Thread: My retirement story

Originally Posted by 2moryrs

2moryrs - not!

Thanks for sharing that. Do we need to change your username now - add the "not"?

Originally Posted by 2moryrs

Maybe this story will help others planning to retire in the near future.

1. Turned in SF-2801 Application for Immediate Retirement on 11/5/2008.
2. Received letter dated 1/20/2009 from National Finance Center that file had been sent to OPM for processing.
3. Received mailing dated 1/22/2009 from OPM that they had started to process my application.
4. Received word from former HR staff that my lump sum would be processed with PP#3 February 23, 2009.

That is the story to date. Will continue when I get the next mailing from OPM concerning my regular annuity payments.

2moryrs - not!

Are you getting paid (since Nov thru working or retirement)?

Congratulations!

Hey, thanks! Yes I am getting paid, at least that is what the next letter indicated. It will be interim payments until they get finished with retirement application.

5. Got letter from OPM with amount of interim payment amount for 1/4/2009 thru 1/30/2009. Have not checked with the Credit Union to see if they received it yet. Will check on Monday, March 2nd. (A side note: I am getting ready for a trip to Washington, DC to attend NARFE Legislative Training conference March 7-10, 2009. A lot of current employees don't realize that they pay their HC costs with pre-tax dollars. Just another reason to become a member; to protect what you already have before you retire)

More later

6. Got second letter from OPM: interim payment for 2/01/09 through 2/30/09. I swear that is what the letter said! Did anyone else hear that February now has 30 days?!? ;^>

Payments from 1/4/09 thru 2/30/09 have indeed arrived! So, I only had to borrow from my savings account one time. And, I am very thankful for what I have been given considering the economic times we are dealing with at the moment.

Stay safe and cautious out there my savvy TSP friends.

Greg,
To correctly answer your question: I actually retired on the 3rd of January. I turned in my application in November of 2008 as I did not want to wait until the last moment. USDA was a great place to work up until these last few years. So it was a good time to get out. I received my last actual paycheck on January 12th.
Feels good to be retired and out of debt!
Colleen

Originally Posted by 2moryrs

6. Got second letter from OPM: interim payment for 2/01/09 through 2/30/09. I swear that is what the letter said! Did anyone else hear that February now has 30 days?!? ;^>

Payments from 1/4/09 thru 2/30/09 have indeed arrived! So, I only had to borrow from my savings account one time. And, I am very thankful for what I have been given considering the economic times we are dealing with at the moment.

Stay safe and cautious out there my savvy TSP friends.

Thanks 2M, I'm watching your progress as it give me answers for the
future. Its deeply appreciated and I'm sure its helping many of us.

2m
congats on your freedom !!!! what agency r u with ???

Guchi,

Thank you! I am really getting used to the idea that my schedule is now my own doing. I don't have to march to anyone else's drum! I worked for USDA Rural Development. Used to be USDA Farmers Home Administration until Al Gore decided he was going to reinvent Gov't and start with USDA. Took one agency and basically turned it into three ?!? The agency has been trying to undo the damage ever since.

Now on to the "story":

7. Got my complete retirement "package" calculated as of March 9, 2009. This package explained in not-so-easy to understand jargon what my Gross amount due was; what the additions and deductions were; and there was a small adjustment due to me; I did not have to pay them back anything. Yippee!

8. When I received the pin code, I logged in to www.opm.gov/retire and set up where and how much to go into each account. So far it appears I don't have to put so much in the household account to live on. The good Lord has indeed been good to us and we are very greatful in these rough times.

9. My best pearl(s) of wisdom for anyone contemplating retirement any time soon would be to start collecting employment histry if you worked for more than one gov't agency, then make an appointment with an HR person who is responsible for retirement applications for your agency, and then exercise a lot of patience during the process. See if your agency has subscribed to an online retirement calculator and ask them to upload your records so you can start calculating if you can afford to retire.

Someone posted a link to an FAA CSRS course (for lack of a better description) and I found it to be quite good.

My best wishes to all who have the good fortune to be able to retire. For those of you who think you can't, consider a Dave Ramsy course. If nothing else, it will give you a clear picture of where your money is going and how to start keeping more of it for your retirement as well as other fun things.

thanks for reading!

Suppose one planned to retire precisely at the end of the leave year to get the max payout -- how far in advance should the application go in? You put in during November and actually left in January?

Put your papers in a minimum of 90 days ahead of you retirement date.