So what did you decide about 55/25?

Just enrolled online.

Message edited 6/5/2008 5:56:00 PM.

Re: So what did you decide about 55/25?

i decided not to do it. i was 24 when i started,i will buy 1yr i prev. taught back. i figure the way things are now 25 years i will only need more money. if i pay in now i will give over $25,000 and if i stay i will only get 12,000 back. not to mention my pension will only be 52% instead of 60% is i stay the 30yrs. I won't be able to collect no matter what until i am 55 yrs. old so i figure it is not worth it for me.

I also went to a useless seminar.

Re: So what did you decide about 55/25?

I voted nay...you know all of my reasons, but I also started early and even if I take some time off, I have a cushion...I'd rather put it in my TDA...

Re: So what did you decide about 55/25?

I am going to do it. I want to have the option of getting out at 50 and doing something else for 5 years till I can get the pension.

Re: So what did you decide about 55/25?

I wanted to go to one of the meetings and I missed it. I keep hearing different info. from everyone. Anyone here know if you opt. in do you get the 1.85% in your pension when you retire? Is that money yours??I was told from some people that you never see that money that they take out.

I will be 50 at 25 yrs. I will have to stay till 30 years 55/30. I was told you will not have penalties if you leave at 30 so I don't think I will opt in. If I do get that 1.85% in my pension I just might do it.

Re: So what did you decide about 55/25?

NOT doing it...the way it was explained to me from someone who went to the meeting it does not seem worthwhile for me. If you retire at 25 years you will not be at the top of the pay scale and will get less of a pension upon retirement. Also with kids in college/paying for weddings (anticipating this) I want as much $$$ as possbile and do not see myself retiring at 55.

Also I do not believe that money that you are paying that 1.85% is yours...but I may be totally off on that...I think that is basically your "insurance" policy for retiring.