My retirement journey

Hmmmm.

Well, I retired on August 31. I only worked one day in that pay period, so when I got paid on Sept 22, there was one days pay, less normal deductions, which ended up being $179 in the hole. The next payday cake and went- I was able to log in and see it was a no pay earned, nothing taken out, leave balance still showing 155 hours of annual. That was as of October 5.

Today I just logged in to employee express, and it shows that I am (or should be) getting my lump sum payment this paycheck ( 3rd paycheck period since retiring.).

I hope it shows up on Tuesday- which would have been my normal payday. That would be great. It means I won’t have to touch my TSP before at least next year, which is the plan.

I still hope to tweak the TSP account to over a million bucks. That was the goal I set 25 years ago- and I’m over 900k now, so even just growth can get me there. Cross my fingers, anyway.

I should have stayed working another year, but this whole Covid thing just got me to a place where I needed to go now.




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Shoulda, woulda, coulda, when you decide it’s time to go, its time to go. Try to enjoy. Probably still feels like you are on AL. 😊

I’m glad you can still log in to employee express. My HR service was gone the day after I retired since I could only log in from a .gov domain which was also gone when I left for the day. I tried it when I got home just for fun. IT was right on top of that OPSEC concern.

Isn’t it sad to see you were working more than one day to pay the deductions?

I hope you get that leave payout on Tuesday. Did you get your SOL CSA number yet?

PO
 
What a “wonderful” day.

So today I get an email message from DONNA at OPM.

She has been assigned as my person.

And she has rejected my retirement application, because I have signed my application with an electronic signature rather than in blue ink. Apparently OPM didn’t get the message that people are only sighing electronically now, due to Covid. (At least at my former agency, because I asked that very question in AUGUST and was told to sign electronically using my PIV card. )


Oh, and she attached a letter to my email, explaining that she is mailing the attacked hard copy to my home address, in case I don’t get this email.

Except the letter she attached is NOT addressed to me. It’s addressed to a woman in El Paso, Texas; it gives that woman’s CAS number and home address, and that she signed electronically as well.


So- is this why they called it “SOL”?

Note: October 26, and I still have NO CAS Number, after receiving a password on October 7, and being told that I should have an additional mailing In a few days. And I have called TWICE now asking, and each time the person has said I should get it in the mail any time now.


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Note to previous self-

If I had it to do all over again, I would have INCREASED the share I had going into ROTH.

Although Roth TSP started in 2012, I did not start contributing into the Roth side until 2014. The rules are- in order to gain maximum tax benefit in the Roth, you have to contribute at least 5 years before retiring. I did, but only a couple of percent, so that it would be legal.

I wish now that I had split my contribution to the TSP, 50% to regular, and 50% to Roth, starting as soon as I was able.

Today, I was thinking about buying a duplex as a rental. If I paid cash for it, I would have to draw froM my taxable side, as I don’t have enough in ROTH to cover all the costs. If I had split the TSP allotment I was saving (was at 11% regular, and 2% Roth), I would be in a much more flexible position today.

Live and learn.

To the younger me- save into TSP the max, but split it 50/50. You will thank me later in life.


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Darnit James! I had no problem with mine but that was about 11 years ago, I do remember it was a BIG pain in the roskinoski!.
 
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James, Did you get everything straightened out yet? Can you even access TSP if OPM hasn't accepted your retirement?

I agree with you on Roth contributions...for those just starting out at lower salary, I'd recommend 100% Roth.
 
James, Did you get everything straightened out yet? Can you even access TSP if OPM hasn't accepted your retirement?

I agree with you on Roth contributions...for those just starting out at lower salary, I'd recommend 100% Roth.

1. I finally received my account number, was able to log in, but all I have gotten so far is the first monthly payment of the interim FERS. I got my leave payout finally. That’s going to be enough to carry me ( I think) until the final determination on my retirement pay. I’m hoping it won’t be too much longer, but I also just read that September retirements jumped from 6400 to 8500 . Must be a lot of folks like me bailing out right now.

2. Anyway— yes, I likely have access to withdraw TSP now, but I’m going to hold off as long as I can. I always dreamed if being a millionaire sone day, and I’m less than 10% below that goal . Hope to hit it within 12 months just on savings and hitting the right moves. Fingers crossed.


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1. I finally received my account number, was able to log in, but all I have gotten so far is the first monthly payment of the interim FERS. I got my leave payout finally. That’s going to be enough to carry me ( I think) until the final determination on my retirement pay. I’m hoping it won’t be too much longer, but I also just read that September retirements jumped from 6400 to 8500 . Must be a lot of folks like me bailing out right now.

2. Anyway— yes, I likely have access to withdraw TSP now, but I’m going to hold off as long as I can. I always dreamed if being a millionaire sone day, and I’m less than 10% below that goal . Hope to hit it within 12 months just on savings and hitting the right moves. Fingers crossed.


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That has a nice tone to it, "I'm a millionaire".
Unless I hit the lottery I won't be able to say "I'm a millionaire". Between my wife's 401K and my TSP we can say we are 3/4 of a millionaire. :laugh:
 
The retirement processing saga continues...


To re-cap: My last day in the office was officially AUGUST 31.2020.


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In our last episode, the young lady at OPM had rejected our man's retirement application, because he has SIGNED ELECTRONICALLY DURING COVID, and our hero's Agency had instructed all employees to start using ONLY digital signatures on all formal Agency documents earlier in the summer. OPM had not gotten with that program, and, after delaying for a month, had notified our man that his application had to be re-signed in BLUE INK in order to make it valid. James promptly SIGNED AGAIN, THIS TIME IN BLUE INK, and expedited the package BACK to OPM in Pennsylvania, in hopes that it it would be rapidly considered and finalized. THAT WAS OCTOBER 24.


Skip forward to November 23.

A Monday.

Having NOT heard anything back yet, after a full month, our hero once again contacted OPM's Young Lady to confirm that she had received the signed package, overnighted to her on October 24, which had been signed for on Tuesday, October 27th, in Pennsylvania. (SO much for overnighting, eh?) This time, he sent anther email, return receipt, asking for the young lady to confirm receipt, and asking if there was anything else needed, because we had not heard anything yet, a month later.

A few hours later a quick reply came. YES, she said, she had received my package, and had done her thing, and had forwarded it to the next person in the retirement processing line, for their calculation. That was a few weeks ago, so I should be hearing soon, she says.

Hmmmm.

The next day, ANOTHER email comes back from the same young lady at OPM.

owens2.jpg

It seems there is ANOTHER HITCH, she says.

Says the next person down the line has sent the package BACK to her, because I had checked the box saying I was receiving military retired pay, AND I had made a deposit for military service. I can't do that, she says- I have to give up my military retired pay if I want to count that time as FERS time.

"NO- I don't," I explain to her, slowly. "My military retirement pay comes from Army National Guard M-day drilling reservist, with 20 years of service, and it's the one type of military retirement pay you get to keep when you are a Guard/Reservist and serve 20 years, AND do 31 years Federal employee time. " I explain to the OPM retirement specialist.

"Oh, well your package doesn't say that", she says.

Well, of course not, I think to myself. The forms don't give you a place to explain, I figured the fact that the 20-years of retirement points paperwork that I sent along in the FIRST TWO PACKAGES I SENT would suffice to explain it. There isn't a box to check on the regular FERS retirement form to ask what authority your military retirement pay is authorized under. It just says "are you getting military retired pay", and that's it.

So I tell her I am getting 20 years of Guard retirement, about $1200 a month, under Chapter 12 of Title 10, for Army Guard Service. She says "DO you have your orders saying that?"

"Of course", I say .

I SENT A COPY OF THOSE ORDERS AND THE LETTER WITH THE FIRST RETIREMENT PACKAGE I SENT IN BACK IN AUGUST.

Apparently the AGENCY person who processed my package removed my orders as being unnecessary, and they weren't in the package that eventually went to OPM.

SO I scanned, and emailed, RETURN RECEIPT REQUESTED a copy of my military retirement orders, authorized under 10 USC 12731 (Reserve components retirement after 20 years).

https://www.opm.gov/retirement-services/fers-information/military-retired-pay/


  • Under the provisions of Chapter 1223, Title 10, U.S.C. (pertaining to retirement from a reserve component of the Armed Forces).

That was Tuesday, November 24th.

Today was November 30th, and my file on-line at Services Online still does not show any further activity from OPM in the processing of my retirement. I still got today, the roughly 40% of my final FERS retirement "interim pay".

Got my fingers crossed that DECEMBER will be the month they come through with my full retirement pay, and FERS supplement.

As that 40% interim retirement pay alone is about to be a heavy lift- I am out of reserve cash that I had figured I would need after retiring on AUGUST 31, 2020, and still no final pension on December 1. I have not yet touched any of my TSP, and won't need to, IF my regular FERS pension and supplement comes through in the next week or two.

If not, it's going to either require tapping the TSP, or just having a quiet Christmas at home.



Lesson for all- save TWICE as much cash as you think you are going to need for the interim period when you retire, because OPM isn't necessarily the quickest agency out there.

RowanandMartinLaughin.jpg

I'm now officially at 92 days since my last dayof work,

and 169 days since I formally sent my retirement package to my agency specialist to begin the process, because they wanted 60 days advance notice/submittal of package before retirement,

and I don't yet have the end in sight.



(sigh)
owen-3.jpg

Tune in NEXT MONTH, and find out-

will JAMES still not be receiving his FERS pension and supplement?

Will he be eating peanut butter and jelly?

Or will OPM come through- and the pension, the supplement, and the four months back pay of difference come through and James will be eating steaks and lobster -just in time to share with Santa and the elves.

TUNE IN AGAIN NEXT MONTH- .

same-bat-time-same-bat-channel.jpg

SAME BAT TIME.

SAME BAT CHANNEL.
 
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Well, it has now been 108 days since my last day on the job.

I got the message December 10th that my pension has been finalized, but I still have NO IDEA when the real money starts.
They said on the servicesonline.opm.gov site that I should receive my benefits booklet within 2 to 3 weeks. But the don't post what the
expected payment start date, or the amount will be, or when the FERS supplement will kick in.

As far as I can figure, I am expecting a FERS retirement of $3K a month, and a FERS supplement of around $1,200 a month. That's $4,200 I think they owe me.

But they've only paid $1,780 a month in interim pay. And the website says that they plan to pay that $1,780 on January 2, 2021.

Does that mean that I won't get the "settlement" payout until February? That would mean they will owe me $10K by the time they actually start paying my full pension. Is that for real?

Anybody who has been through this - How soon after finalizing did you get paid something other than the interim payment?

Thanks
 
James, seems like it was pretty soon after finalizing everything. Within 30 days if I remember correctly. Don't forget all the "deductions" for taxes, health insurance premiums, etc. May cut into your catchup payment?
 
James just curious how you figured how much you might need to tie you over until your full retirement kicks in. I am still a few years away but i want to plan accordingly. Is there some magic formula to go by ie. you need 2-3 months pay set back?
 
Although 108 days seems like an eternity when waiting for your retirement to be finalized, I retired in January of 2011 under CSRS and did not receive my full pension until October 2011. My benefits booklet was received in September, so there was only a 1 month wait from interim payments to full pension. Of course in those days 10 and 11 month waits was the normal so it is good to see there has been improvement in the wait times.

Oh and just an FYI, I received my backpay in December 2011, but again, that was under CSRS.
 
Quabit, most of us saved the maximum A/L which gave us a nice little nest egg while waiting for the finalization of our retirement. Depending on the type of retirement plan you are retiring under you should get "interim payments" pretty quickly after retiring (60 days or so after retiring). 2-3 months pay saved up and your A/L should get you through Ok. You are smart to start planning now. Best of luck to you!
 
Hello again. Thought I would give an update. I can see that this thread is happily moving along while I have been fishing, which is great. :)

So yesterday, I finally got my "catch-up" money. That means that the payments that have been coming (as expected) at less than full annuity have been caught up and I expect to get regular payments monthly starting January. I retired June 30th, so I'm about average, from what I've heard.

Life is good, we could not be happier. We are so blessed! I hope all of you have a great retirement as well. Anyway, I'm a personal trainer at a gym (Florida, so we are still open) owned by a large company, and easily making the max that I can make without lowering my annuity. I come in 4 days a week for 6 hours. This leaves me plenty of time to fish, play tennis, etc. My boss is really cool, and I will have no problem taking enough time off to keep from going over - which leads to a question:

I had been told that the cut off for retirement income without a penalty was 17k. I received a letter in the mail from OPM and it really appears that the number is actually 18,240. Does anyone know if there has been a change?
 
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