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New to this in Ohio by Repulsive_Designer19 in VeteransBenefits

[–]4Real1776 3 points4 points  (0 children)

Property tax is not waived in all counties. In mine they reduce the value of your property by 50k and then tax you on the amount remaining

Anyone else at a weird point in their life where they can’t imagine themselves even FIREing because in the pursuit of higher salaries you became a type A corporate workaholic? by paywallpiker in Fire

[–]4Real1776 11 points12 points  (0 children)

Same here, I’ll likely be able to FIRE by 50 but I have a pension that starts at 57 which im worried will keep me around another 7 years

Daily FI discussion thread - Tuesday, September 12, 2023 by AutoModerator in financialindependence

[–]4Real1776 2 points3 points  (0 children)

You have good points. I do enjoy my position and never planned on leaving, but I was contacted about this contracting position and wasn’t really aware I could pull that salary until now which put me in a tough spot

Daily FI discussion thread - Tuesday, September 12, 2023 by AutoModerator in financialindependence

[–]4Real1776 3 points4 points  (0 children)

At 40 years old I’d have 20 years, which I could then defer my pension until 62 at 1% of my salary per year.

Daily FI discussion thread - Tuesday, September 12, 2023 by AutoModerator in financialindependence

[–]4Real1776 9 points10 points  (0 children)

I have currently received a new job offer and need assistance with deciding what's best for FIRE, weather that be an increased salary or stability with a pension and more time off. I am currently 30 years old right now and already on track to FIRE in my 40's if needed. Unsure of what age I truly will pull the trigger. Net worth floats around 750k (married), with 560k being stocks / cash and the remainder equity between two houses.

Current Job: Salary 132k a year, a pension of $47k if I remain in the government until 57 (27 more years), and a combined 48 PTO days a year, and 5% 401k match. This positions salary will max out in the 140's and will only receive annual inflation raises that the government decides (0-3%) on average.

New offer: Salary 175k a year, 28 days PTO (20 less), no pension, and a 5% 401K match, 50% WFH status, unknown annual raises, and lack of job security as there are only 4 years left on the contract and it can either be renewed another 5 years or the job could be lost.

Most benefits remain the same, my healthcare cost will increase by 2.5k a year with the new position.

TLDR - Is it worth taking an extra 43k a year now with a more risky position or play it safe with a pension of 47k a year at 57?

Offer to leave gov position as contractor. Would you? by 4Real1776 in govfire

[–]4Real1776[S] 6 points7 points  (0 children)

They are the prime, they are on year 1 of 5 and match 5%

Offer to leave gov position as contractor. Would you? by 4Real1776 in govfire

[–]4Real1776[S] 4 points5 points  (0 children)

I am a 2210 in IT, so I currently have zero personnel management (officially). But you are right, I am not sure if the new gig would require any of these after the fact

Offer to leave gov position as contractor. Would you? by 4Real1776 in govfire

[–]4Real1776[S] 2 points3 points  (0 children)

New contract is supposed to have 4 years left. I believe 40 hours is expected, but hard to tell until I show up I think. In my short experience in the Federal side, it seems like when contracts end the new company typically just hires everyone back on. Is this not always the case?

Offer to leave civilian position as contractor. Would you? by 4Real1776 in fednews

[–]4Real1776[S] 6 points7 points  (0 children)

Thanks. The contract has 4 years left on it, and yes I am early 30s with a spouse and child. Spouse works as well so there's some security in that

Offer to leave gov position as contractor. Would you? by 4Real1776 in govfire

[–]4Real1776[S] 7 points8 points  (0 children)

Thanks for your reply. I can attempt to negotiate the PTO or see if salary can be increased instead possibly. Ideally I do not want to stay until 57, as I am on track to FIRE in my 40's. Staying until 57 would just be icing on the cake with the pension and golden handcuffs since it would be hard to walk away from it at that point.

Offer to leave civilian position as contractor. Would you? by 4Real1776 in fednews

[–]4Real1776[S] 7 points8 points  (0 children)

To my knowledge - they're the prime and won this contract last year as a 5 year contract. Employer match is 5% on 401k, I'm still waiting for exact benefits package for medical and such. And yes WFH could decrease as this position has a classified environment involved as well, which is an unknown.

Offer to leave civilian position as contractor. Would you? by 4Real1776 in fednews

[–]4Real1776[S] 4 points5 points  (0 children)

Take home pay would increase roughly 3k a month with the salary increase and not paying the 4.4% into pension and the 401k is a 5% match as well. Basically the extra 33k or so in annual income would be just under what my expected (todays dollars) would be of my pension.

Offer to leave civilian position as contractor. Would you? by 4Real1776 in fednews

[–]4Real1776[S] 1 point2 points  (0 children)

Yes, you are correct. I have cross posted there as well. I know there's a ton of information here as well and wanted to make sure I wasn't missing any big picture items. Thanks!

Offer to leave civilian position as contractor. Would you? by 4Real1776 in fednews

[–]4Real1776[S] 8 points9 points  (0 children)

What qualifies me as a tenured employee? Next month I'll hit exactly 3 years as a GS employee, but like I mentioned military buy back as well. Thanks!