nasa1974's retirement story

[nasa1974]

Nasa,

My main advice ? Cross every "t" and dot every "i", including the section from your "custodian" if you're rolling into some other account !!!

Regardless of how you submit the forms (snail mail, fax), at least check the TSP web site EVERY DAY for the status ! If you fax it like I did, CALL THEM every day until you get a verbal confirmation that they have it "under review", and they have it straight on what you want them to do. As I noted in my thread, they don't tell you much, and if something is screwed up, you have a very short window to correct it !

Best Wishes to You and Yours for a healthy and prosperous 2013 !!!


Stoplight...

Stoplight, Thanks for the advice. I'm going to have it sent to my checking account. I'm going to pay off the last of the college loans that I took out for my daughters. Good luck in 2013 as well.

Marty

 

[nasa1974]

Got my "Notice of Annuity Adjustment" in the mail Saturday from OPM. Yippee my COLA is 1% because I retired after December 31, 2011. So I don't get the 1.7%. I guess something is better than nothing. The nice thing is that my Health Benifits only went up about $3.00. Good luck in 2013 everyone.

Marty

 

[nasa1974]

My 1099R from OPM showed up in the mail yesterday. Still waiting on a few more forms and I start my tax returns. :nuts:

 

[nnuut]

Got mine too, now playing the waiting game.

 

[nasa1974]

Well I think I have all my forms for taxes. They don't take state tax out of my retirement check yet. So after I do my taxes I have to figure out is it better to have just federal tax taken out and pay the state after I do my taxes or have the money taken out every month for both state and federal. Dang it!!

 

[nasa1974]

Didn't pay attention last month but I got a whole $40.50 cost of living boost. That might just pay for a tank of gas in my wifes car.

 

[Kaufmanrider]

Didn't pay attention last month but I got a whole $40.50 cost of living boost. That might just pay for a tank of gas in my wifes car.

Good for you. The rest of us Fed's got a 2% pay cut (Social Security). I can't wait to join you so I can start getting some annual COLA's

 

[clester]

Didn't pay attention last month but I got a whole $40.50 cost of living boost. That might just pay for a tank of gas in my wifes car.

Every little bit helps.

 

[nasa1974]

Now that taxes are done I figured out what I am going to owe the great state of Ohio, or at least close enough. So I went on the OPM website and set up my deductioin for state tax. I am pretty impressed with the website. Hard to believe it is almost a year. Hope everyone else is doing fine.

 

[nnuut]

Now that taxes are done I figured out what I am going to owe the great state of Ohio, or at least close enough. So I went on the OPM website and set up my deductioin for state tax. I am pretty impressed with the website. Hard to believe it is almost a year. Hope everyone else is doing fine.

I didn't pay any State tax down here in GA!!

 

[Handballer]

Same-same for me up here in AK.

 

[nasa1974]

Little over a year now since I retired and things have been going well. I initially planned to tap my TSP for a one time withdrawal just after retiring to pay off my daughters college loans. Well one thing has led to another and I will start the paperwork next week. My van is over 10 years old and is starting to cost more money than it is worth, so once I pay off the college loans I will have some freed up cash to put towards a truck payment. If the market stays strong I should recover the withdrawal in about 2 years. I will try to keep a log on how things go with TSP and the one time withdrawal. I'm planning on staying in the market and not going to G fund while the withdrawal goes through the process. Let's hope I don't get beat up. If things work out I'm hoping not to take any money out of my account until I turn 70.

 

[nasa1974]

Snail mailed my form for the one time withdrawal yesterday. Let's see how long it takes for the process to complete. Wife has to be notified first before anything else happens. Should be interesting. I hope the market will be nice to me. :suspicious:

 

[nnuut]

I did one of those when I was 60. The only thing I didn't like was the 20% Federal and 0% State tax that was taken out. At the end of the year I got some of that back and felt a little better.

 

[Birchtree]

Whenever anyone takes a lump sum they run the risk of inadvertantly blowing out their adjusted gross income and then up go the taxes. Obamacare has so many hidden taxes that bite according to AGI. In retirement your life will be ruled by your AGI. I'm trying not to take many capital gains this year until my wife retires next year - trying to keep what's mine.

 

[nnuut]

If they tried the Cyprus trick it would be the end of the IRS!

 

[Stoplight]

Snail mailed my form for the one time withdrawal yesterday. Let's see how long it takes for the process to complete. Wife has to be notified first before anything else happens. Should be interesting. I hope the market will be nice to me. :suspicious:

Nasa,

I hope your process goes smoothly and quickly ! I moved my TSP into G before I submitted my paperwork for my partial withdrawal, but I lost some potential income by doing that... 20-20 hindsight ! Hope you have better luck, and the market is good to you...

I WAS confused about your comment about the Wife having to be notified...when I submitted the paperwork, she had to SIGN it, too ! Went back and looked at my form, and sure enough, she did...

Right here is another difference between your (CSRS) retirement, and my (FERS) retirement ! In your case, it's only "notification"...in mine, it was "...and I agree to it, too" !!

Interesting...another "lesson" for those thinking about their Fed retirement "Plans" !

Take Care !

Stoplight...

 

[polarbear]

Knee-slapping funny in answer to Nnut. Shoot, it would be the end of everything. I live in the Deep South (NW Florida) and around here 95% of everybody is armed and carries in the car or truck. Scary in a way. At the same time, you are right in spades, Birchtree, about our lives in retirement being ruled by our AGI. I am so hep. That's why I don't want to make more than a token amt of money in my new work during retirement this year -- until next year -- and then cut loose! Next year I am going to burn up the road!!! For right now, I am just keeping my Customer happy. If my Customer is happy, I am happy.

 

[nasa1974]

Nasa,

I hope your process goes smoothly and quickly ! I moved my TSP into G before I submitted my paperwork for my partial withdrawal, but I lost some potential income by doing that... 20-20 hindsight ! Hope you have better luck, and the market is good to you...

I WAS confused about your comment about the Wife having to be notified...when I submitted the paperwork, she had to SIGN it, too ! Went back and looked at my form, and sure enough, she did...

Right here is another difference between your (CSRS) retirement, and my (FERS) retirement ! In your case, it's only "notification"...in mine, it was "...and I agree to it, too" !!

Interesting...another "lesson" for those thinking about their Fed retirement "Plans" !

Take Care !

Stoplight...

I will let you know what the notification looks like that will be sent to my better half. I'm guessing she will have to sign something and send it back.

 

[nasa1974]

Whenever anyone takes a lump sum they run the risk of inadvertantly blowing out their adjusted gross income and then up go the taxes. Obamacare has so many hidden taxes that bite according to AGI. In retirement your life will be ruled by your AGI. I'm trying not to take many capital gains this year until my wife retires next year - trying to keep what's mine.

Birch I think your right. The state will nail me for sure and the 20% should cover the Feds under normal circumstances. But I might get burned by AGI.