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

  1. #181

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

    Stoplight, just spent an extend lunch reading the entire thread! Thanks to you, and all those that contributed.
    Without going into too much of my current and upcoming adventure, you touched on something that I questioned the HR rep handling my package. It was submitted by mail OCT 23, received a call from HR notifying they had received it Nov 5. Today, over the phone she provided annuity estimates, which brought up the question of the taxable portion of the annuity. Seems about the only way to use that data in a calculator is by using what is reported on the 1099G, or in your case, your final paperwork calculations. My retirement will be handled a bit differently, hoping the frustration of dealing with OPM is much less. My military payback is on my LES, which they confirmed, they have my marriage certificate, even a letter from the county making my son a Deputy for a Day to document how the ceremony was performed. They do ask that! No breaks in service, 29years, 8 months same NAVAIR DOD local. With respect to the TSP, overnight USPS express mail, signature required only. Otherwise, well, you documented the story pretty well. Pretty lame for a supposedly official government retirement function that limits trades between accounts to some unrealistic minimum. Then, no need to rehash that here.

    Anyone interested in the accommodation process, being lowered to a despicable person in everyone's eyes, the hurtles of obtaining physicians and supervisors statements might find it interesting to read a bit when I get a chance to put it up. This has been over a 3 year process since back surgery, and most recently 6 months ago, a TKR.

    Congrats on the new lifestyle!

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  3. #182

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

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

    From another nnuut I hope your retirement processing goes smoothly Rustynutt, patience will be required.



  4.  
  5. #183

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

    Quote Originally Posted by nnuut View Post
    From another nnuut I hope your retirement processing goes smoothly Rustynutt, patience will be required.
    Long time no see nnuut! Stoplight's thread really got my attention. Good stuff!

  6.  
  7. #184

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

    Quote Originally Posted by nasa1974 View Post
    Sounds like your plan is working so far.

    I must admit that once I made up my mind to retire it got a bit scary. Now almost 6 months into retirement it was one of the best things I have done. The wife and I have a cruise planned next March with the daughters and the son-in-laws. I hope and pray for a strong body and a sound mind for many more years.

    Stoplight, good luck.
    Thanks, Nasa...and I hear what you're saying !

    Making the decision to retire was scary to me, too...it's a "Major Life Event"...kinda my own personal "fiscal cliff" However, like you, I have NO regrets !

    Enjoy that cruise !!!

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

  8.  
  9. #185

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

    Quote Originally Posted by Khotso View Post
    Congrats to the both of you. The personal experiences you've documented here on TSPTalk gives me confidence that my wife and I will be fine when I pull the plug one day ... in the not too distant future. I'm happy for you both. Keep sharing and may you be blessed with good fortune.
    Khotso,

    I won't speak for Nasa, but I'm glad you got some use out of my thread ! As noted above, retirement CAN be somewhat scary, so if my thread has given you a few things to watch out for, and has boosted your confidence, then it's been worthwhile for me !

    Many thanks for the well-wishes, too...I hope, when you and the Wife DO decide to pull the plug, that all goes well !

    Best Wishes !!!

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

  10.  
  11. #186

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

    Quote Originally Posted by Rustynutt View Post
    Long time no see nnuut! Stoplight's thread really got my attention. Good stuff!
    WOW, Rusty ! That's quite a compliment, and I appreciate your posts !

    I'm hoping that, by documenting the questions, and pitfalls, I've had, it will help others...sounds like you got some useful info from me and other posters to the thread re: taxes, paperwork, etc...that's great !

    You really should consider starting a retirement thread based on YOUR experiences...sounds like you have several other "wrinkles" that are affecting you, that others who come after, may benefit from !

    Best Wishes as you continue down the path !

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

  12.  
  13. #187

    Join Date
    May 2010
    Location
    Maumelle
    Posts
    48

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

    Quote Originally Posted by Rustynutt View Post
    Stoplight, just spent an extend lunch reading the entire thread! Thanks to you, and all those that contributed.
    Without going into too much of my current and upcoming adventure, you touched on something that I questioned the HR rep handling my package. It was submitted by mail OCT 23, received a call from HR notifying they had received it Nov 5. Today, over the phone she provided annuity estimates, which brought up the question of the taxable portion of the annuity. Seems about the only way to use that data in a calculator is by using what is reported on the 1099G, or in your case, your final paperwork calculations. My retirement will be handled a bit differently, hoping the frustration of dealing with OPM is much less. My military payback is on my LES, which they confirmed, they have my marriage certificate, even a letter from the county making my son a Deputy for a Day to document how the ceremony was performed. They do ask that! No breaks in service, 29years, 8 months same NAVAIR DOD local. With respect to the TSP, overnight USPS express mail, signature required only. Otherwise, well, you documented the story pretty well. Pretty lame for a supposedly official government retirement function that limits trades between accounts to some unrealistic minimum. Then, no need to rehash that here.

    Anyone interested in the accommodation process, being lowered to a despicable person in everyone's eyes, the hurtles of obtaining physicians and supervisors statements might find it interesting to read a bit when I get a chance to put it up. This has been over a 3 year process since back surgery, and most recently 6 months ago, a TKR.

    Congrats on the new lifestyle!

    Rustynutt.
    I retired 8/31/12 and my annuity was finalized in two months, it would have been even sooner if HR(my agency's HR is horrible) hadnt delayed my retirement papers going to OPM.

    If you want to possibly speed up the retirement process, once OPM recds retirement package from your agency and you recd CSA number assignment....... email kenneth.zawodnyjr@opm.gov. Kenneth at OPM is the man............. I was able to deposit my annual leave lump into savings and not have to tap into it.

    Right now I dont need to hit my tsp but cannot save anything either. Unfortunately I did not go to cash before election day because I believe all the crap saying Mitt was going to win. I am thinking about using one of these paid services again.

    bj

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  15. #188

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

    Quote Originally Posted by Stoplight View Post
    ... The second item : Today, I completed and faxed my FULL withdrawal form to the TSP (via a "real" fax machine, at Office Depot...I learned my lesson !) I'll start THAT clock ticking, and report on my results here.

    Stoplight...
    Status Report

    I posted the above on 9 Nov, the day I faxed my full withdrawal paperwork to TSP. On 13 Nov (after the holiday), I had another "Message Alert" in my "Withdrawals" section of the TSP web site, saying my full withdrawal app was "under review".

    Today (16 Nov), I had an alert posted this afternoon that says my full withdrawal request should be processed on 19 Nov, and that I can cancel it before noon, that day. The rest of the info is correct this time...how much the monthly amount is, and where it's going !!! I guess I won't need to resubmit this paperwork several times, like the partial withdrawal

    At this point, I don't know if the first EFT to my checking account will occur on the 19th, or if there will be a lag between that date, and the money showing up...will post my results.

    No complaints on the timing of TSP processing my paperwork...10 days from app to disbursement (hopefully !) ain't too shabby !

    Assuming the deposit shows up on the 19th or 20th, I WISH I could say I planned it that way That'll be perfect, cause my credit card bill comes due about that time...we use the card a lot to earn reward points, etc., but pay it off each month. The rest of our current pension income all comes in at the end of the month/beginning of next month. It's no big deal, but from a "cash flow" point of view, that would work out well !

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

  16.  
  17. #189

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

    Quote Originally Posted by Stoplight View Post
    Status Report

    Today (16 Nov), I had an alert posted this afternoon that says my full withdrawal request should be processed on 19 Nov, and that I can cancel it before noon, that day.

    At this point, I don't know if the first EFT to my checking account will occur on the 19th, or if there will be a lag between that date, and the money showing up...will post my results.

    Stoplight...
    Well, the TSP deducted my first monthly payment of my "full withdrawal" at COB 20 Nov prices...took it proportionally from my G and C funds. Today (23 Nov), my bank is showing a "pending EFT" for the correct total amount.

    Again...I can't complain about the time it took them to get me the money...the "Alert" on the web page said it would be 3-5 "business days" for the EFT to show up...even with the Thanksgiving day holiday, they got it done quickly ! I was expecting it next week sometime.

    They also already posted a PDF of the snail mail, dated 20 Nov, that breaks down the gross disbursement and the taxes withheld (20%). As I knew, it also reminds me that I can change the amount once a year, in January...I may take advantage of that, depending on how my allocation of my remaining balance in the TSP does each year.

    I guess this pretty much ends the "story" of my Retirement Journey !!! There's nothing left dangling that could screw up my "Plan" too much ! If I don't have any major upheavals, I'll sit back, enjoy my retirement, and check this thread every now and then, to see if anyone has any questions or comments !

    Thanks to ALL who have contributed their experiences, knowledge, and best wishes to my Journey...all y'all are the BEST !!!


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


  18.  
  19. #190

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

    Just a quick check-in on my retirement thread

    FYI...TSP processed my 2nd monthly withdrawal from my remaining TSP balance on 19 Dec, via EFT...USAA credited my checking account on 21 Dec. That whole process seems to be working correctly.

    I also received a letter from OPM, about a month ago, about signing up for the Long Term Health Care coverage. That's probably something the Wife and I will look in to as we get a little older...

    Best Wishes to everyone for a healthy and prosperous 2013 !!!


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

  20.  
  21. #191

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

    Hello, All !

    Just passing through...nothing earth-shattering to report !

    It's time to start doing taxes...just thought I'd drop some notes about my experiences on THAT subject !!!

    First comment is...I can't believe the number of tax-related forms you get when you retire/move around investments ! I THINK I have 'em all now, but I'm not positive !

    Can someone explain to me why it's important to report the tax-free rollovers, from my TSP and the Wife's 403(b)'s, to our IRA's ? What difference does it make to the IRS ? They're all tax-free !!! They DID get their 20% share of distributions...

    Just wondering...

    Best wishes to ALL for 2013 !

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

  22.  
  23. #192

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

    Hmmmmm...

    Well, my monthly TSP withdrawal posted at COB yesterday, so I effectively "withdrew" an additional 1.8%, since I'm in "S"

    Ah, well...that's one of those things I have absolutely NO control over, so I'm not gonna fret it.
    It could be worse....I could still be working

    Still haven't started my taxes, either...maybe today !


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

  24.  
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