My retirement journey

[poppa]

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!

nice but how do you know when that A/L check is coming?

 

[ravensfan]

dave123 I have been driving a schoolbus (until Covid) for about 6 years now and the number goes up each year, 18,240 sounds like the number for 2021 and 17k was for 2020. Once you turn 65 you will be able to make as much as you want without penalty, but until then you will need to pay attention to the max allowable.

 

[dave123]

Thank you Raven, that is what I was leaning towards.

Net or Gross??

 

[ravensfan]

Unfortunately it is gross...

 

[evilanne]

nice but how do you know when that A/L check is coming?

The annual leave generally comes right after your last paycheck. It is from your agency so you shouldn't have to worry about it like you do with OPM interim retirement payments.

 

[evilanne]

James,

What agency did you work for? In 2016 it only took 3-4 months to get interim payment adjustment for me but there wasn't any outside factors like COVID

 

[Scout333]

nice but how do you know when that A/L check is coming?

Seems to depend on your Agency! Mine took about 30 days. Some have gotten them with their last paycheck. Others with a separate check two weeks or so. Check with HR or your Pay Clerk for your Agency.

 

[James48843]

James,

What agency did you work for? In 2016 it only took 3-4 months to get interim payment adjustment for me but there wasn't any outside factors like COVID

I worked for the FAA. It took six weeks after my last pay period to get my annual leave payout, and I just got my booklet yesterday- which outlines that I will get another interim pension payment in January, and the first full payment on February 1.


So it took from August 31, until the following February 1, to get the full pension sorted out. I was planning on December, not February, but I’ll be ok. I was originally hoping to spend the time right after retiring on doing some extensive travel around Europe.
So much for that idea!


Sent from my iPhone using TSP Talk Forums

 

[gibsonman]

some HR departments know what they are doing and some are clueless...just like all Gov agencies

 

[Maricar19]

Hi- based on our experiences:
Me: Retired 4/2016 - Received interim payments 6/30/2016, 7/14/2016, 7/29/2016 (Adjustment); 1st correct annuity -8/31/2016
Spouse: Retired 3/2018 - Received interim payments 5/09/2018,5/31/2018,6/28/2018,7/15/2018 (Adjustment); 1st correct annuity -7/31/2018
Approximately 4 months after retirement you receive your 1st correct annuity payment