Thread: Stoplight's Retirement Story (FERS, Gap in Service, Military Buy-Back)

Originally Posted by Stoplight

Geez ! Did I actually say that 2 months ago ??? Well, when you're retired, you kinda lose a sense of time like you have when you're working...

So, I did get my taxes in. I had all my forms, and all my tax withholdings checked out with my numbers, so that's a GOOD thing ! Should get some money back, but not TOO much...

The BAD thing was...I use TaxAct online to file, and it was a TOTAL PITA to enter my W-2 (from my last few months working), 3 1099's for the Wife and my rollovers, 1 1099 for my TSP monthly withdrawals, and 3 1099's for my Wife's 2 pensions and my Fed pension !!!

Next year won't be near as bad...just the pensions and the TSP withdrawal.


Hope everyone's investments are bringing you good returns !


Stoplight...

Stoplight, glad to hear you got it all done. My taxes took a little less time than you. At least you spent less time doing your taxes than I did a few years ago doing FAFSA forms for my daughters.

Other than the tax fiasco it sounds like retirement is treating you well. Enjoy.

Originally Posted by nasa1974

Stoplight, glad to hear you got it all done. My taxes took a little less time than you. At least you spent less time doing your taxes than I did a few years ago doing FAFSA forms for my daughters.

Other than the tax fiasco it sounds like retirement is treating you well. Enjoy.

Thanks for stopping by, Nasa ! Hope retirement is treating you well, too...hard to believe we're coming up on our 1 year "anniversary", isn't it ???

My "finances" are working out okay...we knew this year was going to be the tight one, and we had an unplanned expense, when we chipped in to a relative's college tuition, but I haven't had to touch the IRA's yet, and my investments are staying ahead of my withdrawals in the "Big Picture" (so far !).

I've been using TaxAct for my taxes the last few years...never liked TurboTax, 'cause the numbers it pulled out of Quicken never matched the W-2's or other forms. It was funny...TaxAct kept warning me about having withdrawals from my TSP, but being younger than 59 1/2...said I would be penalized, until I found the button that told it I was a Fed

Best Wishes to You and your Family !


Stoplight...

Hard to believe it will be a year May 3rd. We are doing well. My wife is finally off unemployment and is working part time and I am still at Best Buy part time. This October will be 10 years at BBY. We have been on two cruises since I retired and we are booked for two more this October. Hoping not to touch my TSP until I need to or age 70 whichever comes first. Sounds like your year has gone by quick. Stay healthy and enjoy.

Marty

Originally Posted by nasa1974

Hard to believe it will be a year May 3rd. We are doing well. My wife is finally off unemployment and is working part time and I am still at Best Buy part time. This October will be 10 years at BBY. We have been on two cruises since I retired and we are booked for two more this October. Hoping not to touch my TSP until I need to or age 70 whichever comes first. Sounds like your year has gone by quick. Stay healthy and enjoy.

Marty

Dang, Marty !!! You've been at BBuy for 10 years ? I never was in a PERMANENT full-time position with the Feds that long

In my retirement, the consulting engineer stuff I thought I might do is not working out...with the sequester, the DOD Construction in my area has dried up...OTOH, I have an option to start teaching some basic stuff from my earlier career, but I don't need the money at this point, and I just can't get motivated to going back to work !

ALSO, ...the Wife is building a base of customers for her hobby...making jewelry ! She's good at it, and starting to meet expenses...We're taking a Small Business Development Class Wednesday to see what we need to think about as she expands her reach !

Haven't signed up for as many cruises as YOU have, but we're still on track in OUR retirement !!!

Best of luck to you !


Dean...

WOW ! So I've turned 58 years old, and I've been retired 1 year !!! Hard to believe..."time flies" !!!

So far, the finances are working out good...this year (2013), I had predicted, would be our toughest year...yet, we're keeping our head above water so far, even WITH putting some $$$ to keep our Grand-Niece in college ! She's a Good Kid...goes to school near us, so we provide her a "home-away-from-home" on some weekends, and she and her 20-something Friends keep us "young" !

My construction consulting idea has gone nowhere...just look at today's construction numbers, and see how the Federal construction contracts have dried up The Wife's hobby is taking hold, though, so we have a few unexpected bucks coming in...

BTW, the small business development class we took was pretty worthless for us...it was designed for younger people, thinking about starting a bricks-and-mortar, for-profit business...

I'm spending my time focusing on our investments...so far, overall, I've kept ahead of our withdrawals from my remaining TSP balance.

We've also started 1 "bucket list" item...I've ALWAYS been intrigued (and jealous !) of people who can speak 2 (or more !) languages...my 2 years of high school German actually helped us out on a vacation in Germany, in 1995 ! It's embarrassing that Americans expect everyone else to understand OUR language... Sooo...we "invested" in a "Rosetta Stone" language software package, and we're gonna work on learning some Spanish !

Boring life ? Perhaps ! But I never hear an alarm clock anymore, and that works for us !!!


Stoplight...

Good for you, Stoplight. I didn't notice you before, and you've been on here longer -- a few more years -- than I have-- I think because you did not post a lot, but I'm glad you are enjoying your retirement and broadening your horizons now that your time is your own! Best wishes for success in your endeavors. I have not written here in a few months because I have been busy. I in fact retired Dec.31 (!) at age 65 and wife will probably retire a year from now at age 62, we pretty much have our ducks in a row, helping out the younger daughter get established in life; the older one is doing very well in her work, good for her, and we march on. I will start a thread on my ret. story in a bit. Regards, Polarbear

Originally Posted by polarbear

Good for you, Stoplight. I didn't notice you before, and you've been on here longer -- a few more years -- than I have-- I think because you did not post a lot, but I'm glad you are enjoying your retirement and broadening your horizons now that your time is your own! Best wishes for success in your endeavors. I have not written here in a few months because I have been busy. I in fact retired Dec.31 (!) at age 65 and wife will probably retire a year from now at age 62, we pretty much have our ducks in a row, helping out the younger daughter get established in life; the older one is doing very well in her work, good for her, and we march on. I will start a thread on my ret. story in a bit. Regards, Polarbear

Polarbear,

Thanks so much for stopping by my thread, and even MORE for the well-wishes !!

Yes, I've been around TSPTalk for a while, but never did post much, until recently. I think I still have an account thread around here somewhere

Congrats on YOUR retirement, and the Wife's pending retirement...Is she a Fed, as well ? My Wife turns 62 in 2014, so we'll start pulling her Social Security. I'll turn 59 1/2 late in 2014, so I'll be able to tap my (former TSP) IRA without penalty after that. So far, we haven't touched hers, either, even with helping the Grand-Niece...glad we just don't have expensive tastes ! We cashed in some old, small life insurance policies we've had laying around, while maintaining enough to plant us in the ground when either of us goes...those few extra bucks are keeping us ahead this year. We have 1 more to surrender, and that should be more than enough to carry us over to next year.

In my original "Plan", I intended to start drawing MY SS when I turned 62, but the way things are going, I'm starting to think we'll have to give that some thought, and maybe delay that, and get the larger amount later. It gets complicated, though, by the fact that I lose the FERS annuity supplement at age 62, REGARDLESS if I choose to take SS or not ! Decisions, decisions...

OTOH, we just found out about needing an unexpected MAJOR "home improvement" now, so that's causing me to re-think how to pay for it I developed a "plan" for that, though

Speaking of the FERS annuity supplement : I recently received a letter from OPM, containing the "annual survey" to report any income I earned in 2012, AFTER my retirement. This relates to the fact that the supplement is subject to an earnings test, like SS...the good news is, if you had no earnings (like I didn't !), you can throw the survey in the trash. It's no big deal, though...they just ask you for the amount (dollars and cents). It IS filled with dire warnings about how they'll be cross-checking with the records at the SSA, to make sure you don't "cheat" !

Hope everyone's investments are making them money !!!

Stoplight...

I don't mean to "double post", but here's my latest post in the other Retirement thread I recently started about accessing your Spouse's IRA :

"While looking into this issue a little further, I was surprised to discover the TSP has a discussion on this very topic, and giving access to your TSP...in fact, they even have a "power of attorney" (POA) pdf form you can download, sign and notarize, and return to them ! Never knew that existed, but never THOUGHT of this issue, either !

Our IRA's are with USAA, so I wasn't as surprised to discover they have the same thing ! Makes sense...since USAA has a heavy involvement with current and former military members, they have a whole boatload of info and recommendations on finances, etc...especially the need for a POA if a spouse gets deployed, etc. ! Also applicable for our use...

What makes this sweet is that we can fill out the USAA POA form, sign and notarize, and submit...and that takes care of our dealings with ALL our USAA accounts...IRA's, life insurance, checking (although that's already a joint account), credit card, car insurance, etc etc.

Next step is to research this same "account access" for OPM and my pension, and the Wife's 2 State Public School pensions...

Good thing I'm a retired, lazy procrastinator, and didn't sign up for the Credit Union's legal service plan yet...don't NEED them !

Stoplight..."


Maybe it's overkill, but the subject is NOT one we'd considered, and it scared the crap outta me (and the Wife !!!). I'm happy to find the forms to take care of it !


Stoplight...

Stoplight,
Just wanted to touch base with you.........many readers within the TSPTalk forum appreciate you sharing your thoughts within the retirement arena.....cheers

Originally Posted by Bronco07

Stoplight,
Just wanted to touch base with you.........many readers within the TSPTalk forum appreciate you sharing your thoughts within the retirement arena.....cheers

Thanks ! Just trying to "pay it forward"

Stoplight...

Thanks for the information Stoplight. Something else to think about.
Hoping not to touch SS for the wife and myself until we need it. Taking a one time partial withdrawal from TSP but plan not to touch the balance until I'm forced to.
Good luck on the home improvements.