Regarding SL and Retirement......I've always allowed SL as "peace of mind" of a just in case medical need. Each of us will burn it, use it at the end, or just allow it to be tacked on to your retirement time. For me, I added it to the total retirement. By no means am I an angel at anything, but it just didn't feel right to burn a year's SL at the end and glad I really never had to use it due to an emergency. But that's just me.
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Retirement stories and suggestions
- Thread starter PessOptimist
- Start date
Buster
TSP Talk Royalty
- Reaction score
- 109
I here ya..
in my particular case..I had over 2080 hours of SL and that gave me an extra 2% and I tacted it on.....but I still had 22 days of overage so I became ill for 22 days so to speak, a month before I retired.
Update on my retirement. I have reversed the order chronologically and have used a green font on the latest update.
June 9 -- Received OPM Letter advising my placement on interim payments. Calculations indicate that they are paying 77% of annuity estimate.
June 5 -- Received OPM Letter with CSA Card
June 2 -- First Partial Payment.
April 30, 2011 -- CSRS Retirement Effective.
June 9 -- Received OPM Letter advising my placement on interim payments. Calculations indicate that they are paying 77% of annuity estimate.
June 5 -- Received OPM Letter with CSA Card
June 2 -- First Partial Payment.
April 30, 2011 -- CSRS Retirement Effective.
My retirement story is just beginning, so I figured I'd document it on this thread. USPS early-out with incentive at age 54 1/2.
CSRS Retirement Effective -- April 30, 2011
First Partial Payment -- June 2, 2011
Received OPM Letter with CSA Card -- June 5, 2011 -- Letter was dated May 17, 2011
Have planned well for a long wait -- no bills, max AL, no car payments, cash stash, bank savings and only $18 thou left on mortgage. Thanks to many of you who have provided their "Retirement Story."
Did I mention, this retirement gig is really sweet.
....to be continued
jimijr
Market Tracker
- Reaction score
- 4
I'll just remind you I retired from NOAA Dec 31st 2010. I received my last paycheck Jan 10th and my annual leave payout Jan 24th. Interim payments began on time, one on Feb 1 for January and then regularly since, around the end of the month.
OPM is now eight months behind on my supplement, assuming it does not arrive this week. The widget at FedBens estimated $982/month which ought to net out ~$750. That is $6000 for 8 months they owe me.
In January I transferred my TSP to a pre-existing traditional IRA at RBC Wealth Management in St Paul MN. This includes a cash account on the side. I switched my mortgage payment to the cash account in May to relieve my current-account of that burden. My leave payout is about exhausted but the interim payments are sufficient to get by on and my cash on hand remains adequate. I can go on waiting for OPM practically indefinitely.
But not forever! Hey, OPM -- where's my dough?!
OPM is now eight months behind on my supplement, assuming it does not arrive this week. The widget at FedBens estimated $982/month which ought to net out ~$750. That is $6000 for 8 months they owe me.
In January I transferred my TSP to a pre-existing traditional IRA at RBC Wealth Management in St Paul MN. This includes a cash account on the side. I switched my mortgage payment to the cash account in May to relieve my current-account of that burden. My leave payout is about exhausted but the interim payments are sufficient to get by on and my cash on hand remains adequate. I can go on waiting for OPM practically indefinitely.
But not forever! Hey, OPM -- where's my dough?!
Bquat
TSP Talk Royalty
- Reaction score
- 591
Wait the 40 minuts on the phone. If you can get ahold of someone after 7 months they'll give you a new number and have it in two weeks. You get the person that knows math and every thing on the second number but you have to get through on the first number first and they think 7 months is enough of a wait. At 4 or 5 months they say first in first out.
Final update. I'm actually surprised it only took 3 months, however, this may have been due to the fact that mine was a "simple" retirement.
OPM completed the processing of my retirement that was effective April 30. Saturday, July 30, the August 1 payment was received at my bank. Today, August 1, I received my Retirement Booklet outlining all payments, deductions, and other information (health insurance, life insurance, tax deductions) regarding retirement. In addition, the "catch-up" payment was also received at my bank today.
...and so, below are all the events that took place in hopes that it will help those now or in the future who will be retiring.
August 1 -- Received Final "Retirement Booklet" from OPM with all final numbers.
August 1 -- Received "catch-up" payment.
July 30 -- Received July Payment
July 1 -- Received June Payment
June 9 -- Received OPM Letter advising my placement on interim payments. Calculations indicate that they are paying 77% of annuity estimate.
June 5 -- Received OPM Letter with CSA Card
June 2 -- Received May Payment -- First Partial Payment.
April 30, 2011 -- CSRS Retirement Effective.
OPM completed the processing of my retirement that was effective April 30. Saturday, July 30, the August 1 payment was received at my bank. Today, August 1, I received my Retirement Booklet outlining all payments, deductions, and other information (health insurance, life insurance, tax deductions) regarding retirement. In addition, the "catch-up" payment was also received at my bank today.
...and so, below are all the events that took place in hopes that it will help those now or in the future who will be retiring.
August 1 -- Received Final "Retirement Booklet" from OPM with all final numbers.
August 1 -- Received "catch-up" payment.
July 30 -- Received July Payment
July 1 -- Received June Payment
June 9 -- Received OPM Letter advising my placement on interim payments. Calculations indicate that they are paying 77% of annuity estimate.
June 5 -- Received OPM Letter with CSA Card
June 2 -- Received May Payment -- First Partial Payment.
April 30, 2011 -- CSRS Retirement Effective.
Nasa, by simple retirement I meant, no court order payments such as a divorce or other payments that would have to be verified before finalizing the package. Also, I had no military where perhaps they had to also confirm. In addition, there were no allowances for survivor benefits.
Having said that, it may be that OPM has sped things up and they may be finishing them faster. Also, I reviewed my agency submission before it was sent to OPM and made sure there were no mistakes regarding time periods at the various agencies I worked (I lived in DC for 17 years, so some of you may know how that goes).
Above are just a few things to remember when you go June 2012. You're actually going to be initiating your paperwork 3 months before.
You're almost there.
Having said that, it may be that OPM has sped things up and they may be finishing them faster. Also, I reviewed my agency submission before it was sent to OPM and made sure there were no mistakes regarding time periods at the various agencies I worked (I lived in DC for 17 years, so some of you may know how that goes).
Above are just a few things to remember when you go June 2012. You're actually going to be initiating your paperwork 3 months before.
You're almost there.
Bquat
TSP Talk Royalty
- Reaction score
- 591
Heads up guys!:worried:
Those of you that retired in Dec. 2011 and before and those in Jan of this year need to start calling that number on the back of your Retirement Services Reference Card ( 1-888-767-6738 was mine ) and have your CSA number ready. I figure the last of this month and next month is critical.
October first to the end of November, there will be a record amount of people putting in for retirement. The postal workers too.
I could be wrong with this, but why take the chance. Make the call at 0731 Eastern time and don't use a cell because you might be on hold 20 min and don't give up, have coffee or soda ready. If you give up you'll have to wait again. You can also try 6 PM Eastern. I don't have anything to do with CPO. I'm just a concerned retiree. Good luck.
PS, You guys that have waited only 5 or 6 months, please let these guys have a week or two before you call because they'll more likely thell you first come firse served anyway.
Those of you that retired in Dec. 2011 and before and those in Jan of this year need to start calling that number on the back of your Retirement Services Reference Card ( 1-888-767-6738 was mine ) and have your CSA number ready. I figure the last of this month and next month is critical.
October first to the end of November, there will be a record amount of people putting in for retirement. The postal workers too.
I could be wrong with this, but why take the chance. Make the call at 0731 Eastern time and don't use a cell because you might be on hold 20 min and don't give up, have coffee or soda ready. If you give up you'll have to wait again. You can also try 6 PM Eastern. I don't have anything to do with CPO. I'm just a concerned retiree. Good luck.
PS, You guys that have waited only 5 or 6 months, please let these guys have a week or two before you call because they'll more likely thell you first come firse served anyway.
driz
Market Tracker
- Reaction score
- 7
Gee, that's nice to hear being one of the blessed ones. I know you guys are green with envy
for us lofty characters with that "overly generous pension" as viewed by the Tea Party under FERS. Somehow, some way I'm just not feelin the love here and my only salvation is being able to bail before Congress can slip that high five in for one more twist of the blade.
Bquat
TSP Talk Royalty
- Reaction score
- 591
Sorry Dec 2010Heads up guys!:worried:
Those of you that retired in Dec. 2011 and before and those in Jan of this year need to start calling that number on the back of your Retirement Services Reference Card ( 1-888-767-6738 was mine ) and have your CSA number ready. I figure the last of this month and next month is critical.
October first to the end of November, there will be a record amount of people putting in for retirement. The postal workers too.
I could be wrong with this, but why take the chance. Make the call at 0731 Eastern time and don't use a cell because you might be on hold 20 min and don't give up, have coffee or soda ready. If you give up you'll have to wait again. You can also try 6 PM Eastern. I don't have anything to do with CPO. I'm just a concerned retiree. Good luck.
PS, You guys that have waited only 5 or 6 months, please let these guys have a week or two before you call because they'll more likely thell you first come firse served anyway.
Bquat
TSP Talk Royalty
- Reaction score
- 591
Gee, that's nice to hear being one of the blessed ones. I know you guys are green with envy
That's why there may be a lot of retirements this year. Not only high 5, but 2 year freeze ( that might get extended again) and stop of matching funds. If everyone gets upset and goes to IRA's since there is no matching later, what will the gov barrow from?
jimijr
Market Tracker
- Reaction score
- 4
I'm calling on Monday.
My agency calculated my pension at $1300/mo net, gross minus survivor's pension, health&life, tax. OPM sends $1050 interim payment. The widgit at FedBens calculated $982 supplement, net ~$750. That adds up to net $1000/mo shortfall. It will be 9 months including September since they pay at the end of the month = nine grand they owe me. The cushion provided by my sale of leave is about gone and I could really use the dough.
My agency calculated my pension at $1300/mo net, gross minus survivor's pension, health&life, tax. OPM sends $1050 interim payment. The widgit at FedBens calculated $982 supplement, net ~$750. That adds up to net $1000/mo shortfall. It will be 9 months including September since they pay at the end of the month = nine grand they owe me. The cushion provided by my sale of leave is about gone and I could really use the dough.
clester
Market Veteran
- Reaction score
- 37
9 months is ridiculous. I started calling after 4 months and called a lot. They finally gave me the number of the person doing mine. I called them several times till they called me back and said it was being finished up. I got it with the next months payment.You have to bug them. Alot.
