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Thread: PessOptimist's Retirement Story

  1. #37

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    Default Re: PessOptimist's Retirement Story

    PO

    Tricare 4 Life is free to you. You dont have to pay tricare premiums for yourself. You only pay medicare premiums. Nobody is eligible for Tricare 4 Life unless they are medicare eligible...so this eligibility does not extend to spouse or other dependents. Unfortunately, that means that you need to continue paying Tricare Prime premiums for your spouse until she is eligible for medicare. However, I am assuming (don't quote me) that your premiums for Tricare Prime should be reduced to single rate vice dual or family rate, whatever the case may be. Your TRICARE Regional Office (TRO) can tell you what your new premiums should be. TRO-West | Health.mil

    I've spoken with Tricare as well as several other co-workers with the same scenario as you and they all had to continue paying Tricare premiums on behalf of their spouse until such time as their spouse became eligible for medicare.

    Hope this helps.
    Last edited by jpcavin; 08-04-2016 at 01:38 PM.

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  3. #38

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    Default Re: PessOptimist's Retirement Story

    Also, look at the very last paragraph here : Becoming Medicare-Eligible | TRICARE

    What about my family members?

    If you’re turning 65, but you still have family members under age 65, they can continue to use TRICARE Prime, TRICARE Standard and Extra, or whatever plan they're using now until they also become eligible for Medicare Part A & B
    You can also just call DMDC like evilanne pointed out.

    DMDC Support Office Toll-free: 1-800-538-9552
    TTY/TTD: 1-866-363-2883
    Fax: 1-831-655-8317

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  5. #39

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    Default Re: PessOptimist's Retirement Story

    Thought it was time to post something as to retirement plans. Thank you everyone for your input about health insurance.

    Still planning to retire from fed service at the end of next year. That was a statement I made a few years ago, to a manager who is no longer a fed and others who are no longer in my chain of command. Some co-workers know this as well. Whatever, it all comes down to me and what I want at this point. I am sorry to say that I am looking at me first and agency second.


    A few weeks ago I requested a retirement estimate from HR for 31 Dec 16. I had it taped to my office door for a while but my #2 convincedme to take it down. It is now posted inside the office. Not going to happen and it was just something I did because it was that kind of a day.


    For all of you contemplating retirement, these estimate seem to be easy for your HR section to create once they have the info entered in to whatever program they use. I request several per year lately.


    Open season for FEHP is closing tomorrow. No changes for me in spite of all the discussion in previous posts. EvilAnne is correct I am overinsured. Not only that but having a primary insurer breaks some links to TriCare when claims are submitted. Things normally covered by UHCWest under TriCare are not because BCBS won’t cover them. So by saving TriCare money by having FEHP coverage you apparently relieve TriCare of the responsibility of picking up what would normally be covered under TriCare. We are still fighting but the TriCare rep at my primary health care provider agency says we would be better off dropping the primary. SO does not agree. I do not know and am a little scared.


    It is the end of 2016 and big milestones coming up as I turn 65 in May 17. Got to get my driver’s license renewed in April. Should be OK there. Just another thing to remember. Got to apply for MediCare in February or March and buy part B. Why? To keep TriCare. I will still be working so that may confuse SS administration, plus how to pay for part B since I have no SS payments coming in. Still will have to pay for TriCare Prime for the wife, no obvious way to get family only and not me on that. I will figure it out or keep paying the premiums for family. Got to go by the ID section of Luke AFB by 30 Apr 17 to get the ID card changed. The back part is what changes, where it says stuff about medical care. Who knew that when you turn 65 you are turned over to MediCare? Yeah, I know, TriCare for Life blablahblah.


    Another biggie is I must find a new primary care manager(doctor) by 30 Apr 17 as TriCare, as managed by 56MG at LAFB, no longer cares for retirees over 65. Adding to that my PCM at the base no longer works there as of a year ago and I have not been assigned a new PCM. I still get encounters with whoever is available but no PCM in the system and therefore no medical records available. I will likely work that out too.


    2017 is full of challenges as you can see and medical care was one of the lowest on the radar at first as I figured TriCare would be there. Silly me. Thanks for my service.

    Plan now is to enroll in MediCare in February or March, enroll in part B, continue to work for my agency, continue FEHP, continue to contribute max in to TSP and go to work every day doing the best I can.


    Back to the Fed retirement thing. I continue to want to hangout until at least the end of June next year for the 62+20=1.1% factor on the annuity. I want to keep my promise to stick around until the end of next year. Every month I stay adds to the high three average. I think about sticking around until May 2018 so I get “full” SS annuity.


    For me that’s age 66. “full” SS annuity is just a benchmarkSS administration created. An amount to add or subtract from.


    Where I am now is the same place I was at the end of my military career. It isn’t fun anymore and I am not engaged to give it my best effort. I am not sure what “my best effort” is.


    Depending on your age and circumstance, retiring from Fedservice is a big step. You have to get a job to survive if you are doing the MRA thing or you have to figure out what money you will have coming in if you are not planning on ever working again.


    Me, I think I might be OK as my estimations do not include withdrawing from TSP. I try to keep that out of the discussions. It is still going to be an emergency fund I hope until I have to take minimum withdrawals at age whatever. Still my federal annuity will only be 22% of my high three. Adding my SS to that is a 40% or so pay cut. Life style adjustments are needed.

    PO

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  7. #40

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    Default Re: PessOptimist's Retirement Story

    PessOptimist,

    It is much better to have too much rather than too little insurance. The self +1 option, which all FEHB plans have, is less expensive than the family option. Good luck with figuring out Medicare.

    Pay cut hasn't been that difficult to adjust to. When you figure out how much you are contributing to TSP, Retirement, Taxes (decreases), SS/Medicare you might be surprised how much you are actually living on now.

  8.  
  9. #41

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    Default Re: PessOptimist's Retirement Story

    Another milestone today toward the total retirement scenario. Applied for Medicare and part b.

    Why? Because I must apply for Medicare and sign up for part b at least two months before the month I turn 65 in order for TriCare Prime to convert to TriCare for Life without having to apply for reinstatement. I do have the privilege for the next four years of paying TriCare Prime premiums for my SO with no apparent reduction in that premium.


    I will continue to work at least until the end of the year and continue to be enrolled in FEHP BCBS. I plan to keep FEHP in to retirement. Doing this complicates the whole medical insurance thing.


    Anyone covered by TriCare who is near 65yo needs to go here:
    http://tricare.mil/LifeEvents/Medicare
    Click around and you may find something that applies to you . Call them if you need to but be prepared for a long call. The first human you talk to will not know the answer. If you are in a different region than I am you will call a different provider.

    One other life thing that’s has come up about my planned retirement date from federal service of 12/31/17. At that point I will be 65y 8m old and SSA has declared years ago my full retirement age is 66. SO states she knows that it will cost her 10s of thousands of dollars if I retire “four months early”. SSA tells me I get 99.6% of “FRA” payment at 65y 8m. About $52 per month less. SO plans to get her SS payments two months later at 62yo. ½ of my payment will be $27 more than her estimated payment so she gets that. If I don’t apply for payments until 66 she gets $53 more. Not sure how that $26 difference fits in to the 10s of thousands but may have to work an extra six months.

    PO


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  11. #42

    Default Re: PessOptimist's Retirement Story

    Trust me its worth it to keep SO happy! LOL

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  13. #43

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    Default Re: PessOptimist's Retirement Story

    Yes it is Scout.
    What I have been trying to explain to SO is I am on track to not take much annual leave this year (was supposed to be none but she planned a trip, was supposed to have 240 carry over but used some for SO medical care) and will sell that back to tide us over until the full annuity amount kicks in. 361.25 hours. Looking at the amount it could also take up the slack until I reach age 66 and draw my SS pay. If I delay retirement until next year I have to take 153.25 (no idea how that .25 came about) hours this year and the amount sold back April 30 next year will be about 312 hours. Yeah only 50 hours difference.
    What matters to me is that I no longer enjoy or even like my job now. I can’t seem to explain that to a person who quit working 20 years ago because she didn’t like her job.
    Sounds like I have a personal problem.
    I think I have the medical insurance things on track. I sure hope so. Finding a “new” doctor has been a challenge.
    PO

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  15. #44

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    Default Re: PessOptimist's Retirement Story

    SO has accepted that I am retiring at the end of the year. She is asking hard questions I don't know the answer to. Actually they are only hard to find the answer to. So I am reaching out to recent FERS retirees based on their own experience. OPM is kinda vague on the actual mechanism.

    1. I am retiring 12/31/17. Based on experience when do I get my first "interim annuity"? I am betting on 2/1/18.
    2. Also based on experiences, what percentage of your projected final "Estimated net Benefits" did you recieve as an interim payment?

    PO

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  17. #45

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    Default Re: PessOptimist's Retirement Story

    Hi, I have been retired for 4 years so I could look some of this up but you need to immediately contact your Personnel Office and begin your paperwork. They will give you best estimates and when you submit your final paperwork OPM will take over and provide more final estimates. I was surprised that I get my retirement around the 20th of every month but it works because Social Security comes in at the end of the month too. You just need to find out the dates and amounts and budget them for the future but you won't get that until you submit to your agency and they submit to OPM. Hopefully you'll get lucky and get $20K/month instead of $2K.


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  19. #46

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    Default Re: PessOptimist's Retirement Story

    #1 I retired 2/29/2016, 1st payment was 4/1/2016 right on schedule. Got my leave paid in the last paycheck on 3/17.
    #2 My interim pay was 88.5% of actual payment. I got the difference for the 3 months on 6/15 and 1st full annuity payment 7/1/2016.

    I'm not sure if retiring at end of year would be any different since it seems a lot more people seem to retire then.

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  21. #47

    Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by PessOptimist View Post
    SO has accepted that I am retiring at the end of the year. She is asking hard questions I don't know the answer to. Actually they are only hard to find the answer to. So I am reaching out to recent FERS retirees based on their own experience. OPM is kinda vague on the actual mechanism.

    1. I am retiring 12/31/17. Based on experience when do I get my first "interim annuity"? I am betting on 2/1/18.
    2. Also based on experiences, what percentage of your projected final "Estimated net Benefits" did you recieve as an interim payment?

    PO
    Hi, PO ! Glad to hear you decided to pull the plug !!!

    I'm not a real recent retiree, but I'll give you the numbers, FWIW...

    1. Retired 4/30/2012 ; received 1st "interim" annuity on 6/1/2012, right on schedule, too.
    2. My interim payment was ~ 57% of my final payment.

    That's based on my gross, unreduced benefit calcs, not "net". The gross can be reduced by survivor benefit, insurance, taxes, etc etc

    If you haven't gotten one in a while, I recommend you ask your Agency for a current retirement benefits calculation. Although my Agency's estimate was ~ 7% higher than my final OPM calcs, it still gives you a good starting point for your own figuring...

    HTH !


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

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  23. #48

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    Default Re: PessOptimist's Retirement Story

    Quote Originally Posted by pmaloney View Post
    Hi, I have been retired for 4 years so I could look some of this up but you need to immediately contact your Personnel Office and begin your paperwork. They will give you best estimates and when you submit your final paperwork OPM will take over and provide more final estimates. I was surprised that I get my retirement around the 20th of every month but it works because Social Security comes in at the end of the month too. You just need to find out the dates and amounts and budget them for the future but you won't get that until you submit to your agency and they submit to OPM. Hopefully you'll get lucky and get $20K/month instead of $2K. [IMG]file:///C:/Users/David/AppData/Local/Temp/msohtmlclip1/01/clip_image001.gif[/IMG]
    Thanks for the reply. I got the best estimates from the agency. I would be happy at $2k per month but that is not going to happen. Net anyway, maybe barely gross.

    Quote Originally Posted by evilanne View Post
    #1 I retired 2/29/2016, 1st payment was 4/1/2016 right on schedule. Got my leave paid in the last paycheck on 3/17.
    #2 My interim pay was 88.5% of actual payment. I got the difference for the 3 months on 6/15 and 1st full annuity payment 7/1/2016.

    I'm not sure if retiring at end of year would be any different since it seems a lot more people seem to retire then.
    Thanks. This is the kind of input I am looking for.
    I am retiring in the middle of a pay period. Normally I would look for a payment from my agencies normal pay schedule on 1/4/18 for the period 12/10 thru 12/23/17. Then on 1/18/18 I would get a payment for the period 12/24 thru 12/31/17. In one of them I should get the leave payment. Any idea how that is going to work? Anyone?

    Quote Originally Posted by Stoplight View Post
    Hi, PO ! Glad to hear you decided to pull the plug !!! [IMG]file:///C:/Users/David/AppData/Local/Temp/msohtmlclip1/01/clip_image002.gif[/IMG]

    I'm not a real recent retiree, but I'll give you the numbers, FWIW...

    1. Retired 4/30/2012 ; received 1st "interim" annuity on 6/1/2012, right on schedule, too.
    2. My interim payment was ~ 57% of my final payment.

    That's based on my gross, unreduced benefit calcs, not "net". The gross can be reduced by survivor benefit, insurance, taxes, etc etc

    If you haven't gotten one in a while, I recommend you ask your Agency for a current retirement benefits calculation. Although my Agency's estimate was ~ 7% higher than my final OPM calcs, it still gives you a good starting point for your own figuring...

    HTH !


    Stoplight...
    Thanks. Got a retirement calc from January. Nothing changes until October and then only if I get a raise this year. My high 3 will go up a little. I am trying to keep in touch with my “absentee” HR person (we have been farmed out to a mercenary agency) and have reached out to my new local HR person but she never answers emails and is always out of her office.
    Such is life for a .fed.
    PO
    Last edited by PessOptimist; 07-09-2017 at 06:20 PM. Reason: clarity

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