Thread: PessOptimist's Retirement Story

Hello PO, Just saw this, hope SO is doing well! Will pray for you both back surgeries can be a long drawn out and painful healing process. tough for patient and caregiver! Best of luck to you both!

Best of luck with the Back problems PO, heal and heal quickly!

Update for those curious about time frames for TSP withdrawals. The TSP-70 was faxed on Tuesday 6/25 in the afternoon. Today the status shown is that it was disbursed 6/28/19. EFT will be processed on 7/5/19. Withholding unknown at this time. Speaking with the thrift line I am told no withholding will be withheld since it is less than ½ year and less than some figure based on a married old person.

The first line of the notice says 100% of account. The second line says $2500 monthly payment. I really hate that 100% thing and wonder if it is called that to steer participants away from withdrawing.
I will post when the EFT shows up.

Nnuut, the back problems discussed are about my SO, aka SWMBO. Thanks for the wishes.

Thanks for the wishes everyone. Not too toasty here right now, 108F on the patio. Just walked down to get the mail and didn’t die. Just have to drink a lot.

PO

That 100% really does nothing, you will get your $2500 and you can still move your account around just like you do now. That's what I've been doing for more than 8 years! The trick is to make enough money to replace what you withdraw and make it last as long as you can!moneypot.gif

I understand that nnuut. Just saying they could classify as something else than 100% withdrawal. This is interim planning to get us through this year. Income taxes are going to be different this year as I have earned income from the former J.O.B., SS from the spouse and me and TSP withdrawal. All will settle down within the next year or so.

When and if this surgery takes place is up to the Prima donnas, I meant fine qualified surgeons, and if they can fit it in and I am sure if they believe our medical insurance will pay for it.

Life goes on and retirement is not always as seamless as I might have thought. It sure does beat working.

PO





PO

Originally Posted by PessOptimist

I understand that nnuut. Just saying they could classify as something else than 100% withdrawal. This is interim planning to get us through this year. Income taxes are going to be different this year as I have earned income from the former J.O.B., SS from the spouse and me and TSP withdrawal. All will settle down within the next year or so.

When and if this surgery takes place is up to the Prima donnas, I meant fine qualified surgeons, and if they can fit it in and I am sure if they believe our medical insurance will pay for it.

Life goes on and retirement is not always as seamless as I might have thought. It sure does beat working.

PO





PO

You are exactly right it is very confusing!!funny%20face.gif

More FYI updates on my three-legged FERS retirement. I got a letter from SSA today saying I am entitled to monthly husband’s benefits beginning July 2019. Well, yeah, I applied for them.

The next paragraph says beginning with the month I become 66 they will no longer reduce my SS payments because of earnings or self-employment. Their records show I will be 66 on May 26, 2018. Letter is dated July 2, 2019. You would think they would have a way to update the form letter. Maybe not, they are the .gov. It goes on to state what my monthly payment will be on or about the fourth Wednesday of each month. Then is tells me I am entitled to medicare beginning May 2017. They charge for that, no mention of what part. Then they list what medicare cost (I must assume part B) in May 2017, Jan 2018 and Jan 2019. Then states they are taking medicare premiums out of the check I will receive around August 28, 2019. Then states I will receive a mediicare card within two weeks. I have had one since May 2017

Then it tells me where to call if I have medicare questions and advertises medicare part D.

Next paragraph is “Do You Think We Were Wrong? and tells me how to appeal.

If anyone really wants to see this letter I will attach it as a .pdf.

It looks like I am receiving spousal benefits and my own benefits are increasing under delayed retirement benefits. The letter doesn’t back that up as it states “this benefit is the only benefit you can receive from us”. Not true I hope.

This is so typical of both SS Administration and OPM. Send a snail mail with unclear statements and show nothing that explains it on the web page until a month or so later.

I believe that my plans are coming together as to what I want as to monies coming in. The .gov agencies involved don’t make it easier.

PO

Not sure why they make things so complicated and confusing. Good thing you got your act together or things would be really complicated.

Double check your SSN for ID theft. Someone else could be trying to file for benefits under your number. Something similar just happened to my widowed aunt.

Thanks Mcq. They know it's me. No false tax returns or military stuff either. (SS number is military service number for USAF since 1 Jul 69) Scary to think about though.

PO

Updates on the retirement stuff.

I received my TSP monthly payment full withdrawal on Jul 9^th. I faxed the form Jun 25^th, saw a notice on the web site it was disbursed on Jun 29^th and EFT will be processed on Jul 5^th. The money appeared on Jul 9^th. The Jul 9^th balance reflected the withdrawal with a corresponding reduction in the number of G fund “shares”

This amount is more money than I would like to withdraw but running one of TSPs calculators using the lowest G fund return rate recently (2012, 1.47%) I will suck all the money out in my early 90s.

My SO has applied for SS on her benefits and I have applied for spouse benefits based on that. I fit in to some gap where my own benefit will continue to increase until I am 70 and then I start receiving that amount. If anyone wonders why it is because of the spousal benefits SO will receive if I predecease her. I love that word, predecease.

At the point I turn 70 I will reduce the TSP monthly payment accordingly. Shortly after that I will have to start getting MRD from the TSP. A TSP calculator shows that amount should suck the account dry in my 100s. Now of course all that may change based on desires for more money. No sense not spending what we can. Prudence says we must save some for eventual hospice payments.

To recap for anyone reading this, I retired from fed service 0n 31 Dec 18. My OPM amount was finalized (adjudicated they call it) in late February, the final amount was paid on Apr 1^st, 2019. It includes deductions for federal taxes, FEHB, dental and vision insurance.

I sold back the maximum amount I could of annual leave. This amount allowed for us to have money available to live on while everything else was finalized.

In May SO applied for benefits from SS. I also applied for spousal benefits from her benefit. This will arrive o/a Aug 28^th. From my spousal benefit medicare part B will be deducted.

I started a “full withdrawal in monthly payments” from TSP in July.

Income taxes, both fed and state, are a little iffy right now. No fed taxes were taken from the TSP as it is less than ½ year. Taxes are being taken from OPM amount for fed and SS isn’t saying yet. I also have earned income from my last fed paychecks and the AL payment. State income taxes don’t apply to SS and give a small break to annuities. I expect to owe the state a lot of money next year. No worries, that is why you should have some funds put aside your last year. 2020 will be hard to predict as well. By that time hopefully I will actually be able to predict my taxable income.

That pretty much covers the three legs of FERS. I am supposing that the only reason to post any more here will what happens at tax time or if anything changes with the income.

A LOL (I think) is SS sent me a new Medicare card today. Everything is the same as the last card I got. I suppose when you apply for or change benefits, they automatically issue a new one? Seems like a waste of time, paper and printer ink to me.

PO