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Retirement stories and suggestions
- Thread starter PessOptimist
- Start date
Zebra
Member
I am a 22 year vet; I can assure you there is no real breaks for the service person. additionally, there is no good deals at the c ommisaries or BXs, you can do better at your local walmart and krogers! There are no taxes as you mentioned, but there are fees added, which are about the same as you local sales taxes. Service people deserve any breaks they can get; their lives are nothing compare to the average citizens, trust me I know!
jimijr
Member
I called this morning around 800 AM eastern and got through with just a 3-minute hold. Turns out they are not in D.C. which is good for us. The man forwarded me to Rita who was working my case. She said it had gone in for final approval and should be awarded for next month's payment, that coming at the end of Sept/early Oct. When I asked what they came up with, she gave a figure for gross which matched my agency's calculation. I didn't push my luck by asking about the annuity supplement. I should be able to see it all online once they post it.
It was a good day, my anxiety has been eased and I bought a nice bottle of 18 yr old scotch to celebrate.
It was a good day, my anxiety has been eased and I bought a nice bottle of 18 yr old scotch to celebrate.
clester
Well-known member
Great!
Anyone else here, after 3 months start calling. Don't stop. You will get answers that are ambiguous etc. Just be nice and call back the next day. Make it your job until you get satisfaction.
jimijr
Member
I had a "FERS Factor" of .265. With such a low figure I needed a high salary and a fair-size TSP balance. My maxed-out contributions did it, > $25k per year in the out-years and I played very safe fund-wise. Hope you did the same.
Plotting the TSP balance on a sheet of graph paper quarterly from year 1 to year 24 and using curve-fitting techniques, I derived a value of 6% for the average rate of increase over the life of the account. Almost exactly half my balance was contributions, the other half was market action and matching. Shows how important contributions are in the long haul.
Plotting the TSP balance on a sheet of graph paper quarterly from year 1 to year 24 and using curve-fitting techniques, I derived a value of 6% for the average rate of increase over the life of the account. Almost exactly half my balance was contributions, the other half was market action and matching. Shows how important contributions are in the long haul.
driz
Member
You have that right when it comes to breaks on things. It seems to have changed rather dramatically when we started getting paid better. I was in 76 to 80 and noticed that when AAFES took over clothing sales I think it was 77 that prices went crazy. I recall buying a pair of the standard canvas sided Vietnam jungle boots and the price had gone from 17 to around 30 bucks almost overnight. Wow. I think the only real deals left are in the Commissary. Of course the PX is still a deal if you are stuck someplace where there is no Walmart or KMart ect.
OPM to Add Staffing to Process Pensions
The Office of Personnel Management (OPM) plans to hire more staff to help process retirement claims and eliminate a 2011 backlog that keeps new retirees waiting months for their full pensions. The goal of the plan, which OPM presented to Congress, would be to handle new claims within 60 days.
NTEU President Kelley has repeatedly brought the issue of lengthy processing times to OPM's attention. In October, she sent a letter to OPM expressing the hardships NTEU members are experiencing due to this long-standing issue and concerns that the problem will worsen unless improvements are made promptly.
OPM has been talking for months about hiring more people. But it takes some time for the new hires to get up to speed. Don't expect results real soon. I plan to retire June 1st so I hope it isn't to bad then.
jimijr
Member
Interesting Tax Year
2011 shoud be an interesting tax year. I have received my W2 from NFC but nothing yet from OPM. I got $25k from my one paycheck in January 2011 plus my AL. There were no distributions from the IRA. From my booklet I estimate a gross of $32k from pension and supplement. Adding these and taking away 15% for the tax man yields a net figure equal to 88% of my pre-retirement net pay. Not bad but it looks like this year I will need to take a distribution, doesn't it?
2011 shoud be an interesting tax year. I have received my W2 from NFC but nothing yet from OPM. I got $25k from my one paycheck in January 2011 plus my AL. There were no distributions from the IRA. From my booklet I estimate a gross of $32k from pension and supplement. Adding these and taking away 15% for the tax man yields a net figure equal to 88% of my pre-retirement net pay. Not bad but it looks like this year I will need to take a distribution, doesn't it?
grandma
Well-known member
Re: Interesting Tax Year
On a slant where thinking of your TSP: When considering whether to draw a set amount each month or an age-related, be aware that while you might get really tickled that the last few year's annuity increased, you could be a bit sick when you realize that not only is your annuity age-related, that age thing is based on the amount in the fund Dec 31. Should you end a year with a significant amount less than the previous, (try 12K
) your monthly deposit amounts will be decreased accordingly....
-no wonder I don't share my PIP ! :embarrest:
On a slant where thinking of your TSP: When considering whether to draw a set amount each month or an age-related, be aware that while you might get really tickled that the last few year's annuity increased, you could be a bit sick when you realize that not only is your annuity age-related, that age thing is based on the amount in the fund Dec 31. Should you end a year with a significant amount less than the previous, (try 12K
) your monthly deposit amounts will be decreased accordingly.... -no wonder I don't share my PIP ! :embarrest:
jimijr
Member
Re: Interesting Tax Year
Grandma, it is good to see you again. I'm not sure your message relates to mine? I have no annuity.
I just today got the goods from OPM, a 1099R, and boy did I get raped on my A/L payout from NFC I now see. A quick-look at the tax tables suggests we may get $5k back in our house.
And do I see health insurance premiums are not pre-tax for us retirees?
Grandma, it is good to see you again. I'm not sure your message relates to mine? I have no annuity.
I just today got the goods from OPM, a 1099R, and boy did I get raped on my A/L payout from NFC I now see. A quick-look at the tax tables suggests we may get $5k back in our house.
And do I see health insurance premiums are not pre-tax for us retirees?
Zebra
Member
Re: Interesting Tax Year
In deed it is going to be interesting. Just got my last tax 1099 {OPM}, so I am anxious to get to the TAX man to see how I faired out this year in retirement. Nice going into it knowing the state off Alabama doesn't tax military, Federal or SS payments. Don't know about the TSP monthly payments, but time will tell!
Retirement is awesome! Time flies fast!
Congrats to all this years new retirees!!!!!!!!!!!!!!
In deed it is going to be interesting. Just got my last tax 1099 {OPM}, so I am anxious to get to the TAX man to see how I faired out this year in retirement. Nice going into it knowing the state off Alabama doesn't tax military, Federal or SS payments. Don't know about the TSP monthly payments, but time will tell!
Retirement is awesome! Time flies fast!
Congrats to all this years new retirees!!!!!!!!!!!!!!
Re: Interesting Tax Year
Zebra, Thanks for the update. I will be experiencing all this first hand soon enough.
In deed it is going to be interesting. Just got my last tax 1099 {OPM}, so I am anxious to get to the TAX man to see how I faired out this year in retirement. Nice going into it knowing the state off Alabama doesn't tax military, Federal or SS payments. Don't know about the TSP monthly payments, but time will tell!
Retirement is awesome! Time flies fast!
Congrats to all this years new retirees!!!!!!!!!!!!!!
Zebra, Thanks for the update. I will be experiencing all this first hand soon enough.
