Making the switch at 40?
Joining federal law enforcement at 40 — bad idea financially?
I’m currently in local law enforcement and considering making the jump to a federal law enforcement position at around 40 years old.
I currently have about 9 years in my local pension system. If I leave, I would likely roll whatever pension money I’m eligible to take with me into my TSP/retirement account.
My biggest concern is retirement. If I start federal law enforcement at 40, am I correct that I basically restart the clock and need to complete 20 years of covered federal LEO service?
If I work from 40 to 60 and complete the 20 years, what would my actual federal pension look like? I’ve heard different numbers thrown around, including around 65% of salary, but I’m pretty sure I’m misunderstanding how the pension, TSP, and Social Security all work together.
For anyone who made the jump from local LE to federal around 40:
- What does retirement realistically look like after 20 years?
- Does any of my 9 years of local government service help me on the federal side, or am I completely starting over?
- Would you make the jump at 40, or would you stay local if you were already established with almost a decade toward a local pension?
I know there are factors beyond money, but I’m specifically trying to understand whether making this move at 40 makes financial/retirement sense or whether I’d be crazy to walk away from my current pension track.