My retirement story

[2moryrs]

Just want to wish everyone a very Merry Christmas and the happiest New Year ever! Congratulations to all retiring at the end of 2010. Most of you will be glad you finally took the leap. Some of you workaholics will wonder what you have done! (Remember, there are lots of volunteer possibilities in your various communities)

As the dude on Nightly Business Report says:

The best of good buys!

csh

 

[2moryrs]

Well, it is the second day of summer. We expect thunderstorms here in the area. It feels like it, too. Hot and humid.
Hope all you retirees are enjoying yourselves. We (Local NARFE chapter) had a rummage sale and collected nearly $400.00 for Alzheimers Research Funds. NARFE reached $9 mil and now has a goal of $10 mil by 2012.

At our state convention in May, the local chapter received second place for the amount of voluteer hours turned in. Lots of good places to spend our time in our communities. It is nice to give back.

 

[2moryrs]

We are under an inversion in our weather. Cold air trapped below by hot air. Still enjoying retirement! Congrats to all who have been able to make that decision.
Today is our NARFE luncheon meeting as we prepare for Call Your Congressman Day on February 15, 2012. NARFE is our only voice to protect our earned benefits in these tight economic times. Government is looking for any and all ways to cut spending. YOUR wages (for those still working) and YOUR benefits are just some of the places they are looking at with greedy eyes.

 

[MrJohnRoss]

We are under an inversion in our weather. Cold air trapped below by hot air. Still enjoying retirement! Congrats to all who have been able to make that decision.
Today is our NARFE luncheon meeting as we prepare for Call Your Congressman Day on February 15, 2012. NARFE is our only voice to protect our earned benefits in these tight economic times. Government is looking for any and all ways to cut spending. YOUR wages (for those still working) and YOUR benefits are just some of the places they are looking at with greedy eyes.

Glad you're enjoying retirment. Congratulations on a solid 6.06% PIP in your TSP as well!

 

[jimijr]

Sounds like you're staying active in the group. I'm active too but mostly doing catch-up chores on the property. Yes, my retirement went through and it has worked out mostly as I expected, except I was unaware of THE JOY that just bubbles up when contemplating my lack of gainful employment.

OPM came through just in time last September, took nine months but who cares. I was raped by the tax man on my A/L but I just got that back as a refund, a nice windfall.

One thing I had backwards is that I thought my pension would pay the bills and the IRA would be for walking around money. Instead I have the IRA paying the bills. When the checking account gets low I tell them to move some over.

Around July I will apply for Social Security. I turn 62 in late October so my first full month will be November, payable in December. They have three pay dates depending your birthday or something, my first check should arrive around Xmas. OPM's final special supplement payment will be in November (for October) so it should be seamless transition to a nice big raise maybe 700 a month.

2-more, I hope you're digging the groove...

 

[nasa1974]

Sounds like you're staying active in the group. I'm active too but mostly doing catch-up chores on the property. Yes, my retirement went through and it has worked out mostly as I expected, except I was unaware of THE JOY that just bubbles up when contemplating my lack of gainful employment.

OPM came through just in time last September, took nine months but who cares. I was raped by the tax man on my A/L but I just got that back as a refund, a nice windfall.

One thing I had backwards is that I thought my pension would pay the bills and the IRA would be for walking around money. Instead I have the IRA paying the bills. When the checking account gets low I tell them to move some over.

Around July I will apply for Social Security. I turn 62 in late October so my first full month will be November, payable in December. They have three pay dates depending your birthday or something, my first check should arrive around Xmas. OPM's final special supplement payment will be in November (for October) so it should be seamless transition to a nice big raise maybe 700 a month.

2-more, I hope you're digging the groove...

Sounds like things are finally moving in the right direction. Congrats.

 

[2moryrs]

Thanks, nasa1974, jimijr, MJR. I have not been on the forum for a bit. I go to check on my aging parents every other month. This last trip, mom had 3 days/nights in the hospital. She forgets to watch her own health while she takes care of my dad. Got her some help thru the end of April. Then I will be headed back down in May and see if they are better. They are trying to stay in their own home as long as possible but oh my . . .
I'm glad their finances are good. That is one thing I don't have to worry about for now.

Yes, jimijr, I am enjoying the groove!

2my

 

[Zebra]

jimijr,

Congrats on your retirement, you certainly earned it! It took me 9 or 10 months I believe before OPM got their act together. I see you will be applying for SS this year. Social Security has their act together and they will be Johnny on the spot with your deposits. Be sure to have them take out the proper taxes or you will be short at the end of the year. Are you FERS?

 

[jimijr]

FERS, oh yes. My final factor was 0.265 which is netting me out just over $2k per month with supplement. That is not enough to live on is it. That is why all who have yet to retire must really see to the well-being of their TSP. I was able to go only because mine (now in an IRA) pays my heavy housing bill, $20k per year, and so far it is still increasing in value but of course we have had a heck of a nice run in the last six months.

I am now in the runup to my summer vacation in NY state with family. Retirment is SO NICE!

 

[nasa1974]

FERS, oh yes. My final factor was 0.265 which is netting me out just over $2k per month with supplement. That is not enough to live on is it. That is why all who have yet to retire must really see to the well-being of their TSP. I was able to go only because mine (now in an IRA) pays my heavy housing bill, $20k per year, and so far it is still increasing in value but of course we have had a heck of a nice run in the last six months.

I am now in the runup to my summer vacation in NY state with family. Retirment is SO NICE!

Glad to hear things are working out. In 13 work days and a wake-up I will be joining the retirement ranks.

 

[jimijr]

Hey 2-More, how is it going? My SS came through in December. My birthday is October 31 so my first month of eligibility was November which they paid in December. The difference is, SS pays four times a month and they put you in one of those four groups depending on...what, I forget; number, name, something. I am in the fourth group so I get paid on the fourth Wednesday of the month. OPM pays on the first day of the month essentially; on the first of December I got my pension minus supplement and had to wait until the fourth Wednesday for SS. I had to plan for that delay a little.

Now I get two checks per month, one on the fourth Wednesday and the other a few days later on the last business day of the month. Each are nearly the same and combined, net out in the mid-30s, plenty when you have no housing costs and pay so little in taxes.

Our IRA continues to pay its bills, pay my bills and to grow. April marked the 16th month in a row the account had grown in size. We had some big draws in the last 12 months, too. We needed a new roof, $4k; needed $7k for wife after she became unemployed; paid an escrow account shortfall $1.5k.

Well, you would have to in a coma not to be making money in the stock market these days. The rise in the indices looks solid to me, too. I expect more of the same for the next 6-12 months. So I look at our present increase as money we will have to spend down the line, it can not go on forever. Can it?

Here are some numbers that amazed me. Our gross household income in 2012 was only 50% that of 2009 prior to my retirement. Yet our net was actually larger. All the missing half was going to TSP, SS, Fed tax, and restoring a classic car (now done). We shed around $75k in expenses thus the measly $35k I earn today puts more money in my pocket than when I was working for a living. Magic!

 

[2moryrs]

Where has the time gone!?!
Have been retired 7 yrs now, working on #8. A lot has happened in those years; and now I am seeking more meaningful ways to spend my time. After having had a structured work life, retirement life can leave you feeling adrift with no discernible path ahead of you.

In the last 3 yrs both of my parents have died; leaving me an orphan! (glad I am in the family of God) Makes life just a little more bearable.

Was elected to be the District Rep for district 2A of the OR NARFE Federation. With the economic situation in the world today, NARFE is more important to retirees and current employees than ever. NARFE is protecting the benefits that I worked for and earned for 34 yrs. NARFE is not a union. NARFE does have a PAC arm. NARFE develops relationships with national, state and local political representatives to advocate for equal treatment of ALL public employees and retirees.
Membership numbers do matter; attrition is reducing our clout on Capitol Hill. Once we could boast of +300,000 members. Now we are nearing under 200,000. If you would like to know more, please PM me and I will answer your questions as best I can.

Enjoying my retirement, hope you are too!

 

[2moryrs]

Jimijr,
It is magic isn't it! We are debt-free sort of. I had to replace an old truck to pull my horse trailer. Thanks to being a credit union member I got a great interest rate, and borrowing my own money. Direct deposit to credit union from pension pays the payment. My parents left my brother and I some money and I have entrusted a Vanguard Adviser with helping me keep it/grow it. Just started that so will report on how it is going later. One of the first things he wanted to do was get his hands on my TSP money. Took it off the table. It is fine right where it is for now.

Are you still in FL? Will have to let you know if I ever get to go there again. Key West was beautiful!