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Thread: My retirement journey

  1. #25

    Default Re: My retirement journey

    Thanx for the input. Wanted to address some things here, and add some info.

    First of all, a friend sent me a link to... my job on USAJOBS! Over 4 months to go and they have already announced my job opening. We are all just a pebble in the sea, as they say.

    Anyway, thanx jimijr for the good news, I’m glad it worked for you, and hope it does for the rest of us as well. Key West? I know your insurance pain, I live in Miami The insurance on my new home is about ¼ of what I’m paying now, for a much higher payout as well.

    As an aside, yes my home is paid off, but the new one is not. That is one of my biggest questions, should I pay off the new home (it's financed at 3.5%), or put the money into investments? I’m still up in the air on this one, advice appreciated.

    As I’m writing this, the market is down 3k for the week! How does that impact my plans? Thank the good Lord that I moved all my TSP into G-fund a week ago!!

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  3. #26

    Default Re: My retirement journey

    Thanx evilanne, I don’t think I want the issues with renters tearing up the place, not making payments, things breaking (I’ll live 3 hours away) etc. The only way I can see going this route would be if my home does not sell; hope that does not happen. In a perfect world, I would rent to good tenants that would be there for years, but I don’t think I want to roll those dice.

    I’m going to look into that guide, thanx much.

    edit: I found the book on amazon, I'm going to purchase it today.
    https://www.amazon.com/FERSGUIDE-202...2841056&sr=8-1

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  5. #27

    Default Re: My retirement journey

    Got an email from HRM today. The packet that I sent them was typed for me to sign. Unfortunately, they made a mistake on my wife's SSN, and only they can edit the form. So I sent an email to get the correction. Since I'm choosing a reduced annuity for my wife, the new form, when they send it, will need to be signed by her and notarized. Then after we sign and scan, I can send it back. At that point (it seems), the packet will be forwarded to OPM. I must also attach a copy of my marriage certificate. I'm assuming, if you have a divorce, remarriage, etc. that you would need copies of all the forms. Here is some text from the email:

    Please include a copy of your marriage certificate.

    SF 3107-1 - Certified Summary of Federal Service
    In Section E, you will sign and date

    SF 3107-2 - Spouse's Consent to Survivor Election
    Please have your spouse complete in front of a notary.


    SF 2818 - Continuation of Life Insurance
    Sign and date in block 14 (Only print and return page 1)



    FW-4P - Federal Tax Withholdings
    Sign and date on the bottom of page 1 (Only print and return page 1)




    Note: If your state requires you to pay state taxes and you would like them to be withheld from your retirement annuity, please also include a signed copy of your local state tax form. OPM will not withhold the state taxes from your interim payments, but they will deduct them once your annuity is adjudicated if we include the form in your packet. You can obtain a copy of your local state tax form from the internet or your local Human Resource Office.


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  7. #28

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    61,500

    Default Re: My retirement journey

    DAMN!
    06/01/2020
    LS CRUDE Oil
    =$35.44 a Barrel, Daily Status -$.05

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  9. #29

    Join Date
    Oct 2008
    Location
    Stinking desert valley of bad air quality, AZ
    Posts
    2,806

    Default Re: My retirement journey

    All normal in my experience. Resubmit paperwork and there is still plenty of time. Hope you have a free notary at your bank or work.

    FWIW, the state withholding form for me never got submitted. Oh well, income taxes your first and maybe second year of retirement will be off a little.

    Look forward to the day.

    PO

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  11. #30

    Default Re: My retirement journey

    I was instructed to mail the forms (rather than e-mail) as they need originals. I got the paperwork notarized and sent it first class, certified, return receipt on 3/17/20,Tuesday. Hopefully they will get it soon.

    I have to wonder how much the virus will slow things down..

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  13. #31

    Default Re: My retirement journey

    Well, I sent the papers in on the 17th. Today is the 3rd. No reply. Time to send an email. perhaps the virus will negatively impact the process..

    p.s. I hope that you are all safe and well.

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  15. #32

    Default Re: My retirement journey

    Finally got an email:

    Good morning,

    I received your signed forms, everything looks good so I will be making official notification as well as posting your name on Sallyport. We do not normally mail your packet to NFC until 30 days prior to your retirement date so it will be the end of May before I send it. I will notify you once it is mailed out and attach a final closure letter that explains the process after retirement as well as a survey for you to complete at that time. If you have any questions before then please don't hesitate to contact me.

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  17. #33

    Join Date
    Jun 2004
    Location
    Boiled Peanut, Georgia, USA
    Posts
    61,500

    Default Re: My retirement journey

    Congratulations, I Love mine!
    06/01/2020
    LS CRUDE Oil
    =$35.44 a Barrel, Daily Status -$.05

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  19. #34

    Default Re: My retirement journey

    Well, got a fine "monkeywrench" in the plan today. Check out this email:

    "As a result of the current public emergency (COVID-19) and the need for the Bureau to maintain staff, the Director will consider waiving the mandatory retirement age (57) for up to one year on a case-by-case basis for those staff who must mandatory retire this year.

    Advise us of your desire and commitment to continue employment with the Bureau of Prisons."

    So I may have the option of staying (I assume until the virus clears). Wow, that would change everything. Although I'm supporting 2 homes now, I would be way ahead getting full pay until my home sells! Not sure what "a case by case basis" means...

    More annual leave to sell back, more money in the TSP; this could change everything - for the better!

    Stay tuned.

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  21. #35

    Join Date
    Feb 2013
    Location
    Maryland
    Posts
    2,836

    Default Re: My retirement journey

    That sounds awesome as this may provide the extra time you need to sell your house at a price that's acceptable to you. I would definitely pursue it. I would also ask the question if you are locked in to staying for the entire year or can you retire prior to that. Just thinking what happens if you sell your house in say September, would you be required to stay the full year, or could you retire after the house was sold.

    As the saying goes, When one door closes, another one opens up. Good luck!!!
    I pride myself on the fact that I will never have a cheesy "uplifting" quote in my signature block...Ever!

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  23. #36

    Default Re: My retirement journey

    Thanx, Raven. We think alike. The first thing I asked HR was if I would be locked in for a year. They don't know and are going to check.

    Reading the email, I don't think I will, but will need to make sure.

    p.s. I like your cheesy uplifting quote


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