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Thread: My retirement journey

  1. #13

    Default Re: My retirement journey

    Received an email from the DOJ today notifying me of my upcoming mandatory retirement. June 30th is the last day.
    I've been a government employee (state, fed, military) since 1981, and now they are done with me. Chills..

    Attached is a form to claim unemployment. I hadn't considered this option; is it possible to collect some unemployment and
    a pension? I've never been without a job since I was a teenager, so I wouldn't mind taking a little free money for once.

    Of course, as stated above, I intend to continue working, but I wouldn't mind a little unemployment until I find something.

    Opinions?

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  3. #14

    Default Re: My retirement journey

    When I was seasonal with the IRS I was able to collect UI when I was furloughed- even voluntary early furlough. My state asks if I am collecting a pension when I applied for weekly benefits. I assume they would reduce my benefit had I also received a pension. I think you should check with your HR department or your state UI office.


    Sent from my iPhone using TSP Talk Forums

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  5. #15

    Wink Re: My retirement journey

    Ok, got an update:

    I never got around to contacting OPM, but they are on to me. I got a couple of emails today.

    The first was an "exit survey." Here is some text.

    As the Bureau Personnel Director, I have received notification of your upcoming separation from the Bureau of Prisons. On behalf of the Bureau, I would like to express regret that you are leaving the BOP and wish you the best in your future endeavor.

    However, before you leave I ask your assistance by completing our online Exit Survey for departing staff.

    I doubt I will do the survey, but it is interesting in that the wheels of the government are turning.


    Is it just me, or should endeavor be endeavors?

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  7. #16

    Default Re: My retirement journey

    The second email I received today was titled "Re: Mandatory Retirement Data Letter."

    "My name is ... and I have been assigned to process your mandatory retirement." Attached was a form called a "Retirement Data Sheet. It's a PDF that you edit, sign and return. Luckily, I have my bank account number, wife's SSN, etc. memorized, so I was able to send it back today.

    I was going to copy the text here, give an idea of the stuff you need; but it's over 2200 words.

    Interested to see how quickly things move from here!

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  9. #17

    Join Date
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    Default My retirement journey

    Cool thread, thanks!

    Just a note for others- When I was 50, my “plan” was that I was going to use all my annual leave as the little nest egg for when I retired at a planned aged 62 or 63. I never really socked away a big savings account for use “just in case”.

    Then I had a heart attack at age 55, bypass surgery at age 56, and have struggled with some serious arthritis at age 58 that made it difficult to walk. Now I’m low on leave, going to end up returning this summer at age 59 3/4, and will only have about 2 weeks annual leave in the bank when I finally retire.

    My advice to folks is to figure out a way, when you are age 40, to save like 50k, on the side, for a carry-through emergency fund. Just in case. I’m actually working the last six months of my career just trying to stretch it out and save enough $$$ to make it from the earlier-then planned retirement date, until I know for sure the OPM monthly retirement check, plus the FERS supplement, plus the Army Guard retirement at age 60 all are hitting the bank simultaneously. I don’t want to have to prematurely deplete a significant chunk of my TSP early.

    Good luck.


    Sent from my iPhone using TSP Talk Forums

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  11. #18

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    Default Re: My retirement journey

    Quote Originally Posted by dave123 View Post
    Ok, got an update:

    I never got around to contacting OPM, but they are on to me. I got a couple of emails today.

    The first was an "exit survey." Here is some text.

    As the Bureau Personnel Director, I have received notification of your upcoming separation from the Bureau of Prisons. On behalf of the Bureau, I would like to express regret that you are leaving the BOP and wish you the best in your future endeavor.

    However, before you leave I ask your assistance by completing our online Exit Survey for departing staff.

    I doubt I will do the survey, but it is interesting in that the wheels of the government are turning.


    Is it just me, or should endeavor be endeavors?
    Probably should be endeavors. You said mandatory retirement. What is it the Director regrets? The rules or you leaving? Not dissing your email. It is nice to get some recognition when you retire. I actually got a letter in the mail from my Administrator. The first paragraph expresses thanks for my 21 years of service. The second commends me for my support of a project that happened in 1993. I retired in 2018. Well, I attribute that to the fact everyone working in my division was retired by the time I did. Directors/Administrators depend on input to their staff.

    Now I've told my war story in your thread, best of luck in your retirement, filling out that form and getting an answer to the UI question. Best of luck in your endeavor(s). Were the emails from BOP or OPM? Sounds like they were from BOP so OPM doesn't have your package. Keep in regular contact with the person processing your retirement at BOP. Until they send the package to OPM, OPM doesn't know you are retiring.

    PO


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  13. #19

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    Default Re: My retirement journey

    Quote Originally Posted by dave123 View Post
    Ok, got an update:

    I never got around to contacting OPM, but they are on to me. I got a couple of emails today.

    Is it just me, or should endeavor be endeavors?
    Either is correct. Looking at retirement as singular endeavor would be correct. But if you were planning to do multiple things while retired it should be endeavors.

    Anyway, not to turn this into a "proper use of words" thread, saw this in an online article. They used the word "weather" instead of "whether".

    Good luck and enjoy
    May the force be with us.

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  15. #20

    Default Re: My retirement journey

    Good advice James!

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  17. #21

    Default Re: My retirement journey

    Quote Originally Posted by PessOptimist View Post
    Were the emails from BOP or OPM? Sounds like they were from BOP so OPM doesn't have your package. Keep in regular contact with the person processing your retirement at BOP. Until they send the package to OPM, OPM doesn't know you are retiring.

    PO
    Thanx for the replies.
    The emails were from bop HRM. I kinda thought they were more or less the same as OPM in that they work together. Then again, perhaps OPM kicks in when my Data Sheet is received.

    I got an email back from the person assigned to me today and she said she would send a packet with some more stuff for me to fill out after processing my data sheet. I'll update when she does. She also said she would run my numbers again for an estimate on my annuity.

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  19. #22

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    Default Re: My retirement journey

    Dave, congratulations, you've earned it. I've been retired since 1/1/11 and have found it very easy to do, some readers here will recognize me. You have the leave -- they'll withhold 25% -- you have the supplement, you've been saving. I had five envelopes on hand with a thou in each, saved up just in case, but they weren't needed. If you've been federal all along, the supplement will equal SS; in my case it was about 2/3rds. When OPM comes through with your back pay it'll be a nice bundle.

    My SS (take it at 62) plus FERS pension equal about 1/2 pay, net. It covers the monthly bills. Your house is paid off, mine is not. But I live for free because the IRA (exTSP) pays all housing costs. That is the key and you look to be in good shape, but remember the escrow account never goes away does it; you should see my insurance bills. Nevertheless I've taken 30k a year from the IRA, ~300K total, and its balance is right where it started in 2011. In 2019 I made a ton, hope y'all did. Money giving birth to money, a new experience for me. I can't spend it fast enough so I'm inviting my whole family down for a free Florida vacation. Invest wisely.

    Are you a musician? It looks to me, you're overplaying it. Don't worry, be happy! From July1 you are your own man.

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  21. #23

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    Default Re: My retirement journey

    Quote Originally Posted by dave123 View Post
    Ok, I just said I was debt free until yesterday. Here is why.

    Being 6 months out from retirement, I've found my retirement home (closed yesterday). I'm leaving the big city, with it's high taxes, high insurance costs, and just overall high cost of living. I'm moving to a small quiet town. I got a home by a lake. I really should have (and recommend) a downsize in retirement, but I splurged on a "dream home" on the lake. I'm not completely crazy, though, due to the fact it's in a small quiet area, it actually cost less than I believe I will get for my current, paid off, home. And the cost of living will go down for sure.

    Yeah, I'm six months early, which will cost me extra in tax/insurance, etc, but there are benefits to consider:

    1. I can move in at my leisure, no pressure. My current home will be empty and clean for buyers to view. My new home can get some upgrades while it is empty.
    2. 3.5% interest rate, VA with no down payment made it cost feasible.
    3. I didn't have to make a contingent offer when I bought the home. No stress of trying to balance moving into a new home while selling a home.

    The con here is that if I have problems selling my current home, I may have to dip into TSP to keep up with the cost of 2 homes after I stop receiving full pay. I've researched the market and my realtor is a personal friend of over 30 years; and she is confident that the sale will not be a problem for the amount of money I will need.

    Stay tuned to see how this part turns out
    .

    Depending on the market where you live, have you considered renting out your current home rather than selling?
    I have a rental that has provided consistent income since 2005. The rent covered my mortgage at the time and cash flow has been good in retirement. You get to deduct expenses, including depreciation. You may want to consider it as an option and weigh the factors to see which is more beneficial for you.

    I can relate to your post as I am in process of going into debt to purchase another house, which is fixer upper in another state. I'm not ready to sell my current home yet and not sure if I want to relocate permanently to new location since family is all here. I'm sure it will be an adventure.

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  23. #24

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    Default Re: My retirement journey

    Jamison has a special guide for LEOs that may be helpful for you. I subscribed back in 2015 when agency offered early retirement. With the subscription, you can contact him directly to answer any questions you may have. DBA's post from another thread.
    Quote Originally Posted by DreamboatAnnie View Post
    This ex Fed named Dan Jamison has been putting out a document he calls the FERSGUIDE. He used to give it out free, but starting in 2015 he started charging $15 when he retired. It's well worth buying! I have an old copy but can't find it right now so here is link I found online. I will probably buy his 2020 publication because of the law changes on withdrawal options.

    Here is link to 2018 version....partial teaser copy.

    https://www.fersguide.com/wp-content...IDE-TEASER.pdf

    2014 version...full free version for special employees...read pp. 26 to 28. Page 26 states no penalty when withdrawing from TSP account and specifies you do pay penalty if you roll over your TSP to an IRA and then withdraw. Page 28 mentions 72(t) as option for true early withdrawal occurring before age 55
    https://files.ctctcdn.com/ad61f4e920...daf544efa6.pdf

    This is link to his site to buy the latest copy.
    https://fersguide.com/

    Best wishes!!!

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