In this video I’m going to cover the following:
-How the FERS basic annuity is calculated.
-How much your pension could be worth in portfolio dollars.
-What other sources of income you may consider.
-How much income you may need in retirement.
-How to make it all work together.
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I was recently talking with one of my clients who is coming up on 40 years of federal service about retirement. He’ll be 62 when he hits 40 years in 2024 and the back of the napkin FERS annuity math looks like this:
40 years x 1.1% multiplier = 44% of Hi-3
He’s ready to go out, and it’s much deserved.
Taking a look at OPM data, the average age for federal retirees is around 61/62 years old and the average length of service is 25 years.
Simple back of the napkin math can also get us pretty close to what the average FERS pension income from these numbers would come out to be.
How is your pension looking and what's the plan to make up the rest of your retirement income?
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Let's Connect:
Email: jholtz@districtfa.com
Linkedin: linkedin.com/in/justinholtz/
Website: districtfa.com/
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