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Thread: PessOptimist's Account Talk

  1. #409

    Default Re: PessOptimist's Account Talk

    PessOptimist,

    CONGRATS on your retirement!!!

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  3. #410

    Default Re: PessOptimist's Account Talk

    Hi PO, Congratulations on your retirement!!! Hope you settle in and have the time of your life! Oh yeah,..this also means we get to play more TSP Poker with you! Wooo…..hoooo….. Best wishes to you !!
    Don't take my comments as trading advice /IFT: 4-1-24=100G/https://www.theepochtimes.com/ & http://www.ewg.org/PermaCharts@p430#5159/strategy#4918p.410

  4.  
  5. #411

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
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    12,180

    Default Re: PessOptimist's Account Talk

    PO, Congrats. The first month feels like a vacation. Then reality sets in.
    May the force be with us.

  6.  
  7. #412

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,994

    Default Re: PessOptimist's Account Talk

    Things are looking a little better stock wise. I will let it sit (what a surprise) at about 15% C the rest G. If the S&P ever hits 2900 again I will put it all in G and say that’s it, I am retired, can’t screw with the balance. Or not. Maybe I will consider the amount in G sacred and mess with the rest now that I have time to watch the market.

    The rest of this may belong in the retirement story but maybe not as it has to do with TSP account. I have had more time to think about retirement income this month (uh oh) and wondering if it would not be better in the long run to not apply for social security until I am 70 and draw funds out of the TSP until then.

    I am 663/4 and SO is 62. I am beyond my “full SS retirement age”. Instead of drawing SS in June at 67 for me and 621/3 for SO, we wait until I am 70 and she is 661/3. The difference is about $12k per year. I start a full withdrawal with monthly payments from the TSP to live well on and at the point we apply for SS benefits I change that monthly withdrawal amount to the minimum which I believe is $200 per month.

    The thoughts behind this are that in 4 years I have to take MRD from TSP anyway. We are not particularly concerned with leaving the TSP to our successors. In 3 years, we can adjust the monthly amount from TSP to the minimum. There will still be a healthy (to me) amount in TSP. Longer term this will give us more income.

    Comments, especially from those in a similar situation, are appreciated.

    PO

  8.  
  9. #413

    Default Re: PessOptimist's Account Talk

    Quote Originally Posted by PessOptimist View Post
    Things are looking a little better stock wise. I will let it sit (what a surprise) at about 15% C the rest G. If the S&P ever hits 2900 again I will put it all in G and say that’s it, I am retired, can’t screw with the balance. Or not. Maybe I will consider the amount in G sacred and mess with the rest now that I have time to watch the market.

    The rest of this may belong in the retirement story but maybe not as it has to do with TSP account. I have had more time to think about retirement income this month (uh oh) and wondering if it would not be better in the long run to not apply for social security until I am 70 and draw funds out of the TSP until then.

    I am 663/4 and SO is 62. I am beyond my “full SS retirement age”. Instead of drawing SS in June at 67 for me and 621/3 for SO, we wait until I am 70 and she is 661/3. The difference is about $12k per year. I start a full withdrawal with monthly payments from the TSP to live well on and at the point we apply for SS benefits I change that monthly withdrawal amount to the minimum which I believe is $200 per month.

    The thoughts behind this are that in 4 years I have to take MRD from TSP anyway. We are not particularly concerned with leaving the TSP to our successors. In 3 years, we can adjust the monthly amount from TSP to the minimum. There will still be a healthy (to me) amount in TSP. Longer term this will give us more income.

    Comments, especially from those in a similar situation, are appreciated.

    PO
    Very reasonable approach. Also, there used to be a quirky rule which allows the partner who has reached their full retirement age to suspend their Soc. Sec. to age 70 but still draw 50% of their spouse's Soc. Sec. until they reach 70. Not sure if this is still allowed heard a rumor that this rule has been changed? Might be worth checking into.

  10.  
  11. #414

    Default Re: PessOptimist's Account Talk

    PO, unfortunately law was changed effective 4-30-2016.
    https://www.ssa.gov/planners/retire/claiming.html


  12.  
  13. #415

    Join Date
    Apr 2008
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    12,180

    Default Re: PessOptimist's Account Talk

    Quote Originally Posted by Scout333 View Post
    PO, unfortunately law was changed effective 4-30-2016.
    https://www.ssa.gov/planners/retire/claiming.html
    Thanks Scout, good infoprmation.
    May the force be with us.

  14.  
  15. #416

    Join Date
    Apr 2008
    Location
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    Default Re: PessOptimist's Account Talk

    I've got to start brushing up on SS. I'll be 67 and the wife will be 66 this year and I've been thinking about when we should tap into SS. Part of the problem is I'm CSRS and earned all my SS points outside the government but will get hit with the penalty. Hoping to hold off until 70 1/2 to start using my TSP.
    May the force be with us.

  16.  
  17. #417

    Default Re: PessOptimist's Account Talk

    So it's your SS that takes the hit? I always thought that it was your CSRS that took the hit if you qualified for SS no matter when you took it. Not that it matters to me, I'm FERS, but I had a Car Pool buddy on CSRS who claimed he had to take SS at 62 because they were going to dock his CSRS whether he took SS at 62 or not.
    Allocations as of COB Dec 28 : 100% S. | Retirement Date:Dec 2025
    Past Returns:
    2020 31.85%,2019 27.97%,2018 -3.36%,2017 13.10%, 2016 -1.79%, 5Yr Avg 12.61%

  18.  
  19. #418

    Join Date
    Dec 2009
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    1,454

    Default Re: PessOptimist's Account Talk

    PO, I’d say that the answer is simply to take it quarter-by-quarter, month-by-month, and apply when you reach the point that you need the money, whether it be for day-to-day expenses, or that big vacation, or to start/increase gifting to children, or whatever. That’s my plan. It sounds like you could make it to 70, and since you’ll increase the monthly amount about 8% for each year you wait, and since we’re all unlikely to average 8%/year in our investments over the next few years (who knows though), then it’s a good and 100% safe “investment” to hold out as long as you comfortably can.

    In my case, my big thing with SS was to hold out on retiring until the end of 2018 since I fell under the Windfall Elimination Provision (my first 8 years were under CSRS, then I left government for a couple years, then came back but under FERS. With my last 2 paychecks received this month (got my last check yesterday and am so lucky to not be affected by the shutdown) and my annual leave deposit that I’ll hopefully get soon, I have reached the magic 30 years of “substantial earnings” this year so I will not have my SS reduced at all. I’ll post on my thread when I get the annual leave deposit, and my first reduced pension deposit, etc., and keep a running account of the timeline there. I’m hoping it’s finalized by the June 1st deposit, and they don’t screw up the CSRS component of my pension.

  20.  
  21. #419

    Join Date
    Apr 2008
    Location
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    Posts
    12,180

    Default Re: PessOptimist's Account Talk

    Quote Originally Posted by Cactus View Post
    So it's your SS that takes the hit? I always thought that it was your CSRS that took the hit if you qualified for SS no matter when you took it. Not that it matters to me, I'm FERS, but I had a Car Pool buddy on CSRS who claimed he had to take SS at 62 because they were going to dock his CSRS whether he took SS at 62 or not.
    My SS takes a hit not my CSRS pension.
    May the force be with us.

  22.  
  23. #420

    Join Date
    Apr 2008
    Location
    Cleveland, Ohio
    Posts
    12,180

    Default Re: PessOptimist's Account Talk

    Quote Originally Posted by Tsunami View Post
    PO, I’d say that the answer is simply to take it quarter-by-quarter, month-by-month, and apply when you reach the point that you need the money, whether it be for day-to-day expenses, or that big vacation, or to start/increase gifting to children, or whatever. That’s my plan. It sounds like you could make it to 70, and since you’ll increase the monthly amount about 8% for each year you wait, and since we’re all unlikely to average 8%/year in our investments over the next few years (who knows though), then it’s a good and 100% safe “investment” to hold out as long as you comfortably can.

    In my case, my big thing with SS was to hold out on retiring until the end of 2018 since I fell under the Windfall Elimination Provision (my first 8 years were under CSRS, then I left government for a couple years, then came back but under FERS. With my last 2 paychecks received this month (got my last check yesterday and am so lucky to not be affected by the shutdown) and my annual leave deposit that I’ll hopefully get soon, I have reached the magic 30 years of “substantial earnings” this year so I will not have my SS reduced at all. I’ll post on my thread when I get the annual leave deposit, and my first reduced pension deposit, etc., and keep a running account of the timeline there. I’m hoping it’s finalized by the June 1st deposit, and they don’t screw up the CSRS component of my pension.
    Tsunami, Congrats on retirement.
    May the force be with us.

  24.  
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