Retirement stories and suggestions

[PessOptimist]

A big thank you to all MB members who have posted their retirement experiences.

Short timers like myself (2500 days +/-) really do need to start getting together a plan.

It is hard to say what the fed retirement system will be like in the future but I don't believe it will change that much in the next 2500 days, except for high 5 and maybe no pay increases within grade/step. But that's just my pessoptimistic side.

The best advice I have seen here and in other topics is to get the matching TSP contribution (if you are eligible) and to try to accumulate 240 hours use/lose annual leave plus everything you accrue in the calendar year you plan to retire. Sell that leave back and that will be your living money until OPM gets your account right.

I do know one person who figured out how to take all his leave plus that accrued while on terminal leave. Claimed it was the way to go since he accrued 40 or so hours annual leave while on terminal leave. To each their own. That would take some ppp. I have to assume he made some plans about living expenses between retirement date and 100% retirement pay coming.

Of course, you also should try to have debts paid off, including if possible, mortgage and car payments.

My motivation for starting a new thread is that a lot of the retirement experience info is spread around in different topics, including account talk threads. Here is a place to post any advice you may have for those of us still grinding away.

Thank You

PO

[Zebra]

And be prepared financially to go 2 or 3 months without OPM pension. I retired 31 Dec 10 and have not received any pay, but I am in good shape, but not having it is cutting into my fishing trips and such, Muhahahaha!

[Bquat]

I think it is a good Idea to start up the retirement experience thread.

There is a great knowlege base on all type post retirement issues on this board.

[Bquat]

Did you know you can maybe beat the 6 to 8 month delay in getting your full retirement and Social Security suppliment by start calling retirement services at 5 1/2 month's. If you start too early they just let you know that there is a delay. If you wait a little bit and call and say you didn't hold back enought cash back for the delay because you payed bills off or didn't take a big enought lump sum, you may get the FER's finance number and a person that is allowed to do the paperwork in two weeks instead of first come first serve. This sometimes works.

[alevin]

Now that is one of the best insider trading tips I've seen yet on the retirement angles. i bet it will pay off for one or more others here this year tho. not me, i'm years away at this point.

[jpcavin]

Has anyone that is already retired contacted their congressman? Just wondering if it was helpfull.

[Bquat]

For FERS retirement on Dec. 31 is good for two reasons:

1. You don't lose annual leave above 240 and can sell it all.
2. Your money for annual leave and one time lumpsum (over 55) is
taxed on next year taxes.

Retiring in October or November will let your lumpsum and annual leave be on this years taxes, Which may raise your income to the next higher tax braket. They only took out 20% for taxes when I retired and if I went to the 25% bracket I would have had to pay more. I made the 15% bracket and will get a big tax return.

If you have 240 or less annual leave and are a very good employee it may be good to wait till after January when you get your bonus or step increase. Its the bonus or above 240 leave amount choice.

[Bquat]

Has anyone that is already retired contacted their congressman? Just wondering if it was helpfull.

It has been tried but this delay have existed for a long while (2005ish) because the software upgrade didn't work and they have to do everything by hand. There was mentioned that there would be more hiring last year to help with this issue but I don't know. There was a thread on this before in the retirment section.

[brooksmd]

According to my counselor at HRSSC, the paperwork doesn't go forward to OPM until your actual retirement date.

And while Dec 31 is best for selling back annual leave, remember if you retire during a pay period you don't get that 8 hrs. I'm not sure how the other agencies do it, but with the USPS you can carry over 440 hrs for craft employees. Therefore retiring on Dec 31 you could sell back 648 hrs.

Lot's of variables to look at and what is good for one might not be good for someone else. I did a Google search on best retirement dates for 2010. When your time comes do the same thing and you should get some hits for Federal Times articles on the subject.

The big thing to survive the delay at OPM, plan and save for your retirement day.

[Zebra]

brooksmd,

I only wished we could carry over 440 hrs! I worked for NASA and we could only carry over 240 hours, so I sold back 448. I can't tell you how many years I lost 70 or 80 or more hours, or gave them away to the needed.

BTW, Still no pin number or pay

[nasa1974]

brooksmd,

I only wished we could carry over 440 hrs! I worked for NASA and we could only carry over 240 hours, so I sold back 448. I can't tell you how many years I lost 70 or 80 or more hours, or gave them away to the needed.

BTW, Still no pin number or pay

Zebra, what did you do for NASA. I'm at Glenn.

Planning to retire next year, somewhere between May and December. If Congress passes the high 5 requirement instead of the current high 3 I will be gone this year. If they go to a high 5 the OPM backup could be a year or more.

[brooksmd]

Z that's getting to be ridiculous with your retirement check. Wonder if HRSSC forgot to send your paperwork to OPM? And still no PIN here either.