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When it was time for me to retire I went to OPM and asked how much I would get. They couldn't say. They said it was complicated and "someone" would figure it out after I retired. I had to retire on faith.
So I retired at 57 with 33 years service, and it took a while for them to figure it out.
First I had several jobs with FICA payments. Then 11 years USAF active duty with FICA payments. Then CSRS with no FICA payments. Then a job in industry with FICA payments. Then FERS with FICA payments and my also paying the max into TSP/401-k.
The worst part was getting credit for the 11 years USAF. Under CSRS I was required to pay in 3% of my 11-years of USAF salary. Which I did. So I retired under a combination of CSRS and FERS and thought that was it. But no, "someone" decided that in order for me to get "full credit" for my 11-years USAF I had to pay in another 4% which I did.
Then, and only then, did I learn how much my OPM pension would be. Turned out to be much more than I expected, the 11 years credit for USAF made the ( 3+4 = 7% ) payback well worth it. My former wife ( rightfully ) gets a third of my pension.
Then at 65 I started SS and it all goes straight into savings. And my RMD from TSP/IRA also goes straight into savings.
I am much much more comfortable in retirement than I thought I would be. Of course having the mortgage paid off early and investing the max into TSP made a big difference.
It sounds like you originally paid in your military service credit for FERS and they updated to CSRS which is a much better deal (very fortunate on that one). I had to pay back 3 years when I first started and it was some crazy low amount that I will recover in the first year retired. So, I can only imagine how much that paid off for you. I only started putting in my time at 43, so I am hoping I can make it to closer to 67. I hit 60 with 20 a couple years ago; but, the 10% kicker at 62. I'd feel more comfortable if I hit 65 with Medicare on top of what we have. Also, need to cash flow a few things in the next couple of years. I lost money in the market a few years ago and then went conservative at the wrong time (ugh).
It sounds like you originally paid in your military service credit for FERS and they updated to CSRS which is a much better deal (very fortunate on that one). I had to pay back 3 years when I first started and it was some crazy low amount that I will recover in the first year retired. So, I can only imagine how much that paid off for you. I only started putting in my time at 43, so I am hoping I can make it to closer to 67. I hit 60 with 20 a couple years ago; but, the 10% kicker at 62. I'd feel more comfortable if I hit 65 with Medicare on top of what we have. Also, need to cash flow a few things in the next couple of years. I lost money in the market a few years ago and then went conservative at the wrong time (ugh).
You're squared away soldier
Yes, the system has worked well for me, and thankfully the % only applied to basic pay and not allowances.
Hence my conviction that Social Security would eventually have to be means tested and those who don't have an immediate and compelling NEED for Social Security benefits will have them reduced, or more likely heavily taxed.
Cutting sort of violates the letter of the law as regards their promise. Taxing benefits merely breaks the spirit of the law. You still gross your promised benefits, you just don't get to keep much of them after taxation.
Of course, the other "solution" is just to put everything on the soaring national debt and bring about a faster world financial collapse. That is another way to deal with it. Deal with it by not dealing with it.
I just keep hoping I am gone first.
Me too, I know we would never pas a "means test" and they will take our social security we paid all our lives for so I just oversaved to account for that.
I've been a volunteer tutor for middle school & high school mathematics.
I've found that for some students seeking tutoring, most middle school math textbooks don't work.
Most math textbooks at that level follow a standard formula: introduce a concept, show 3 example problems worked out step by step, and then there are a bunch of problems from which the instructor assigned homework. For some students those 3 examples were not enough for pattern recognition to set in.
SO... I called the textbook publisher and found the "instructor's solutions guide" & ordered it. (Note: this is not the teacher's textbook). This solutions guide works out EVERY problem in the homework and self-test sections, step by step (not just the answer). I did this so I was using the same problem solving techniques that were being taught in the classroom.
I've found showing more than the 3 problems worked out step-by-step really helped the kids. Showing a dozen allowed pattern recognition to set in and then they could tackle homework problems successfully. Perhaps this approach might work for you.
Step one is find the ISBN of the math textbook listed up front. Step two is use that to find the ISBN of the instructor's guide. Step three is find a used instructor's guide online if you can. If not, buy from the publisher (you also can buy quizzes, midterm tests & final exams together with solutions from the publisher). Buying from the publisher is tricky because the publisher doesn't want to sell this book to just anyone. You may need to fax them a letter stating your purpose.
Thanks for the advice. Not sure at this stage in life I will go to all that trouble, though. I basically wanted to exercise my brain and maybe prove to myself that I COULD learn algebra, but it's too late to get a degree (well, maybe not, but there would be no purpose for it) and also, at 65, I have to choose what activities on which I will spend my limited remaining time.
I'm learning Spanish in my old age, which will be useful. I never had a use for algebra all t these years, and I doubt I will in my dotage, either. But still, it would be nice to know I COULD.
Thanks for the advice. Not sure at this stage in life I will go to all that trouble, though. I basically wanted to exercise my brain and maybe prove to myself that I COULD learn algebra, but it's too late to get a degree (well, maybe not, but there would be no purpose for it) and also, at 65, I have to choose what activities on which I will spend my limited remaining time.
I'm learning Spanish in my old age, which will be useful. I never had a use for algebra all t these years, and I doubt I will in my dotage, either. But still, it would be nice to know I COULD.
Better calculations to focus on are Future Value (FV) and Net Present Value (NPV) as well as weighted averages. Percentages are good to be able to do in your head. You can do most in a spreadsheet, but, it would be good to know how things work a little more deeply so you can recognize when your inputs are wrong (in calculators and spreadsheets).
A lot of things academically just prove a certain level of intelligence and may have no practical use in your chosen field.
Quick. Calculate 4% of $200k. Okay, so, I know that 10% is $20k. Then, I know that 1% is $2k. So, then I know that 5% is half of 10% so it's $10k and I deduct 1% or $2k to come up with $8k in my head (real fast). That's more valuable to be able to do quickly on a daily basis.
I took the math GRE at age 32 and slowly worked my way through the study book. I got a 560 on the GRE, which, while not great, showed me that I could do it.
My younger sister got her degree at 46 and her Master's a few years later. I still made/make more than she does.
I did try to go to college for awhile, taking classes at night after work, but my brain just cannot grasp algebra. They tested me when I started night school at the university and because I failed the math, I had to pay for a non-credit remedial math class. Failed that, too. Did great in Accounting I, II, III, I far excelled at any English courses, got A's in Business Law, Psycholigy...just cannot get basic algebra to stick in my brain. I would think I got it in class, but by the time I got home, it was gone and just looked like hieroglyphics to me.
I was getting exhausted from living a 7 am to 11 pm life 4 days a week, and when I realized I would never be able to graduate anyway without math, I gave up.
I worked my way up by taking on work about my pay grade until I got the promotion, and after a while, people didn't even know I didn't have a degree.
I just got hired again. No one asked. It is my experience that counted to them.
Mathematics is actually another language and really should be taught as such. If you're good at languages , you should be able to do mathematics. As with all languages, it shapes the speaker's thought processes and perception. Math is no different.
The problem is there's too much focus on technique and not enough on expression. It's just like trying to learn the piano by practicing scales all day and not music. You don't know why you're doing it, it's boring, and it's hard to remember.
Mathematics is actually another language and really should be taught as such. If you're good at languages , you should be able to do mathematics. As with all languages, it shapes the speaker's thought processes and perception. Math is no different.
The problem is there's too much focus on technique and not enough on expression. It's just like trying to learn the piano by practicing scales all day and not music. You don't know why you're doing it, it's boring, and it's hard to remember.
I like this.
And interestingly, Duolingo, the app I use for español, also has a math course. The CEO and founder is a mathemetician, in fact.
the wage gap has been debunked ad nauseum yet still women pretend it's a thing.
if only you could get paid for pretending to be a victim, huh?
my daughter in law recently got a large sum of money as a cpa because it was found the men doing the same thing were paid much more.
they ended up paying her tens of thousands to help them clear up some supposed lose ends before she left but she would have to drop her law suit .
she did and they gave her the money as promised .
this was at one of the most famous hedge funds
Last edited by mathjak107; Yesterday at 07:09 AM..
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