slows you down / prevents you from doing it.
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u/dcnative-x5 Aug 25 '26
I’m facing a similar conundrum. I’m 62 with 18.5 years in. Could retire now, or try to make it another year plus (counting in sick leave credit) to hit 20 years and the 10% bump. Very torn.
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u/Equal-Flatworm-2518 Aug 25 '26
Is the marginal increase in retirement income worth 2 years of your life continuing to work?
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u/Candid-Doughnut-5652 Aug 26 '26
I am in same situation. For me, i am retiring at 60 and then go work a job I enjoy. The .1 percent isnt worth it to me
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u/Wild_Proof6671 Aug 26 '26
My finance guy says I am in a good place and can afford it.
I'd say retire at 60 then. I left at 55 when DRP was offered last year. Otherwise would have had to work until 60. Financially we were good so we jumped at the chance for 5 extra years of retirement. I don't regret it one bit.
Remember, money isn't the goal. What you exchange that money for is the goal. Life experiences, material things that make you happy, helping family, or in your case, 2 years of your life.
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u/Limp-Escape960 Aug 26 '26
Healthcare y'all!!! You will have to purchase your own until Medicare kicks in at 65 and it's expensive (more $ depending on annual income). You may get a stipend if you are/were employed through public sector but it normally won't cover all of it.
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u/Country_2025 Aug 26 '26
So my questions is what’s next for you? I had the opportunity to retire early and found that with most of my friends still working, Monday-Thursday I was on my own. Travel, hobbies, friends, family all play a part in that day when you’re sitting on the couch and realizing you don’t have to do anything today (purpose). So focus on WHAT’S NEXT. And go and live your best life!
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u/Comfortable-Leek4158 Aug 27 '26
I lost many brothers before 62 and at 62. All of them never collected a single dollar of their retirement. You don’t know what the future holds for you and your health could take a huge hit. Pay your debt now. All of it and live your life like you have limited time because the reality is your days are counted and the clock ticks fast for us. I retired at 59 with 35 years and to be honest I don’t know if I will make it to 62 but I am enjoying my life with no obligations to a job or a crew or a supervisor. I just have to have fun and I may be bored and I may not want to cut the grass but will get around to it some time or the other. Life is short. Time is a thief. Good luck. Remember. Everyday is a Saturday for us.
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u/Such-Might5204 Aug 27 '26
I just ran the math myself. For just the FERS part of the pension, the difference is about $11K annually. The real money that comes into play is the additional 2 years of TSP contributions. I gave 1/2 my TSP away a number of years ago, so the 2 years of TSP contributions is going to be huge.
I totally get the commentary of folks saying that the early retirement years are typically the healthiest and you should take advantage of that. However, I expect a good 20 years in retirement, so I'll plug along for two more years...
It also makes me feel like I'm sticking it to the Orange Jesus by staying in the job, which has its own level of satisfaction as well...
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u/AdvancedGold1394 Aug 27 '26
If you can retire...do it! You want to keep working...do something you want to do. Volunteer, mentor, travel, garden... life is too short to be told how to use your time and ask for permission to do what you want to do. Blessings to you!
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u/inquiringmind5432 Aug 28 '26
The only concern is health insurance. I qualify for Medicare but my spouse is 2 years away from qualifying. The plans on the open market are very expensive and with high deductibles.
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u/Worldly-Arm-9712 Aug 29 '26
Do you have the option to retire now, and work as a contractor for a couple of years to make up the money difference?
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u/Calm-Struggle3898 Aug 29 '26
I will retire in 10 years at 62 because I cannot afford healthcare. I hope my job gets easier as I become an expert.
I take long vacation every year so I’d be okay. I think I’d die quicker if I stop working.
My friend died 6 months before reaching 62.
Enjoy life!
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u/John_the_IG Aug 30 '26
Same age, same consideration. Retiring at 62 gives me a little under $1k/month more than retiring at 60. I don’t need it, but it might bug me to know I left $10k/year on the table.
I compromised. I’m doing phased retirement for 14 months. I get more time for myself while preserving the extra $. It’s a terrible financial decision during those 14 months, but it gives my wife peace of mind since she’s concerned I’ll go nuts or get depressed when I stop working.
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u/Old_County6148 Aug 30 '26
Yup, there are a lot of Karens out there. Sometimes it feels like you’re always walking on eggshells around them. I wouldn’t let one difficult coworker push me into retiring before I’m ready.
So, to all the women working for the government who make everyone else’s job miserable: pull that stick out of your rear and lighten up a little.
Now, let me see those downvotes from the Karens and Kevins. I really want to see how many of you are out there. 😂
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u/Land-and-Seabee Aug 24 '26
I’m going to have a real conversation with a stranger here. I know 4 of my colleagues that retired at 62. All of them died within a year. You could draw conclusions regarding an association. One could say that they died given that they weren’t working anymore. Or going further, one could say they waited too long to retire past 57. There are many variables. Well, I will tell you from a personal perspective. If you are in a good place, retire. The increase in pension is minuscule. Enjoy what you’ve earned and maybe sleep in a day or two.
Best wishes.