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Originally Posted by BigBeauford
Anyone have experience with FERS from a federal job? I am on the eve of getting my firm offer from the VA, and in case the salary might not be what I want, I was wondering if anyone could speak to whether it is massively better than a employers matching plan + self started Roth IRA.
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Your FERS benefit is actually a combination of a few different areas. You have your basic FERS amount which is roughly 1% of your highest averaged 3 years of pay, times years in service. The next part is your TSP contributions. Each federal agency is different, but generally once you become a federal employee you will start contributing to the TSP. The basic amount is 1%, and they will match each dollar for the next 3% you contribute, and then 50 cents on the dollar for the next 2%. Obviously, you want to max at least to get the free money. The very last part is comprised of social security benefits. If you retire before age 62 you can get what's called an SRS. That's a special retirement supplement that allows you to draw a reduced social security check if you have enough time in service.
It's a good retirement if you are young enough and can put enough years in.