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View Diary: Paul Ryan: Budget negotiations are for cutting federal pensions, not corporate tax loopholes (81 comments)

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  •  I worked for Uncle Sam for a few years, then ... (0+ / 0-)

    after law school, I was in the private sector for more than a dozen years where I was covered by Social Security, and then went to work for DOJ until I retired 15 years later.  Although my prior federal service meant that I could have stayed under CSRS, I opted to switch to FERS so that if I didn't like it at DOJ, I could go back with a firm and not have missed time under Social Security.  I took early retirement with an age reduction (and so therefore wasn't eligible for the supplement to age 62).  I'm glad I did it though, because I wouldn't have had enough years of service under CSRS to retire when I did.

    CSRS was a better system for those who spent essentially their entire career in the federal government, but FERS is better (since you're also covered by Social Security) for those who split their career between the federal sector and the private sector, as more and more people are doing these days.  And if you become totally disabled early in your career, Social Security disability coverage is MUCH better than what you got under CSRS.

    But anybody who is covered by FERS had better be contributing the maximum (or close to it) to their TSP, because they'll never be able to retire on FERS alone.

    Bin Laden is dead. GM and Chrysler are alive.

    by leevank on Tue Oct 29, 2013 at 03:02:40 PM PDT

    [ Parent ]

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