Post by minx on Jul 14, 2021 8:57:25 GMT -5
Mr. Minx is starting the final countdown.
As a federal employee, he has to take some classes on his retirement benefits.
He is in the group of people who were hired when the transition from the civil service retirement plans switched over to a mix of a small pension and the TFS (like a 401-k).
Class started at 9am. Instructor is still reviewing the two plans and how to tell what one you ended up with, because over 60% of the class doesn't know what side they ended up on (you were able to choose if you were hired between 1984 and 1986). A lot thought they were straight civil service, even though they were hired in 1987 and wouldn't have been eligible.
So here we have a nice example of the perfect storm about to hit - people who are getting ready to retire but have ZERO idea of what will happen. And many who should have been socking money away and didn't, so are now looking at surviving on social security (luckily, all fed employees do get a small pension, so they get a small cushion).
And there are so many other folks out there who have no idea what will await when that job goes away. They don't know how to check to see their estimated SS check, what retirement plans their employer offers, or even how to access them.
I guess if we're willing to hold out another 3-5 years, the 'worker shortage' will disappear though, cause all those fast-food jobs will be taken by 65yo's who got screwed by the Reagan pipe dream (You can manage your retirement savings better than a company or government plan!).
Just fricken sad.
As a federal employee, he has to take some classes on his retirement benefits.
He is in the group of people who were hired when the transition from the civil service retirement plans switched over to a mix of a small pension and the TFS (like a 401-k).
Class started at 9am. Instructor is still reviewing the two plans and how to tell what one you ended up with, because over 60% of the class doesn't know what side they ended up on (you were able to choose if you were hired between 1984 and 1986). A lot thought they were straight civil service, even though they were hired in 1987 and wouldn't have been eligible.
So here we have a nice example of the perfect storm about to hit - people who are getting ready to retire but have ZERO idea of what will happen. And many who should have been socking money away and didn't, so are now looking at surviving on social security (luckily, all fed employees do get a small pension, so they get a small cushion).
And there are so many other folks out there who have no idea what will await when that job goes away. They don't know how to check to see their estimated SS check, what retirement plans their employer offers, or even how to access them.
I guess if we're willing to hold out another 3-5 years, the 'worker shortage' will disappear though, cause all those fast-food jobs will be taken by 65yo's who got screwed by the Reagan pipe dream (You can manage your retirement savings better than a company or government plan!).
Just fricken sad.