Thread: Scout333's Retirement Story

CONGRATS SCOUT after 40 years you deserve a change of pace. i will be witcha in May and look forward to feeling everything all these retirees are saying about being out.i'm feeling a little hesitation about the unknown but thats not enough to stop the wheels from turning to go forth with the retirement process.i have spoken to my economic advisor(WIFE) and she says we can make iton my retirement, and thats good enough for me. she has never steered me wrong in the past 30 years soooo i will let her keep her advisor job a little while longer heehee. please keep us posted retiring minds need to know.
thanks[
john

Originally Posted by Scout333

Last day at work! After 40 years working I am now officially unemployed aka retired! Happy, happy, happy!

Originally Posted by Scout333

Got a call from my retirement specialist with estimates of my first retirement check dates. The first "interim" retirement check is due around 2-10-2014 and the lump sum annual leave check is due around 2-18-2014. Hope he's right! A little spooky when those paychecks stop although I still have a half paycheck coming 1-21-2014. Will let you guys know how it works out.

Your checks should be arriving at those dates your specialist gave you. Mine showed up right on time. I've heard OPM has caught up on that retirement backlog, so if your Time in Service is pretty straight forward you should be getting your full retirement check rather quickly. Good Luck and enjoy.

Hello Fellow TSP'rs, Received lump sum AL payment today. Two weeks early! That feels good as I really like to eat regularly. I also received my OPM Claim Number. Progress!!!

Originally Posted by Scout333

Hello Fellow TSP'rs, Received lump sum AL payment today. Two weeks early! That feels good as I really like to eat regularly. I also received my OPM Claim Number. Progress!!!

Good for you Scout. I received mine also, but no word from OPM on my retirement?

Received an additional random deposit today which appears to be my "interim" retirement check which is significantly lower than I expected based on BEST specialist forecasts. Hopefully the final check determination will sort this out. Haven't received anything from OPM which explains how they figured the "interim" amount other than a comment on their site that they overestimate the federal tax withholding on the "interim" checks.

Originally Posted by Scout333

Received an additional random deposit today which appears to be my "interim" retirement check which is significantly lower than I expected based on BEST specialist forecasts. Hopefully the final check determination will sort this out. Haven't received anything from OPM which explains how they figured the "interim" amount other than a comment on their site that they overestimate the federal tax withholding on the "interim" checks.

I was told the interim is based upon your basic FERs annuity only. The special supplement and any LEO calculations (1.7% first 25 years) are not included. Another words, they calculate the interim as a percentage of your basic FER's, i.e., 25 years of service at 1% per year equals 25% of your high three and a percentage (60-80%) of that. So I don't expect to get much initially but will be looking for a big lumpsum when it is finally finalized.

Originally Posted by Kaufmanrider

I was told the interim is based upon your basic FERs annuity only. The special supplement and any LEO calculations (1.7% first 25 years) are not included. Another words, they calculate the interim as a percentage of your basic FER's, i.e., 25 years of service at 1% per year equals 25% of your high three and a percentage (60-80%) of that. So I don't expect to get much initially but will be looking for a big lumpsum when it is finally finalized.

Thanks KMR, Mine is CSRS Offset which is pretty strange anyway. Sounds like the FERS is also a little odd. Hopefully it won't take too long to straighten it out. A co-worker who retired a couple of years ago with CSRS said he got about 60% of his retirement amount with his interim checks.

Scout,

Posted a note in Kauf's retirement thread, so I won't repeat it here ...but just be advised that the "interim" check isn't always in the 60-80% range !

Thanks to you and Kauf for sharing/posting to your retirement threads...for us "retired Guys", it's interesting to hear how things have changed since we went through the system...for potential retirees, and even the youngsters, it gives some great ideas of the things they may need to be thinking about !


Stoplight...

Hello Fellow TSP'rs especially recent retirees, I found out a little information regarding the application of the 2014 raise % to the lump sum annual leave payment. According to information on the OPM.Gov site, the lump sum annual leave payment is calculated as follows- "Generally, a lump-sum payment will equal the pay the employee would have received had he or she remained employed until expiration of the period covered by the annual leave." As I read this we should get the 1% raise on a significant part of the lump sum annual leave payment. Check with your payroll office. I.E. If you retired on 12-31-13 annual leave to carry you through the end of PP 26 would be paid at the 2013 rate and any thing after that would be paid at the 2014 rate. Not a lot but we are on fixed incomes now. Worth a phone call.

Lump-Sum Payments For Annual Leave

Good thing to know for whenever I get there. could be awhile yet. One of my "scenarios" puts me at 12/21/xx for max A/L payout.

Originally Posted by Scout333

Hello Fellow TSP'rs especially recent retirees, I found out a little information regarding the application of the 2014 raise % to the lump sum annual leave payment. According to information on the OPM.Gov site, the lump sum annual leave payment is calculated as follows- "Generally, a lump-sum payment will equal the pay the employee would have received had he or she remained employed until expiration of the period covered by the annual leave." As I read this we should get the 1% raise on a significant part of the lump sum annual leave payment. Check with your payroll office. I.E. If you retired on 12-31-13 annual leave to carry you through the end of PP 26 would be paid at the 2013 rate and any thing after that would be paid at the 2014 rate. Not a lot but we are on fixed incomes now. Worth a phone call.

Originally Posted by Scout333

Lump-Sum Payments For Annual Leave

Received a response to my ERC trouble ticket. Separated employees adjustments are due to be made in PP 08 of 2014 (Paid end of May,2014). Oh well don't guess we'll starve.