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OK it's time to move into IR or executive service. Why are we sitting in positions and riding the all the steps. Step 3 and 4, we're moving on. Unless that non profit is covered under the opm system, it's not worth it.
Pensions are hard to come by nowadays.
There is more to life than getting paid more. Work/life balance is very important to me.
If you leave federal government before 62 don't you lose FEHB?
With the current market, is it better to reduce TSP contribution (but still more than 5% to get the 5% match) and increase mortgage payment? We usually max out the contribution.
Great explanation and suggestions!
The video says FEHB continues until retirement if all requirements are met. Does this include FEHB insurance coverage for spouse and dependents too?
Please explain why FERS is all that??? I think 1% a year is a complete joke and nobody can retire on FERS. TSP is good and that's really your retirement. Yes, money is money and anything helps but I don't anybody thinks FERS and FERS alone will get you that dream home and improve quality of life. I will say most companies don't offer retirement anymore so I'm thankful it's something.
In about three years I plan on retiring as civilian, with pension and their healthcare. After that I can work for 40% more elseware. My civ level is not high so is it best to leave after hitting retirement as civ?
If it makes sense financially, follow your passion! I actually went the other direction. I was a DoD contractor back in the 90's, then spent 17 years in academia, then came back into civil service where I plan to stay for another 6 years (total of 11.5). I don't know that I've ever been happier. At this point in my career, I value the stability and the knowledge that I have the three-legged stool of TSP, Social Security, and FERS pension…and the ability to keep my insurance at the same premium.
I did not leave. I wanted the pension, but I got four college degrees, which allowed me to double my income when I retired early with delayed retirement
I would stay. Medical insurance
What about pay differential. I’ve heard pension is worth about 24% of salary. I’d: fed salary + 24% = actual salary for fair comparison.
It sounds like the nonprofit offers comparable benefits as the federal government. If he/she were planning to retire at 65, then it might be a great opportunity to leave. If not, I would consider taking the offer only if the work environment was toxic and affecting my health.
100% yes you should leave if you know your worth. Sometimes the unit you serve is capped and they can't keep quality people. Your future, your retirement. Do what's best for your life and family.
Were you in the U.S. Navy?
The GS 15 should stay where they are. There is no way to leave the government and be sure you could just come back in 2-3 years; you would be ruining your pension, lose your AL, TSP would not be funded, loss of FEHB post retirement, FEGLI and more. All that for not much more money a year and a small sign on bonus.