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

  1. #241

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

    Joe,

    I see from another thread that you're retired Army...did you go to Ordnance School at APG ? That was my first hire, as a civilian...loved the Proving Grounds, and Maryland, but the Chemical Guys down in Edgewood kinda gave me the creeps...

    So...what's new on my retirement front ? Well, like all, I had to make decisions about all the open season crap...

    - heath care...staying with FEHB self-only Blue Cross Basic for me, while the Wife stays with the County self-only Maryland Blue Cross (CareFirst) from the School Board. You'll have to dig deep back in this thread to see my discussion about retirement and heath care, , but my fear of the County dropping retiree health coverage seems to have been misguided...I think Obamacare may have had a lot to do with that !

    Her coverage still gets paid down here in Florida, with our Doctors, meds, etc...premiums for her and my self-only is more expensive than if she picked me up on the County's "self plus one" (which I was on for a long time !), and she's gotten a 1 month "holiday" from premiums due to good claims for the last few years <sigh>

    OTOH, Nnut posted a link that the Feds will finally offer a "self plus one" plan...I'll crunch the numbers on next year's go-around !!!

    - TSP withdrawals : So it's open season to change my monthly withdrawal amount from my TSP account. This is the year that was the turning point for us...rolled most of my TSP over in 2012, and set up a monthly withdrawal amount on the rest, based on what I thought I'd need, without penalty, until I turned 59 1/2, when I'd be eligible for penalty-free IRA withdrawals...also, we started drawing the Wife's SS this year, at age 62...The "Plan" worked out perfect, if I do say so myself !!! We're in the black on expenses for 2014, and I've crossed that 59 1/2 threshold, so we can spend from both the Wife's and my IRA as we see fit, without tax penalty !!! I decided to just keep my TSP withdrawal the same for 2015 ; made a few extra months profit from my original calcs, but if we need more, we can tap either IRA now...

    The Wife's Maryland and Florida pensions, and her SS, get COLAs...my Fed pension and SS supplement are still fixed...good that inflation is NOT eating us alive !!!

    So "Life is good" in retirement...starting to learn how to spend it better, to do the things we always saved to do !!!

    One thing that concerns me a little : Seeing a lot of posts lately, worrying about not hitting your max TSP contributions in the last pay period or two...

    My advice : Don't sweat it...just make the correction next year !!! If you are 20 years from retirement, then it makes a difference ! If you are in the catch-up phase, making extra contributions, and close to retirement ??? Then a couple of hundred bucks in tax savings, or TSP earnings, is really NOT gonna make a difference !!! It's the "tail is wagging the dog" !!! You reach a point where anything you do doesn't really make a difference in the "Big Picture"...to me, a $100 or 2 a month doesn't make much difference ! Heck...I can manipulate that just by adjusting my beer consumption !!!

    Just sayin'...

    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  3. #242

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

    Stoplight, Sorry to crash your site with my questions, but I don't want to create a new post if it already exists.

    Background: My husband is a federal employee and is now a retired USN reservist. He was deployed twice during his USN reserve career - (Afghanistan 2006 and Kuwait 2008). Just like me, he is nearing his federal retirement.

    During his deployments, I made sure TSP contributions are deducted from his military paychecks.

    According to TSP OC 95-5, my husband is entitled to the 1% automatic agency contributions and matching contributions, "Agency Matching Contributions. In addition, you are entitled to restored Agency Matching Contributions for periods of military service if you have:
    • contributed to your uniformed services TSP account from military basic pay, or
    • elected to make up employee contributions when you returned from military service."

    Ok, so we wrote this year to our HR and I think they did the the adjustment for the 1% automatic agency contribution.

    Now about the matching contributions is a different story:
    1. 1st phone call to HR, they said that the above meant he can do the catch up.
    2. 2nd phone call- HR said he has to elect to make up contributions and they will match that.
    3. 3rd phone call- HR said they need his LES.

    So we submitted our inquiry online to Ask DFAS and also wrote to DFAS and we were told "no record."

    I guess I am reaching out regarding:
    1. Is my husband entitled to agency matching contributions while deployed, if so, does he need to make up contributions for the agency to match it or can the agency just match his military contributions?
    2. Does anybody know where else can we write to get copies of his LES during his 2 deployments?
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  5. #243

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

    Quote Originally Posted by Maricar19 View Post
    Stoplight, Sorry to crash your site with my questions, but I don't want to create a new post if it already exists.

    ..... I guess I am reaching out regarding:
    1. Is my husband entitled to agency matching contributions while deployed, if so, does he need to make up contributions for the agency to match it or can the agency just match his military contributions?
    2. Does anybody know where else can we write to get copies of his LES during his 2 deployments?
    Maricar19,

    Well...welcome to the "Retirement" thread !!! Thanks for posting your questions to my little corner of this universe !!!

    I'm afraid I can't help you much... As I noted, people THINK a Fed retirement is a cut-and-dried thing, but there are so many wrinkles...

    My military buy-back was for time served in the USAF, a LONG time ago, and had nothing to do with active Reserve time, or deployments...the Military TSP came into existence long after I was a pure FERS civilian Fed, and frankly, I know nothing about how it works, because it never applied to me !

    I would suggest that you post your 2 questions under a new Retirement Thread subject...don't worry about asking a question that may have already been answered !!! Although I'd like to THINK a lot of people read my thread, there are many others out there who may have answers, but might miss your questions ! I'm SURE many TSPTalk members are in the same boat as your Husband...Reservists with deployments...I can think of a few...

    As far as getting "old" LES statements....that's a great question !!! I often wondered about that myself !!! In my case, I worked for several different Agencies in my career...had a situation, when I retired, where I had to submit documentation that I'd paid my military buy-back in order to get the FERS credit for those 4 years. That payment was during a time with a previous Agency, not my current Agency !!! Being the hoarder that I am, I actually FOUND, in Quicken, the time period, and HAD the LES that showed the payment !!! (2004 or so) That worked for me...

    I retired as a Navy civilian...Being curious about your question, I googled it...here's what I found at this DFAS site:

    Frequently Asked Questions

    "Navy Service Members

    Active Navy Service Members: Your last 12 months of LES's are available on myPay. For copies of an LES greater than one year old, call 888-332-7411 and choose option #2. To send your request via e-mail, please click on the askDFAS icon located in the top right hand corner of the DFAS Home home page.

    Reserve Navy Service Members: Your LES's for the past 13 months are available on myPay. For copies of an LES greater than 13 months old, call 888-332-7411 and choose option #2. To send your request via e-mail, click on the askDFAS icon located in the top right hand corner of the DFAS Home home page.

    Separated Active Navy Service Members: Once you are separated from the service, your LESs will no longer be available from myPay. For copies of of an LES, call 1-888-332-7411 and choose option #2. To send your request via email, click in the top right hand corner of the DFAS Home homepage.

    Separated Reserve Navy Service Members: Your LES's for the past 12 months are available on myPay and will remain available until they cycle off through normal updates. For copies of an LES greater than 13 months , call 1.888-332-7411 and choose option #2. To send your request via e-mail, click on the askDFAS icon located in the top right hand corner of the DFAS Home home page."


    Also...when I was working, I think there was an "Official" Personnel Folder (OPF), with hard copies, that follows you throughout your Federal Civilian career...it tracks your personnel actions (SF-52's), etc etc...it's what your current Agency, and OPM, use to figure out your retirement benefits (high 3, health care, annual leave, etc). When I was with the Navy, they periodically gave us an opportunity to request access to that folder...I never took that, because everything seemed "normal" in the retirement estimates I requested. I assume ALL Agencies have to do that...You MIGHT want to spend some time, sitting down with your and your Husband's OPF...OTOH, with all the HR consolidations that have occurred, you may have to travel a bit to see that file !!! Also...be nice to your Agency HR Folks...they are the ones who have seen a lot of the cutbacks, and are WAY understaffed !!! OPM relies on the info THEY send them...


    Best of luck to you and your Husband !!! I look forward to seeing your contributions to the "Retirement" Thread !!!


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson


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  7. #244

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

    Quote Originally Posted by Stoplight View Post
    Maricar19,

    Well...welcome to the "Retirement" thread !!! Thanks for posting your questions to my little corner of this universe !!!

    I'm afraid I can't help you much... As I noted, people THINK a Fed retirement is a cut-and-dried thing, but there are so many wrinkles...

    I would suggest that you post your 2 questions under a new Retirement Thread subject...don't worry about asking a question that may have already been answered !!! Although I'd like to THINK a lot of people read my thread, there are many others out there who may have answers, but might miss your questions ! I'm SURE many TSPTalk members are in the same boat as your Husband...Reservists with deployments...I can think of a few...

    Best of luck to you and your Husband !!! I look forward to seeing your contributions to the "Retirement" Thread !!!


    Stoplight...
    Thanks, I'll take your advice and start a new thread or post my queries on other threads, too. Thank you also for the DFAS info.

    Maricar19

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  9. #245

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

    Geez....time for taxes again !

    2014 was an "interesting" year for us ! The Wife started drawing Social Security at age 62, per our original retirement Plan ! We came out spot on my estimate of income vs expenses ! OTOH, we didn't have quite enough deducted, so we're having to pay a few hundred bucks...thus my late filing !

    I use TaxAct Online to file, so we'll see how this all works out...

    So far, my estimate for 2015 has us in the hole...bumped up the Wife's SS withholding, but we did some home improvements, and supported the Grand-Niece's mission trip to Peru, so the "cash flow" is down over the first 3 months...it SHOULD all shake out as the year progresses !

    More later !!!


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  11. #246

    Join Date
    Feb 2010
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    Fredericksburg TX
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    78

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

    Quote Originally Posted by Stoplight View Post
    Geez....time for taxes again !

    2014 was an "interesting" year for us ! The Wife started drawing Social Security at age 62, per our original retirement Plan ! We came out spot on my estimate of income vs expenses ! OTOH, we didn't have quite enough deducted, so we're having to pay a few hundred bucks...thus my late filing !

    I use TaxAct Online to file, so we'll see how this all works out...

    So far, my estimate for 2015 has us in the hole...bumped up the Wife's SS withholding, but we did some home improvements, and supported the Grand-Niece's mission trip to Peru, so the "cash flow" is down over the first 3 months...it SHOULD all shake out as the year progresses !

    More later !!!


    Stoplight...
    Odd isn't it...u work your whole life to "qualify" for SS, then because you were prudent and played your cards right you have to "increase" your SS withholding because your income is too high in retirement....ah the goodlife

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  13. #247

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

    Retirement Milestone !


    Well, this week marked a major milestone in my retirement “journey” : My LAST monthly withdrawal occurred in my TSP account ! Thus, I am officially "out" of the TSP system, and those nasty IFT limits, and running on the Wife and my self-directed brokerage IRAs.

    Inspired by Nasa1974, my analogy is a space shuttle launch : the booster rockets have successfully separated, and we’re flying higher on the 3 main engines now !

    I must admit...a feeling of sadness...thus ends 31 years of association with the TSP program, through multiple Agencies.

    OTOH, my “retirement financial plan” is working well, so far. With profits made on trading my TSP account, my TSP balance managed to last 6 months longer than I had planned. Thus, both the Wife and I are passed the 59.5 year old threshold for making penalty-free IRA withdrawals. Cash flow so far, this year, is in the black, even with the upcoming Peru trip.

    I’m going to wait and see how my cash flow pans out for a few months, without the TSP withdrawals, before cashing out anything from the IRAs. Now I need to sit down and do some research on IRA withdrawal strategies...

    I STILL intend to lurk around TSPTalk and the premium service I subscribe to, and post annoyingly long, useless messages, when I feel like it !

    May all your moves be positive !!!


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

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  15. #248

    Join Date
    Feb 2013
    Location
    Sometimes Maryland, Sometimes Texas
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    3,504

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

    Congrats Stoplight!!! It's good to hear your retirement plan is working out. I'm a little confused as to why you would keep your premium service. I mean if you have no skin in the game, what's the point? If anyone at that site still wants to communicate, they can still do so at your account talk... I'm just rambling. I'm sure you have your reasons...
    "the biggest mistake that traders make is to let these short-term trades turn into longer-term investments when they don’t work." RevShark

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  17. #249

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

    Quote Originally Posted by ravensfan View Post
    Congrats Stoplight!!! It's good to hear your retirement plan is working out. I'm a little confused as to why you would keep your premium service. I mean if you have no skin in the game, what's the point? If anyone at that site still wants to communicate, they can still do so at your account talk... I'm just rambling. I'm sure you have your reasons...
    Hey, RF !!! Good to hear from you ! Thanks !!!

    Almost made the trip down to Tampa to see the O's sweep the Rays this weekend, with some Friends who are Rays fans...but the trip didn't work out

    RE: "No skin in the game..." ? Quite the contrary ! I have plenty of skin in the game !!! Yes...I'll no longer trade the TSP funds, per the premium advice, but as you know, the signals also apply to mutual funds, and ETFs...without the constraints of the IFT limitations ! There are also various recommendations all over the Board on various surrogates for the TSP funds...I can trade those, per the signals, too !

    Not sure I understand why that would be confusing to you ???

    Now...my "buy-and-hold" portion of my portfolio continues to tank...not sure what the heck to do THERE ! I need to start reading Birchtree's thread again


    Stoplight...
    "Too old to rock and roll...too young to die"... - I. Anderson

  18.  
  19. #250

    Join Date
    Feb 2013
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    Sometimes Maryland, Sometimes Texas
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    Default Re: Stoplight's Retirement Story (FERS, Gap in Service, Military Buy-Back)

    Quote Originally Posted by Stoplight View Post
    Hey, RF !!! Good to hear from you ! Thanks !!!

    Almost made the trip down to Tampa to see the O's sweep the Rays this weekend, with some Friends who are Rays fans...but the trip didn't work out

    RE: "No skin in the game..." ? Quite the contrary ! I have plenty of skin in the game !!! Yes...I'll no longer trade the TSP funds, per the premium advice, but as you know, the signals also apply to mutual funds, and ETFs...without the constraints of the IFT limitations ! There are also various recommendations all over the Board on various surrogates for the TSP funds...I can trade those, per the signals, too !

    Not sure I understand why that would be confusing to you ???

    Now...my "buy-and-hold" portion of my portfolio continues to tank...not sure what the heck to do THERE ! I need to start reading Birchtree's thread again


    Stoplight...
    Ok, that makes sense. I keep forgetting about the ETF's...call it a senior moment! LOL

    As for the O's, they are in the thick of things in second place and 5 games behind the Yankees. Trade deadline is looming, so we will see if the give up some talent for a win now play...

    Take care and all the best in your investments!
    "the biggest mistake that traders make is to let these short-term trades turn into longer-term investments when they don’t work." RevShark

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  21. #251

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

    Congratulations Stoplight, sounds like a good strategy. I hope you continue posting we all enjoy your thoughts and analysis.



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  23. #252

    Join Date
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    12,151

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

    Congrats Stoplight. Independence is a good thing. You better keep posting we need to keep up on the adventures of your niece.
    May the force be with us.


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