nasa1974's retirement story

[nasa1974]

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. Very true.

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

Taking this position was something that the wife and I really discussed. We finally decided that some sacrifices will be made but it also offered some opportunities. We are doing OK on my pension and the part time hours I was working at Best Buy and we would try to hold off on her SS (eligible next year) for as long as possible and I planned on not touching my TSP until 70. Right now my SS isn't worth much and I wasn't looking at touching it until I turned 66 at least. But this opportunity will increase my SS, we can throw a little into the wife's IRA, maybe set some aside for the grandchildren and of course some has to go into the vacation fund. There are other benefits the company is offering that helped make the decision a little easier.

 

[nasa1974]

Just got an email from OPM yesterday that said I will see a 1.7% increase in my pension check in January.

 

[Stoplight]

Just got an email from OPM yesterday that said I will see a 1.7% increase in my pension check in January.

Nasa,

I got the email, too !!! Unfortunately, it's a lie !!! Dang computers...

As a "normal" FERS retiree, and getting the SS supplement, I won't see a COLA for 2 more years....retired at age 57 ; turn 60 this year ; SS supplement drops at age 62, and COLA kicks in !

Not complaining, though...how many can say they're enjoying retirement at age 60 ???

Enjoy your "raise" !!!

Stoplight...

 

[nasa1974]

Nasa,

I got the email, too !!! Unfortunately, it's a lie !!! Dang computers...

As a "normal" FERS retiree, and getting the SS supplement, I won't see a COLA for 2 more years....retired at age 57 ; turn 60 this year ; SS supplement drops at age 62, and COLA kicks in !

Not complaining, though...how many can say they're enjoying retirement at age 60 ???

Enjoy your "raise" !!!

Stoplight...

Sorry Stoplight,

I guess one of the differences between CSRS and FERS. Enjoy retirement.

 

[GUCHI]

Nasa,

I got the email, too !!! Unfortunately, it's a lie !!! Dang computers...

As a "normal" FERS retiree, and getting the SS supplement, I won't see a COLA for 2 more years....retired at age 57 ; turn 60 this year ; SS supplement drops at age 62, and COLA kicks in !

Not complaining, though...how many can say they're enjoying retirement at age 60 ???

Enjoy your "raise" !!!

Stoplight...

ME I retired at 55 with my pension heehee. Loving it of course.

 

[clester]

Sorry Stoplight,

I guess one of the differences between CSRS and FERS. Enjoy retirement.

Not to rub it in but as an ATC fers retiree I get the raise. Retired at 50 now almost 55

 

[ATCJeff]

Not to rub it in but as an ATC fers retiree I get the raise. Retired at 50 now almost 55

Don't forget if you retire under the Vision 100 you do not get the COLA until age 62.

 

[Kaufmanrider]

Not to rub it in but as an ATC fers retiree I get the raise. Retired at 50 now almost 55

As do us LEO's. Retired at 49, 50 now.

 

[clester]

As do us LEO's. Retired at 49, 50 now.

$50 a month raise take home pay for me! Woohoo, party time. But seriously every little bit helps. Thank you FERS!

 

[nasa1974]

WOO! HOO! My 2015 COLA has netted me $76.70 more a month.

 

[jaybro61]

Don't spend all that in 1 place my friend! I'm in year 8 of retirement. these cola's have been lean! Whatya gonna do? 2016

 

[nasa1974]

Wanted to pull this thread out of the dungeon. I was CSRS and my real information starts on page 15. Stoplight's thread is still buried but was pretty informative. Zebra had a retirement thread also. The one thing about this thread was all the folks that have stopped posting for one reason or another. Good friends.

PO this might help you a little bit. I'm not sure how much has changed since 2012. But I guess some of this information should help.

Good luck everyone.

 

[PessOptimist]

Wanted to pull this thread out of the dungeon. I was CSRS and my real information starts on page 15. Stoplight's thread is still buried but was pretty informative. Zebra had a retirement thread also. The one thing about this thread was all the folks that have stopped posting for one reason or another. Good friends.

PO this might help you a little bit. I'm not sure how much has changed since 2012. But I guess some of this information should help.

Good luck everyone.

Thanks for bumping your thread. I was going to go back to some of these threads and reread but never got around to it. If I had, the FICA/Medicare deductions from the AL lump sum wouldn’t have been a surprise. The Benefeds stuff was helpful too. I haven’t heard from them yet but I am only in day 31 of retirement.
Task for the rest of the afternoon and evening is to read all the retirement threads.

PO

 

[nasa1974]

PO,

Hopefully the shutdown doesn't have an affect on your timeline.

 

[nasa1974]

Wow!! The new retirement threads made me go back and read mine, at least the first 6 pages so far.

I had talked about transferring my TSP account to a normal 401K. I did not and have stayed in my TSP account since I retired. I have been pretty lucky and I have out performed my wife's account.

I did fail retirement and went back to work for NASA as a contractor in 2014. Retirement 2.0 is in the future, probably sometime early 2021, maybe sooner. It depends on what I can work out between Social Security and my TSP. I have some number crunching to do over the next few months.

Obviously I have not been able to put any money into my TSP but I have stayed active and the percentages below are how I have done since retiring. Again I have been pretty lucky and have spent the majority of my time in the "S" fund. I retired CSRS and I don't have to depend on my TSP as part of my pension. This isn't for everybody but just and example of what can be done.

2012 15.09%
2013 33.40%
2014 7.58%
2015 2.17%
2016 15.46%
2017 18.40%
2018 12.15%
2019 28.96%

Good luck to all.

 

[nasa1974]

After reading through the first year of retirement there are a few members that I have seen posting over the last few years. Too bad, such good friends and fond memories.

 

[nasa1974]

One other thing and then I will get out of this thread. For those of you that are nearing Medicare age there are a few of us that can help answer any questions.

 

[nasa1974]

Well this weekend around here was rainy so I sat down and did the math again and finally signed the wife and myself up for Social Security. I did it on line and it was pretty easy actually. Unfortunately I get hit with the WEP (Windfall Elimination Provision) since I retired under CSRS. I figured we might as well get signed up now because who knows what will happen to Social Security and Medicare over the next couple of years.

 

[ravensfan]

Yep, the dreaded WEP. Sure doesn't seem fair does it. You pay in all your working life, only to be told "You're CSRS! We'll have to cut your benefit". :notrust:

On the bright side, elimination of the WEP has been in committee since I retired in 2011, so I'm hopeful it will happen any day now. (sarcastic font used here) :nuts: