Retirement stories and suggestions

[jimijr]

Re: Interesting Tax Year

I was off a bit, I made only 71% of my pre-retirement income. But while our household experienced a 30% drop in gross income, it resulted in a 50% drop in fed tax due which means we netted out closer to 75%. After SS kicks in later this year we will be 80%.

Over the last 5 years the missing 20% has been going for things like kid's college, then wedding, then restoring the Classic Mercedes, so I don't miss it. I just gotta stay away from that 'buy it with 1-click' button!

My suggestion is, if you can possibly swing it, do it!

 

[nasa1974]

Re: Interesting Tax Year

I was off a bit, I made only 71% of my pre-retirement income. But while our household experienced a 30% drop in gross income, it resulted in a 50% drop in fed tax due which means we netted out closer to 75%. After SS kicks in later this year we will be 80%.

Over the last 5 years the missing 20% has been going for things like kid's college, then wedding, then restoring the Classic Mercedes, so I don't miss it. I just gotta stay away from that 'buy it with 1-click' button!

My suggestion is, if you can possibly swing it, do it!

May 3rd is the date. My HR person told me that OPM likes the numbers they get from NSSC and I might see 90% of my expected retirement while waiting for OPM to finalize my retirement package. I sure hope so.

 

[jimijr]

Re: Interesting Tax Year

Three weeks for you, NASA. I went out with a flourish, how 'bout you?

 

[nasa1974]

Re: Interesting Tax Year

Three weeks for you, NASA. I went out with a flourish, how 'bout you?

I'm planning to fade into the background.

 

[nnuut]

Re: Interesting Tax Year

May 3rd is the date. My HR person told me that OPM likes the numbers they get from NSSC and I might see 90% of my expected retirement while waiting for OPM to finalize my retirement package. I sure hope so.

You should be fine if you sold some Annual Leave it will help lots.

 

[nnuut]

Re: Interesting Tax Year

I'm planning to fade into the background.

I retired in Jan 2010, only set my alarm twice since then. The background is better than it sounds.

 

[nasa1974]

Re: Interesting Tax Year

You should be fine if you sold some Annual Leave it will help lots.

I'm hoping I won't have to tap into that fund, just over 300 hours. I have a little extra squirreled away in the Credit Union I hope will help.

 

[nnuut]

Re: Interesting Tax Year

I'm hoping I won't have to tap into that fund, just over 300 hours. I have a little extra squirreled away in the Credit Union I hope will help.

I had 423 hours, the wife and I went to a Casino for the first long weekend!$$$$$$$$

 

[nasa1974]

Re: Interesting Tax Year

I had 423 hours, the wife and I went to a Casino for the first long weekend!$$$$$$$$

If I don't have to tap the AL $$$ I am hoping to take the family on a cruise next February or March.

 

[driz]

Re: Interesting Tax Year

I had 423 hours, the wife and I went to a Casino for the first long weekend!$$$$$$$$

I thought this place was the casino. I show up in here every weekday day at 11:30 and roll those dice. I like the odds better in this casino a lot better than the other ones out there and the house isn't holding all the cards.

 

[PessOptimist]

military pay deposit

I've been doing some checking on retirement annuity scenarios and thought I would share.

I receive a military annuity for 24 years time, highest grade held being E-7. I have 15 years fed civilian time and am 60 years old.

Just for the heck of it I had my military pay deposit or "buy back" calculated. Turns out one of my HR people has a calculator for that that seems pretty accurate. Much easier than figuring out all those different interest rates yourself.

Turns out the deposit this year would be just short of $20k. Two scenarios were investigated, both contingent on paying the deposit before another year passes.

If I were to retire at 62 with 17 years fed service, the difference in the annuity would be about $500 with a "break even" point of 37 years.

If I were to retire at 65 with 20 years fed service, the difference in the annuity would be about $2200 with a "break even" point of 8.something years.

The "break even" point is based on projected fed annuity without the buy back plus current military annuity v projected fed annuity with the buy back.

FWIW, the buy back without any interest (done before second fed anniversary) was $11k, not a sum a lot of retired enlisted folks had lying around in '96.

So now I know.