Zebra's Story

[jimijr]

It has been a year for me, too, or will be on the 31st. OPM got me squared away after 9 months and the $7k in backpay worked out well. Awesome is the word for being retired, alright.

Even though I am essentially on half-pay I am in good shape because my IRA pays the mortgage out of its earnings, which used to eat up 3/8ths of the total anyway. The missing 1/8th used to go for things like the kid's wedding or college tuition which are all in the past now so no problem.

Zebra, how are you adjusting to getting paid but once a month? It is taking me some getting-used-to. The first week of the month I now make a big buy at the grocery store, liquor store, cig store, gas up the cars, grab a few hundred in cash and then reckon how much remains. I keep a thou in reserve and try to spend a couple hundred less than I have on hand 'above the line'. It's different, knowing there is no paycheck coming next week!

 

[ocean]

Congrats to you all enjoying your retirement and I now begin to sink in the idea without going to the office to work every day.

Jimi,

Glad to hear that you finally got it done in 9 months. I am now 3 months into my retirement and getting partial payment on the first day of the month. My paid unused vacation definitely comes in handy now. I guess I have to wait another 6 months to get my normal pay then.

 

[Zebra]

Well I was in the military for 22 years and when I was overseas I got paid once a month, so I am use to it somewhat. But I am getting different pay all the time, military, OPM, SS and TSP, so it works good for me. It took OPM 9 months to get me finalized too! Retirement is too GOOD! Preplanning help out too! Thanks to this forum and others I was in super shape to ride out OPM etc.! OBTW I seem to have more take home pay, being I am not paying SS taxes, retirement, TSP and other thingys!

It has been a year for me, too, or will be on the 31st. OPM got me squared away after 9 months and the $7k in backpay worked out well. Awesome is the word for being retired, alright.

Even though I am essentially on half-pay I am in good shape because my IRA pays the mortgage out of its earnings, which used to eat up 3/8ths of the total anyway. The missing 1/8th used to go for things like the kid's wedding or college tuition which are all in the past now so no problem.

Zebra, how are you adjusting to getting paid but once a month? It is taking me some getting-used-to. The first week of the month I now make a big buy at the grocery store, liquor store, cig store, gas up the cars, grab a few hundred in cash and then reckon how much remains. I keep a thou in reserve and try to spend a couple hundred less than I have on hand 'above the line'. It's different, knowing there is no paycheck coming next week!

 

[Zebra]

Ocean, hang in there it will work out for you!

 

[ocean]

Ocean, hang in there it will work out for you!

Thanks Zebra. I am happy to report that my retirement pay process has been completed. On the OPM retirement site, it stated that my full payment and supplement will begin on Jan 1, 2012 (I am retired under FERS). All the numbers were within my expectation and I also received the retro pay on my direct deposit account last Friday. I am glad that it took less than 3 months for OPM to get it done and I am satisfied with their progress for my case. Hope they will continue to be this way for future retirees.

 

[nasa1974]

Re: Zebra's Story - It is Finished!

ocean congratulations. There is an article in the Washington Post (I saw it posted on the Union bulletin board) that says the retirement backlog for OPM is 41,000 retiree's (down from 60,000) waiting for their first full retirement check. The article also said that each retirement specialist is averaging 3-4 files a day. I tried to pull up the article but they didn't have it in the archives yet. It was dated somewhere around the 5th of December.

 

[ocean]

Thanks nasa, that may be the reason that mine was done so fast relatively speaking.

 

[Zebra]

WOW, only three months!!!!!!!! Makes me want to try it all over again...........................................NOT! Happy retirement. Retirment is rough, fishing and hunting all week, going up to Tenn for some Frog legs, visiting with family, parties just about every weekend, Christmas almost here..........and getting ready for the National Championship game Jan 9th; Oh yeah retirement is good!

Have I mentioned OPM still sucks canal water? Maybe they are getting better, looks like Ocean was treated right!

 

[ocean]

I am jealous your way of retirement, Zebra, way to go. However I took an other way, I have been always like the stock markets and now it's time for me to explore further. The last 3 months I've glued to the computer and CNBC during the market hours learning and studying stock trading. Equities, options, futures, and forex, I play it all with real money on my trading account. Of course I am starting it slowly with the intent of not losing. So far I am holding my own despite the recent volatility. Sometime next year, I may join the proprietary trading firm for day trading. Will let you folks know my progress. On the other hand, my dividend investment IRA account is moving along.

 

[brooksmd]

UA vs LSU

Tide couldn't beat LSU at home, they won't beat LSU in the dome. Besides the "honey badger" takes what he wants and he wants the National Championship.

 

[brooksmd]

Hey Z

Got a letter from SS last week. Didn't start off very good. One of those "Dear Mr Brooks, we made a mistake." First thing in my mind was huh-oh. Guess back when OPM offered me an extra $50/mo for life if I gave them $500 for my CSRS time back in '67 and I took them up on the offer, it must've added to my SS time. So SS made the adjustment and I get more plus it was retroactive. Oh yeah!!! And boy are we gonna hit the jackpot with that COLA increase. Your wife is right. All this money rolling in while I painted and put up new shelves in my closet; painted a bathroom; and just finished stripping and re-finishing my double 8 ft front doors. And I'm with you. Don't care to go back and see if it would take less time with OPM. lol And back when I was working, I drove over 100 miles r/t every day so usually filled up 2-3 times a week. Now a tank of gas last so long I think I need to add some Stabil to it. Life is good.

PS: What is frost on the windshield? Do you have to get up early to see it?

GEAUX LSU!!!

 

[Zebra]

Hey brookmds, good to here from ya! We too got a letter from SS saying they made a hickup and our December deposit would increase by whatever figure they stated, but it was only a one time good deal.

Everyday is a Saturday (don't say that too much around workers as it pisses them off if they hear it too many times), half the time I don't even know what day it is! I wake up and say, is it deer hunting today or shall we go crappie fishing, or do I need to go shopping? BTW I have picked up some chores to help the wife, but I don't mine at all! She actually stated, "I love having around the house"!

BTW Merry Christmas and Happy New Year!

Roll Tide Roll! Go BAMA!:laugh:

 

[nnuut]

It's GOOD when it's GOOD Zebra, enjoy!

 

[nasa1974]

I have a question for the recent folks that have retired. What did you decide to do with your TSP? I know there are a few options. I just haven't decided which way to go.

 

[nnuut]

I have a question for the recent folks that have retired. What did you decide to do with your TSP? I know there are a few options. I just haven't decided which way to go.

Mines still in there, haven't touch a dime. When I turn 70 1/2 I have to start taking some out Monthly it's mandatory. Saving it as an emergency fund, you never know.

 

[uscfanhawaii]

Mines still in there, haven't touch a dime. When I turn 70 1/2 I have to start taking some out Monthly it's mandatory. Saving it as an emergency fund, you never know.

Regarding the requirement to take out starting at 70 1/2......can you take it out by paying the taxes due and rolling it over to a Roth? (seeing as they will be starting up a Roth version around March) And I am not quite sure about the Roth rules for taking out...something like you have to have opened the account 5 years before you take out. Not sure if that means that whenever you put in, you have to wait 5 years to take out....or once you start the fund, 5 years later you can take out whatever you want from the fund, regardless of when you put it in? :blink:

 

[nnuut]

Regarding the requirement to take out starting at 70 1/2......can you take it out by paying the taxes due and rolling it over to a Roth? (seeing as they will be starting up a Roth version around March) And I am not quite sure about the Roth rules for taking out...something like you have to have opened the account 5 years before you take out. Not sure if that means that whenever you put in, you have to wait 5 years to take out....or once you start the fund, 5 years later you can take out whatever you want from the fund, regardless of when you put it in? :blink:

Oh! Can retirees get a ROTH?

 

[uscfanhawaii]

Oh! Can retirees get a ROTH?

I don't see why not! Of course you cannot add to your TSP if you are not working, but a rollover should be OK. When I did my rollover of my traditional IRA to a Roth IRA, they didn't ask me if I was still working or not.
I guess the real answers to TSP Roth questions will come out when they establish it around March.

 

[uscfanhawaii]

Okay, rather than speculate, I went looking for some answers.
See my post at ROTH TSP Education Materials?
where I tag the article at https://www.tsp.gov/PDF/bulletins/10-13.pdf
Looks like retirees will NOT be able to get a Roth TSP because it will NOT allow transfers from the Regular Roth, only contributions.
But there is a one time withdrawal that retirees can make anytime after they retire, and that withdrawal can be made to a Roth IRA (or Traditional IRA of course). See the myfederalretirement article that refers:
http://www.myfederalretirement.com/public/904.cfm
Sorry I took over your thread, Zebra, to talk about Roth TSP. I will take it back to the Roth threads! :embarrest:
Enjoy your retirement! I am looking forward to it in a couple of years!

 

[nnuut]

Thanks but I already did a one time withdrawal so I'm out of luck I guess, But if they make me withdraw and I get the money after taxes can I slip tht money in a ROTH?