How To Calculate Your FERS Pension ( In Under 4 minutes)
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- čas přidán 13. 09. 2024
- In this video, Jose Armenta, CFP®, reviews how to calculate the FERS annuity and why it's important to know.
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Jose Armenta, CFP®
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Can you do video on how to keep my spouse from spending all my retirement money?
Is crazy we still paying taxes after years of paying taxes
Thanks for making it understandable.
Glad you found it helpful. Thanks for the comment!
Excellent video as always. Thank you!
Glad you enjoyed it!
could you do a video on how to calculate the PV (Present Value) of a FERS pension?
Will do!
Good explanation, thanks 💯
Thank you! Awesome information to know! 😎👍🏾
Glad it was helpful!
Even a caveman can understand your explanation. Thank you!
great info
I'm calculating my pension right now: 0 x 0 x 0 / 12 = 0. Thanks for the help! ;)
Great videos Jose, thank you, in the usps check stub, there is a retirement- dollar - amount on the lower right of the stub, for example $5500.00, where does this come in on the computation? Thanks
Hi Francis, if you see "Retirement" right above it, then it is your total contributions to the FERS system. Every FERS employee pays into the retirement system every pay period. Thanks for the comment.
Great video!
How many hours a year should a federal employee works in order to be counted towards his years of service?
Thank you
so go in where to check it ???
Sick pay service conversion for retirement?
Thank you for the comment, Alfredo. Here is one of my articles on leave for retirement: yourfederalemployeebenefits.com/2021/11/24/fers-annual-and-sick-leave-at-retirement/
I'll certainly consider doing a video on the topic.
Looks like I'm screwed. I just started with USPS and I am 60 right now. If I work to 65 and only make 30 grand a year it looks like I wont get anything.
👍
Is the multiplier still 1.1% at full retirement of 67 years old?
Yes, that's correct. As long as the Fed is at least 62 with at least 20 yrs of service, the multiplier will be 1.1%. Both the age and service requirements must be met. Here is one of my articles that dives into the details a bit more:
yourfederalemployeebenefits.com/2020/06/07/quickstart-guide-to-your-fers-pension/
1700 a month is below poverty. I’m a GS 9 right now and getting my 11 in a couple of months and my 12 a year after that. I got a feeling by the time I retire I will be struggling.
Imagine if you weren’t a fed. Then you would have no pension at all.
How do you determine your multiplier
That's explained at the 1:50 mark
how do you factor in a COLA? thanks
Future COLAs are unknown, so I use historical inflation for forecasting. The math is simple multiplication by the percentage increase. For example, if your current pension is $3k and next year's COLA is 5%, your pension will increase to $3k X 1.05 = $3,150. I hope that helps!
Where is my sick time credit toward retirement.
Thank you for the comment. Here is one of my articles on leave for retirement: yourfederalemployeebenefits.com/2021/11/24/fers-annual-and-sick-leave-at-retirement/
1700… just the rent will eat 80% of that. And they call USA the greatest country in the world lol.
Wouldnt the 1700 also be combined with what ever investments you have made too?
Monthly ? Really ? That’s low
You can blame Reagan for that mess. CSRS was the shizno!
@@toddmaek5436you should an additional 1-2 incomes as well! 401k, TSP or social security. Also, you should be investing 🎉
You can always move to a country like the Philippines, Thailand, Dominican Republic Costa Rica all these countries you can live a lot cheaper and they are beautiful countries