Thread: nasa1974's retirement story

Originally Posted by nasa1974

They took 20% off the top for Federal taxes. I wonder how bad local and State taxes will be. I guess I will find out next February or March when I file my taxes.

Ouch! But thanks for sharing nasa -- good to know. Hope you get some of that back next winter/spring when you file your return -- I'll be interested in hearing as I'm considering a partial w/d at some point in the next year or so as well.

Originally Posted by Khotso

Ouch! But thanks for sharing nasa -- good to know. Hope you get some of that back next winter/spring when you file your return -- I'll be interested in hearing as I'm considering a partial w/d at some point in the next year or so as well.

Depending how much you need you have to remember to add that extra for the tax man. Tax time will be interesting.

Tax time requires at least a year ahead in planning - especially now that you have retired. Try and keep what is yours.

Originally Posted by Birchtree

Tax time requires at least a year ahead in planning - especially now that you have retired. Try and keep what is yours.

Good advice. I may get burned by the tax man but I had to pay off what was left of my daughters school loans. Now I will have some extra spending or investing money.

Nasa,

Yeah, they get their 20 % right off the top...I didn't get hit when I rolled most of my TSP to my IRA, but my monthly withdrawal from my remaining TSP balance gets the 20% deducted, before it ever leaves the TSP ! It's not "adjustable", either...at least I haven't found a way to change it ! You just gotta factor that in when you make your projections on next year's taxes...glad I don't have a State tax to worry about...


Stoplight...

Originally Posted by Stoplight

Nasa,

Yeah, they get their 20 % right off the top...I didn't get hit when I rolled most of my TSP to my IRA, but my monthly withdrawal from my remaining TSP balance gets the 20% deducted, before it ever leaves the TSP ! It's not "adjustable", either...at least I haven't found a way to change it ! You just gotta factor that in when you make your projections on next year's taxes...glad I don't have a State tax to worry about...


Stoplight...

Your right about the 20% right off the top but you can ask for them to take an additional amount out if you want. Yeah, right!!!

Friday I made my final payment on the school loans for my daughters and the electronic payment posted yesterday in my checking account. I'm debt free except for my house payment. But I will be looking at a new vehicle within the year. So then I will owe on the house and a truck. But for the time being I have some extra income.

Originally Posted by nasa1974

Your right about the 20% right off the top but you can ask for them to take an additional amount out if you want. Yeah, right!!!

LOL !!! Yeah, I DID see where I could change that !!!

Originally Posted by nasa1974

Friday I made my final payment on the school loans for my daughters and the electronic payment posted yesterday in my checking account. I'm debt free except for my house payment. But I will be looking at a new vehicle within the year. So then I will owe on the house and a truck. But for the time being I have some extra income.

SWEET !!! Nice job, Nasa...and you are a GOOD Dad !!!


Stoplight...

Just got my OPM notification in the mail today about my 1.5% COLA for 2014. Better than last year.

Originally Posted by nasa1974

Just got my OPM notification in the mail today about my 1.5% COLA for 2014. Better than last year.

Saweet!

I got my 1099R in the mail today from OPM.