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Thread: Elgallo's Retirement story

  1. #1

    Join Date
    Apr 2004
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    374

    Default Elgallo's Retirement story

    Let me start this thread with an appropriate tune.



    I'll be posting my experience with the oddessy of retireing from the Federal Gubmint. So stay tuned.


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  3. #2

    Join Date
    Aug 2010
    Location
    Bush, Louisiana
    Posts
    110

    Default Re: Elgallo's Retirement story

    Elgallo, may I be the first to congratulate you on your retirement and welcome to the club. It will be one year tomorrow that I became a member of the retirement club. Have not looked back. You'll love it. I know you will have a very Happy New Year.

  4.  
  5. #3

    Join Date
    Feb 2007
    Location
    San Diego, CA
    Posts
    6,999

    Default Re: Elgallo's Retirement story

    Quote Originally Posted by Elgallo View Post
    I'll be posting my experience with the oddessy of retireing from the Federal Gubmint. So stay tuned.
    Congrats Elgallo,
    Please do keep us up to date, and I hope the transition in life is easier than the transition to being paid that well deserved and truly earned benefit!
    You do know the "street" vernacular of your name right?
    THIS IS WHERE I WOULD PUT SOMETHING TO REPRESENT MY THINKING, BUT THEN THEY SHOW UP!
    Tracker =
    Check my position

  6.  
  7. #4

    Join Date
    Sep 2004
    Location
    Missouri
    Posts
    8,619

    Default Re: Elgallo's Retirement story

    Good for you, enjoy it!
    Socrates: "Democracy, which is a charming form of government, full of variety and disorder, and dispensing a sort of equality to equals and unequaled alike."

  8.  
  9. #5

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    76,300

    Default Re: Elgallo's Retirement story

    Been there done that if you have any questions feel free to ask. CONGRATULATIONS You'll love it.



  10.  
  11. #6

    Join Date
    Apr 2004
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    36/36 121/56
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    374

    Default Re: Elgallo's Retirement story

    Thanks everyone, its been almost two weeks now and let me say I can't complain one iota! Been gettin things done that have been hanging fire for way too long.

    The one new development regarding my retirement is that my lump sum AL payment showed up in my check last Friday. I understood it would be as long as 6 weeks, so this was a pleasent suprise.

    That's it for now.

    Now where is that fishin pole...................

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  13. #7

    Default Re: Elgallo's Retirement story

    Congrats big time! I truly love retirement, I can't believe a year has passed!

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  15. #8

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    12,130

    Default Re: Elgallo's Retirement story

    Elgallo, Congratulations. Looking forward to the updates. I plan to retire June 1st so it will be interesting to see how things progress for you.
    May the force be with us.

  16.  
  17. #9

    Join Date
    Apr 2010
    Location
    S.W. Florida
    Posts
    1,268

    Default Re: Elgallo's Retirement story

    Congratulations !! I'm retiring 2/29/12. Could you tell me approximately how much they withheld (percentage) for taxes from your A/L hours check? I've heard from 33-40%?? Thanks..


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  19. #10

    Join Date
    Apr 2004
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    Default Re: Elgallo's Retirement story

    Another quick update here. I just received the letter from TSP indicating they were informed of my recent retirement, and wanted to know if I intended to pay off the balance of a TSP loan I currently have. One must either pay off the loan or declare it as income and it goes towards income for the 2012 tax year with taxes due in April 2013. This must be done or you cannot withdraw funds, lump sum or otherwise, going forward.

    Going to go work on the boat now...........

  20.  
  21. #11

    Join Date
    Apr 2010
    Location
    S.W. Florida
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    1,268

    Default Re: Elgallo's Retirement story

    [QUOTE=Elgallo;343981]Another quick update here. I just received the letter from TSP indicating they were informed of my recent retirement, and wanted to know if I intended to pay off the balance of a TSP loan I currently have. One must either pay off the loan or declare it as income and it goes towards income for the 2012 tax year with taxes due in April 2013. This must be done or you cannot withdraw funds, lump sum or otherwise, going forward.

    Yes..... A TSP outstanding loan is an important consideration when determining when to retire. I hope that your HR Dept., informed you that you would have to repay the loan or declare it as income when you submitted your retirement paperwork so that it was not a surprize to you...

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  23. #12

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    12,130

    Default Re: Elgallo's Retirement story

    Elgallo, What did you decide to do with your TSP?
    May the force be with us.

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