I am planning to retire from post office at 57. I have $200k in thrift. I will get $500 monthly pension when I retire at 57. That is 22 years service. I don't want to wait until 65 for social security. I am planning to get an annuity plan of $1500 monthly for 10 years using my $200 k in thrift. By the end of 10 years the thrift will be used completely but my social security will be ready. I will get $2000 social security after 65. Is this a good idea?

Good plan if you want a long life of poverty. Your annuity will be very expensive and in 10 years you can't buy as much with the 1,500. You may not get SS since you got a Postal pension, did you pay into it while working at the post office? My mom did 20 at the post office but then couldn't get SS but it may have changed. if you retire so young your SS will be small since it is based on your 35 highest years and you might be missing some.

That does not pencil out !!!! 1500 a month x 12 mo x 10 years = a return of only $180,000 on the $200,000 you put in. Do not do it !! Find a better way to invest the money. [Is your house paid off?] And (sorry) you should consider working longer.

And in your plan you ARE postponing SS to age 65 or 66 {yet you say "I don't want to wait..."}

>> You need some real help planning for retirement.

I believe federal employment, like state employment, is exempt from social security. SO yo did not put earned income into the account, and won't be getting it out.

nope, you really need to speak to a financial advisor.