nasa1974's retirement story

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Got my 1099R from TSP today for the partial withdrawal I made over the summer. Looks like it will take me an extra year or two to recover the taxes I paid for that withdrawal. :mad: But I knew that when I started that ball rolling. Now I just need my W2 from Best Buy and I can start my taxes. I should get some money back from the IRS but the State of Ohio is going to nail me.
 
"Our oldest daughter gave birth to her first child on the 14th and Emma is our first grandchild. Our youngest daughter just told us they are expecting in early September."

Congratulations Grampa! There's a reason they call them "Grand"children! You're going to love it!
 
Scout333 said:
"Our oldest daughter gave birth to her first child on the 14th and Emma is our first grandchild. Our youngest daughter just told us they are expecting in early September."

Congratulations Grampa! There's a reason they call them "Grand"children! You're going to love it!
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Thanks Scout. It is grand already. Our other daughter is expecting. Two grand kids to spoil. :D
 
First blush with taxes done, but I want to go over everything one more time before I send everything in. Taking out the one time withdrawal from my TSP last year did about what I thought it would do to my federal taxes but I forgot all about state taxes and got slammed.

I'm hoping I can stay aggressive with my TSP since I'm not planning on touching it again unless I really, really have to or at 70 (which ever comes first).

I am going to look into SS this summer. I turn 62 this year but I would rather let it ride for a few more years since I would only see a couple hundred anyway. The wife turns 62 next year but her SS is better than mine and since it doesn't look like she will be going back to work anytime soon (now that one grandchild is here and another on the way) we will probably be doing some daycare duties once the daughters go back to work. So it won't hurt to have the SS information ready when I need it.

My next research project will be Medicare. Since it looks like 65 is the current number I will start getting into hard research in about 2 years. I'll try to keep up on anything that is posted around here on though.
 
The common wisdom is wait to collect Social Security until your full retirement age (normally 66) or even 70 to get max
benefit, HOWEVER, that is calculations under current System and investigation reveals S.S. System is running annual deficit and has trillions in unfunded liabilities.. Do your homework well... I for one am taking it at 62, not trusting that any promises for future payments may be there..
 
Dutchy said:
The common wisdom is wait to collect Social Security until your full retirement age (normally 66) or even 70 to get max
benefit, HOWEVER, that is calculations under current System and investigation reveals S.S. System is running annual deficit and has trillions in unfunded liabilities.. Do your homework well... I for one am taking it at 62, not trusting that any promises for future payments may be there..
Click to expand...

That's why I will be getting up to date numbers, currently I have 2011 data. I didn't get a SS statement in 2012 and if one comes this year it will be sometime in March. If I live to be 80 I will make more money if I start collecting at 70 than 62 or 66. Just a rough calculation taking SS at 70 vs. 62 or 66 and living to be 80, not taking away any penalties for my government pension. I would make $16,000 less if I started collecting at 62 and $4,000 less if I started collecting at 66. So I want to start getting my options to see what would be the best way to go.
 
That's why I will be getting up to date numbers, currently I have 2011 data. I didn't get a SS statement in 2012 and if one comes this year it will be sometime in March.

You can get up to date statements for both spouses on the SSA.gov website. My Social Security. Sign up for a personal account. Don't have to wait for paper statements.
 
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Scout333 said:
That's why I will be getting up to date numbers, currently I have 2011 data. I didn't get a SS statement in 2012 and if one comes this year it will be sometime in March.

You can get up to date statements for both spouses on the SSA.gov website. My Social Security. Sign up for a personal account. Don't have to wait for paper statements.
Click to expand...

Thanks Scout,

I figured I could, it just wasn't high on the priority list. Now it is in my top 5 of things I need to get done before summer ends. Thanks again.
 
Hey NASA, let the good times roll. No matter what you get from SSA numbers-wise, it will take ten years at FULL retirement before you show any 'profit' from not taking it at 62. That is, ten years full benefits equals 14 or 15 years reduced benefits, canyadigit. I took mine at 62. Why wait -- I should live so long. BTW, your spouse has the same choice, she can wait or not, no matter which way you decide.

For my part, I can support my wide and I on my pension and SS no problem. Now all I need are grandkids to spoil but the news is looking up, there are wedding bells in the air.
 
jimijr said:
Hey NASA, let the good times roll. No matter what you get from SSA numbers-wise, it will take ten years at FULL retirement before you show any 'profit' from not taking it at 62. That is, ten years full benefits equals 14 or 15 years reduced benefits, canyadigit. I took mine at 62. Why wait -- I should live so long. BTW, your spouse has the same choice, she can wait or not, no matter which way you decide.

For my part, I can support my wide and I on my pension and SS no problem. Now all I need are grandkids to spoil but the news is looking up, there are wedding bells in the air.
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Thanks jimijr,

I plan to look into it this year and weigh my options. I turn 62 this year and the wife turns 62 next year.
 
This a pretty good article.

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Government News, Research and Events for Federal Employees - GovExec.com


Take Charge of Your Retirement
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A look at your responsibilities in the retirement process, along with those of your agency and the Office of ... May 8 7 Comments
 
Well things have been moving along nicely since I retired two years ago. Hard to believe it's been two years. But starting Monday I'm coming out of retirement and going back to work full time. A friend of mine called a few weeks ago and said that the company he works for (at NASA) was looking for a construction inspector and my electrical background was a fit, would I be interested. I told him I would get back to him after the wife and I discussed it. I got back to him and said I was interested so they set up an interview. At the interview I found out that the sub-contractor (who my friend works for) and the prime-contractor both wanted me and they would let me know which one I would be working for. The prime offered me a construction manager's position and the offer sheet looked pretty good so I said yes. Kind of ironic that I started working for NASA on May 20, 1974 and now I am coming back to NASA as a contractor 40 years later on May 19, 2014. Stay tuned.:cool:
 
nasa1974 said:
Well things have been moving along nicely since I retired two years ago. Hard to believe it's been two years. But starting Monday I'm coming out of retirement and going back to work full time. A friend of mine called a few weeks ago and said that the company he works for (at NASA) was looking for a construction inspector and my electrical background was a fit, would I be interested. I told him I would get back to him after the wife and I discussed it. I got back to him and said I was interested so they set up an interview. At the interview I found out that the sub-contractor (who my friend works for) and the prime-contractor both wanted me and they would let me know which one I would be working for. The prime offered me a construction manager's position and the offer sheet looked pretty good so I said yes. Kind of ironic that I started working for NASA on May 20, 1974 and now I am coming back to NASA as a contractor 40 years later on May 19, 2014. Stay tuned.:cool:
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A note to anyone who plans on doing this sort of thing. If you are retired FERS getting a supplement and are over 56 your supplement will be reduced $0.50 per $1 you make over the social security threshold which is about $15,000 I think.(Windfall elimination Program or WEP) Same if you get Social Security payments I think. You may lose them.

I may take a contractors job soon and know I will lose my ~$13,000 supplement but will make about $40,000. So I'll be woking for $27,000 not the $40,000. But, it will add to years of work for Social security and increase its payments some when I get there.

Just be aware.
 
clester said:
A note to anyone who plans on doing this sort of thing. If you are retired FERS getting a supplement and are over 56 your supplement will be reduced $0.50 per $1 you make over the social security threshold which is about $15,000 I think.(Windfall elimination Program or WEP) Same if you get Social Security payments I think. You may lose them.

I may take a contractors job soon and know I will lose my ~$13,000 supplement but will make about $40,000. So I'll be woking for $27,000 not the $40,000. But, it will add to years of work for Social security and increase its payments some when I get there.

Just be aware.
Click to expand...
A bit of a correction. For early retirement option and special categories like ATC the supplement is exempt until you reach your MRA which is 56 for me.
 
Thanks clester. The good thing is I'm CSRS. This job will increase my SS which will be nice later on.
 
nasa1974 said:
Thanks clester. The good thing is I'm CSRS. This job will increase my SS which will be nice later on.
Click to expand...

CSRS is better in most regards.

For me, 50% reduction until age 62 when I switch over to social security and then 50% reduction on my higher payments which is more of a pay cut. But at age 67 (full retirement age) I could keep all of it up to $40,000.

Almost makes it not worth it to work.

I understand the reason. They don't want double dippers. But, it causes folks to stay home too.
 
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