Spaf
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TSP Retirement Center Chat Room
- Thread starter Spaf
- Start date
Spaf
Honorary Hall of Fame Member
- Reaction score
- 45
I retired when my retirement income matched my work income, basically. There was also some medical and physical factors that became an influence.
However, it's amazing how much money can be saved by not working!
Downtown parking was terrible!
Eating out was pricy!
Gasoline was expensive!
Boat storage was a minus!
But, not doing what others wanted and not working overtime has been the biggest savings.
The roads are cold and snowy. Tomorrow is a sleep-in!...................
However, it's amazing how much money can be saved by not working!
Downtown parking was terrible!
Eating out was pricy!
Gasoline was expensive!
Boat storage was a minus!
But, not doing what others wanted and not working overtime has been the biggest savings.
The roads are cold and snowy. Tomorrow is a sleep-in!...................
Spaf
Honorary Hall of Fame Member
- Reaction score
- 45
The way I figured it, for retirement.
For FERS: The civil service annunity should be about 40%.
..............The Social Security payment should be about 40%.
..............TSP should make up the remaining .....20%.
All figured with a COLA!
Rough figures!
For FERS: The civil service annunity should be about 40%.
..............The Social Security payment should be about 40%.
..............TSP should make up the remaining .....20%.
All figured with a COLA!
Rough figures!
I just retired as I have mentioned before. Have yet to receive the lump sum A/L check but I understand that can take about 30 days.
I figured my retirment, less deductions made during employment would be equal to my salary. Besides after almost 32 years and being under the LEO provisons, I was paying 1.7 towards retirement but after 20 years only getting 1% a year.
I figured my retirment, less deductions made during employment would be equal to my salary. Besides after almost 32 years and being under the LEO provisons, I was paying 1.7 towards retirement but after 20 years only getting 1% a year.
Sunnyskies
Rising Member
- Reaction score
- 0
Good Forum Spaf!
I retired 18 months ago. I received a buy-out and was able to leave 3 months before age 55 (twist my arm)!! Net to net (work to retire) I lost about $700 a month in income; however, much of that was made up in reduced expenses from working. The rest was made up when DD graduated with her BSN and married. I no longer needed to pay school fees, car insurance, etc. We just bought an RV and plan on seeing the sites!
I don't plan on drawing from TSP until age 70, and with the help of this site it's going to be much more than I originally had planned on!!!
I retired 18 months ago. I received a buy-out and was able to leave 3 months before age 55 (twist my arm)!! Net to net (work to retire) I lost about $700 a month in income; however, much of that was made up in reduced expenses from working. The rest was made up when DD graduated with her BSN and married. I no longer needed to pay school fees, car insurance, etc. We just bought an RV and plan on seeing the sites!
I don't plan on drawing from TSP until age 70, and with the help of this site it's going to be much more than I originally had planned on!!!
EW_ret
Retired Tracker
- Reaction score
- 21
By default, the interim monthly pay has just federal taxes withheld. The adjustment paycheck had federal taxes, health insurance, and life insurance payments withheld for all interim monthly pays. The state taxes are not withheld from either interim or your full retirement annuity pay. You have to either telephone OPM retirement or enter the OPM retirement services internet site. You will need your CSA number and PIN to access either system. You have to calculate yourself the amount of federal and state taxes to be withheld in terms of US dollars.
I retired September 30, 2005 from the Department of Navy as a CSRS annuitant, and the entire process has gone much faster than I expected! I received my annual leave lump sum with my final paycheck on October 7th. By November 2, 2005 I had received not only my first interim paycheck (Nov 1st), but also the adjustment paycheck (Nov 2nd). This is the retroactive, makeup pay. Added together the two paychecks totaled my full annuity. This was totally unexpected!
I retired September 30, 2005 from the Department of Navy as a CSRS annuitant, and the entire process has gone much faster than I expected! I received my annual leave lump sum with my final paycheck on October 7th. By November 2, 2005 I had received not only my first interim paycheck (Nov 1st), but also the adjustment paycheck (Nov 2nd). This is the retroactive, makeup pay. Added together the two paychecks totaled my full annuity. This was totally unexpected!
Spaf
Honorary Hall of Fame Member
- Reaction score
- 45
Vol46,
I'm on Oklahoma. Oklahoma taxes everything! I have an accountant and I'll just leave it up to her. Probably, I'll need to send the state some money ever so often. The first year in retirement is very unnerving in this respect.
I can't figure out why I have to buy a trout license when I already have a fishing license. Nor can I figure out why I have to get a motor registration when I already have a boat registration.
Spaf
I'm on Oklahoma. Oklahoma taxes everything! I have an accountant and I'll just leave it up to her. Probably, I'll need to send the state some money ever so often. The first year in retirement is very unnerving in this respect.
I can't figure out why I have to buy a trout license when I already have a fishing license. Nor can I figure out why I have to get a motor registration when I already have a boat registration.
Spaf
Brett
Market Tracker
- Reaction score
- 1
http://moneycentral.msn.com/content/Retirementandwills/Retireinstyle/P135696.aspWhich states tax retirement? Here is an article from MSN Money:
http://www.retirementliving.com/RLtaxes.html
You might enjoy looking into this one as well. Seems to be more up to date.
You might enjoy looking into this one as well. Seems to be more up to date.
rondalw -
Too late now but you could have changed your withholding in anticipation of that lump sum. Now you can adjust your retirement withholding for your pension on the OPM site to make up for the overwitheld amounts from that lumpsum. No need to loan Uncle Sugar all year long and get it back in a refund.
Too late now but you could have changed your withholding in anticipation of that lump sum. Now you can adjust your retirement withholding for your pension on the OPM site to make up for the overwitheld amounts from that lumpsum. No need to loan Uncle Sugar all year long and get it back in a refund.
Considering Early Retirement
Completing 20th year in the military. Two more years to go before retirement with 55% of a $7,200 monthly income. Current portfolio is worth $470,000. I do not own a home. I have a Master's degree in the field of nursing. I'm single without children.
I've recently read a lot about retirement (several newly published books) - but none really talk about early retirement when someone is in their forties.
Any retirees have thoughts about retiring before the usual age? I have enough hobbies (golf, travel, exercise) to keep me occupied - and can always volunteer my skills to the community (Tampa, FL) if I get really bored with not working.
Can a single forty-year old live off of approximately $40,000/yr in FLA.
Thoughts?
Completing 20th year in the military. Two more years to go before retirement with 55% of a $7,200 monthly income. Current portfolio is worth $470,000. I do not own a home. I have a Master's degree in the field of nursing. I'm single without children.
I've recently read a lot about retirement (several newly published books) - but none really talk about early retirement when someone is in their forties.
Any retirees have thoughts about retiring before the usual age? I have enough hobbies (golf, travel, exercise) to keep me occupied - and can always volunteer my skills to the community (Tampa, FL) if I get really bored with not working.
Can a single forty-year old live off of approximately $40,000/yr in FLA.
Thoughts?
I don't know. I live in Hawaii (not cheap).
My advice is - your a catch-your going to be in Florida with all those women (widows, divorcees). Seriously they will find you. Razor tape, 'arty' and gunship are not going to keep them away from you. You are potential 'soul-mate' material.
It doesn't matter if you lay low and don't advertise yourself. They will find you out.:laugh: :laugh: :laugh:
Love has a way of fiddling with the EXCEL spreadsheet.
Now-you can't say you weren't warned.
My advice is - your a catch-your going to be in Florida with all those women (widows, divorcees). Seriously they will find you. Razor tape, 'arty' and gunship are not going to keep them away from you. You are potential 'soul-mate' material.
It doesn't matter if you lay low and don't advertise yourself. They will find you out.:laugh: :laugh: :laugh:
Love has a way of fiddling with the EXCEL spreadsheet.
Now-you can't say you weren't warned.
Birchtree
TSP Talk Royalty
- Reaction score
- 143
Tempest,
I plan on visiting Oahu to see my 1Lt daughter in December, she is with the 25th ID. I also plan to buy a nice set of pearls for the Mrs. while I'm there.
OMA,
When you decide to reseek employment the folks hunting you will be from the IRS - that monthly income cannot be hidden. You'll have to find ways to get some tax deductions to offset other income - you have a challenge.
Dennis
I plan on visiting Oahu to see my 1Lt daughter in December, she is with the 25th ID. I also plan to buy a nice set of pearls for the Mrs. while I'm there.
OMA,
When you decide to reseek employment the folks hunting you will be from the IRS - that monthly income cannot be hidden. You'll have to find ways to get some tax deductions to offset other income - you have a challenge.
Dennis
Birch
December are usually wet-except this year. 25th (Taro Leaf) is just up the road from where I live. Central part of the island-cooler and wetter. You will definitely see big waves on the North Shore that time of year. Rent a car-it's easy to get around. Bus is only 2 dollars and drivers are friendly.
If you go to the Arizona Memorial-go early in the morning-always a lot of people.
Waikiki Beach where the Hale Koa Hotel (military only)is is very nice. And the restaurant in Hale Koa is excellent. If you have to park in Waikiki with your daughter park at Hale Koa-it's cheaper with the military ID on a Hale Koa/Ft DeRussey military facility. Everything in Waikiki is within walking distance.
December are usually wet-except this year. 25th (Taro Leaf) is just up the road from where I live. Central part of the island-cooler and wetter. You will definitely see big waves on the North Shore that time of year. Rent a car-it's easy to get around. Bus is only 2 dollars and drivers are friendly.
If you go to the Arizona Memorial-go early in the morning-always a lot of people.
Waikiki Beach where the Hale Koa Hotel (military only)is is very nice. And the restaurant in Hale Koa is excellent. If you have to park in Waikiki with your daughter park at Hale Koa-it's cheaper with the military ID on a Hale Koa/Ft DeRussey military facility. Everything in Waikiki is within walking distance.
TRAFFIC_DOG
Market Tracker
- Reaction score
- 10
Re: Considering Early Retirement
Check out this...www.retireearlyhomepage.com/
The 4% rule gets a lot of play.
Get into the disscussion forums, there are a lot of diverse situations represented.
Check out this...www.retireearlyhomepage.com/
The 4% rule gets a lot of play.
Get into the disscussion forums, there are a lot of diverse situations represented.
