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TSP balance tops $113k: Are you smart, lucky or both?
When it comes to prepping for retirement, federal workers are doing much better than their private sector counterparts. For instance:
- When they retire from the government, workers are guaranteed a lifetime annuity with the option to provide a survivor benefit. The majority of federal workers retired under the old Civil Service Retirement System. It has a defined benefit. Someone age 55 with 30 years service could be expected to get a monthly annuity that would start out at about 56 percent of their final salary. CSRS benefits are fully indexed to inflation so each year, assuming costs go up, retirees get a cost-of-living adjustment (COLA) equal to the rise in living costs. In times of deflation (declining prices), annuities are not impacted.
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