Elgallo's Retirement story

[Elgallo]

Let me start this thread with an appropriate tune.

http://www.youtube.com/watch?v=tsTAUs_h_uY

I'll be posting my experience with the oddessy of retireing from the Federal Gubmint. So stay tuned.

 

[brooksmd]

Elgallo, may I be the first to congratulate you on your retirement and welcome to the club. It will be one year tomorrow that I became a member of the retirement club. Have not looked back. You'll love it. I know you will have a very Happy New Year.

 

[Frixxxx]

I'll be posting my experience with the oddessy of retireing from the Federal Gubmint. So stay tuned.

Congrats Elgallo,
Please do keep us up to date, and I hope the transition in life is easier than the transition to being paid that well deserved and truly earned benefit!
You do know the "street" vernacular of your name right?

 

[Show-me]

Good for you, enjoy it!

 

[nnuut]

Been there done that if you have any questions feel free to ask. CONGRATULATIONS You'll love it.

 

[Elgallo]

Thanks everyone, its been almost two weeks now and let me say I can't complain one iota! Been gettin things done that have been hanging fire for way too long.

The one new development regarding my retirement is that my lump sum AL payment showed up in my check last Friday. I understood it would be as long as 6 weeks, so this was a pleasent suprise.

That's it for now.

Now where is that fishin pole...................

 

[Zebra]

Congrats big time! I truly love retirement, I can't believe a year has passed!

 

[nasa1974]

Elgallo, Congratulations. Looking forward to the updates. I plan to retire June 1st so it will be interesting to see how things progress for you.

 

[Dutchy]

Congratulations !! I'm retiring 2/29/12. Could you tell me approximately how much they withheld (percentage) for taxes from your A/L hours check? I've heard from 33-40%?? Thanks..

 

[Elgallo]

Another quick update here. I just received the letter from TSP indicating they were informed of my recent retirement, and wanted to know if I intended to pay off the balance of a TSP loan I currently have. One must either pay off the loan or declare it as income and it goes towards income for the 2012 tax year with taxes due in April 2013. This must be done or you cannot withdraw funds, lump sum or otherwise, going forward.

Going to go work on the boat now...........

 

[Dutchy]

Another quick update here. I just received the letter from TSP indicating they were informed of my recent retirement, and wanted to know if I intended to pay off the balance of a TSP loan I currently have. One must either pay off the loan or declare it as income and it goes towards income for the 2012 tax year with taxes due in April 2013. This must be done or you cannot withdraw funds, lump sum or otherwise, going forward.

Yes..... A TSP outstanding loan is an important consideration when determining when to retire. I hope that your HR Dept., informed you that you would have to repay the loan or declare it as income when you submitted your retirement paperwork so that it was not a surprize to you...

 

[nasa1974]

Elgallo, What did you decide to do with your TSP?

 

[GUCHI]

congrates Elgallo you lucky dog.
Yeah Elgallo what did you do with your tsp loan? i have 1 also. i plan to retire in 2014 and loan would be paid off in 2016. i was told that if i keep as inome i would have to declare "intent not to repay". in that case i would be taxed 10% and if not 59 1/2 yrs old another 10%. is that what you heard?

 

[Elgallo]

Your understanding is correct Gucchi. The loan goes to income and no penelty if one is over 59 1/2.

Nasa: As soon as my loan is terminated, and I presume I get some for of 1099 and the loan issue is setteled, I I intend to roll my entire balance into a Fidelity IRA. Doing that, frees me from the draconian rules imposed upon us by the TSP Board.

 

[nasa1974]

Your understanding is correct Gucchi. The loan goes to income and no penelty if one is over 59 1/2.

Nasa: As soon as my loan is terminated, and I presume I get some for of 1099 and the loan issue is setteled, I I intend to roll my entire balance into a Fidelity IRA. Doing that, frees me from the draconian rules imposed upon us by the TSP Board.

Thanks, Elgallo.

 

[Elgallo]

I recieved a letter from OPM congratuating me on my retirement and that more info will follow. That was this past Saturday.

Yesterday I received my copy of the package the DONHR in Portsmouth provided to OPM. This containd information on my intrim and full benifit. I guess it now only a matter of time until I receive my full annunity.

I was asked by someone about how much tax was withheld from my lump sum leave payment it was in the order of 20-30 % +/-.

 

[Elgallo]

Well Well Well... my first payday in retirement has come and gone, and guess what, the check wasn't in da mail. Howz about dat!!

Anyone have a phone number I can use to expess my "Great Disappointment" and I'm being kind, or am I just impatient??

Fully Retired But Not Beyond It Yet (FRBNBIT)...

 

[A2Z1112]

Elgallo, I retired 12/31/2011. The only thing I have received was a letter from the NFC in which they advised they were sending a Register of Separations to OPM. I have received nothing from OPM. I am anticipating (Hoping) for my AL check this weekend and to see my interim annuity check later this month.

 

[nnuut]

I received my AL check in 6 days, amazing, 428 hours if I remember correctly.

 

[A2Z1112]

When I do receive my AL check it will be for 448 hrs which will be nice. A coworker who retired the same date as me has already received her ID# and password for the OPM site!!! Another coworker retired 8/31/2011 and his annuity was finalized within 4 months! Go figure!