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Thread: Federal / Military Pension Retirement?

  1. #13

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    Default New Retirement Talk Page

    Ugh- I am so screwed.

    I will need both my military guard retirement, and my FERS retirement in order to meet my bills. I can’t live 6-8 months waiting for the paperwork to go through.

    Maybe I need to spend a couple of days printing my own money over at the US Mint...

    Or just clean out the Federal Reserve accounts whilst waiting for the checks they owe me to start arriving. I’m sure if I just move a decimal point over a couple of places, it will take them a long time to figure out exactly where the mistake was made.....


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  3. #14

    Default Re: New Retirement Talk Page

    Quote Originally Posted by James48843 View Post
    Ugh- I am so screwed.

    I will need both my military guard retirement, and my FERS retirement in order to meet my bills. I can’t live 6-8 months waiting for the paperwork to go through.

    Maybe I need to spend a couple of days printing my own money over at the US Mint...

    Or just clean out the Federal Reserve accounts whilst waiting for the checks they owe me to start arriving. I’m sure if I just move a decimal point over a couple of places, it will take them a long time to figure out exactly where the mistake was made.....


    Sent from my iPhone using TSP Talk Forums
    Any chance you can accumulate a pile of annual leave between now and retirement? Usually get paid for A/L within 3 weeks or so. Works great for extra funds while waiting for OPM!

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  5. #15

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by Scout333 View Post
    Any chance you can accumulate a pile of annual leave between now and retirement? Usually get paid for A/L within 3 weeks or so. Works great for extra funds while waiting for OPM!
    Nope- not really. I had some medical issues the last couple of years, so I have burned down my sick leave balance to under 100 hours, and my annual also down to about 60 hours. At the current time I’m using about what I am earning, so I can’t really save up a big chunk of annual to carry me out. Like I say- I’m really feeling that I’m going to be in a tough spot.

    My only choice is going to be to consume TSP in a monthly payout as steady income until the FERS, FERS supplement, and the Guard retirement all kick in to make up the replacement income stream.

    I am thankful they improved the frequency of changes to monthly withdrawals on the TSP payout, so I can adjust it as needed in the days ahead. I’m thinking perhaps end of January 2020 until September 2020, by which time I’m hoping the retirement pay will get sorted out.

    It’s gonna be a mess, I think.

    (Unless I figure out how to get another in one stream going by then)


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  7. #16

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    Default Re: New Retirement Talk Page

    James,

    If you do go the TSP monthly withdrawal route here's a little info. I did it last April and it went very smoothly. in my case, and normally, they're pretty quick and it takes about 5 business days between the date you fax the form to them to the date the first deposit shows up in your account. So if you want the funds to be deposited early in each month as I did, you'll want to fax your form about 3 or 4 days before the end of the month. More recently my wife sent in a form for a one-time TSP withdrawal. What a fiasco. If you're married one of the irritating parts of the process (and this goes for the monthly withdrawals as well) is that you have to have your spouse sign the form...OK, no problem, but you also have to have both your signature and your spouses notarized, a big pain....fortunately our bank was nice enough to do that for free for us and also fax the form...So when we did that for her withdrawal form we were jabbering with the banker and he accidentally put down the wrong date on one of his notary signatures, so the two didn't match...we didn't notice this error, and the form was faxed...after a week my wife followed up by calling TSP and was told, "oh, yeah, the notary dates didn't match so we rejected it"...they didn't bother to tell her this until she called!...they told her no problem though, just have the notary cross off the date and correct it and initial it and re-fax it...which she did immediately...and then waited another week...she called and they said, "oh, sorry, but our new rules don't allow for pen & ink changes...sorry we gave you the incorrect instructions last week...you'll need to start all over and send us a new form"....sheez....so we had to do that, back to the bank a 3rd time...and finally the withdrawal was processed about 6 or 7 business days later, last Friday.

    While I'm hear I might as well update my own retirement story. One of two things I've been waiting on was to get the retroactive portion of my annual leave lump sum payment from the delayed 2019 COLA. My retirement office kept insisting (incorrectly) that retirees don't get that, but I kept sending them piles of links and proof that retirees do indeed get the COLA since per OPM rules you're annual leave is paid out as if you're still working...in my case I retired on 12/31/18 but had nearly 400 hours of A/L so it carried into March of 2019, and most of that was due the retroactive COLA piece....anyway, after 5 months of badgering my retirement contact, and then his supervisor, I finally got the supervisor to send my request to payroll (my agency was the NNSA part of DOE), and then 3 weeks later I got a check from DFAS and a separate statement from DFAS the same day, just last week. So it took 6 months overall but I finally got it, a whopping $250 or so after all the taxes...a tiny sum, but it was owed to me and I wanted it darn it. So now I'm just waiting for my annuity to be fixed by OPM. It's $19/month too low thanks to the clerk entering that I only had 4 hours of sick leave attributable to my CSRS years (it should have been 604 hours, a data entry error)...funny that it took them 2 seconds to make that error, but it's going to take them a "very very long time, you need to be really patient" is what I'm told when I've called them for status updates. I first sent them an email with documents attached back in March to prove my 604 hours of sick leave from way back in 1990 when I left the government (good thing I kept those documents)...then after 3 months I called and they said. "yeah, we got that, and it was eventually assigned to a specialist, but the specialist dropped it and isn't going to do it....so, sorry, you'll need to send a formal letter to make us do our job"....I'm paraphrasing that last little bit but that's really what I was told. Argh. Fortunately it's a minor amount so I don't need to worry about it, but it's aggravating nonetheless, and it will eventually add up to thousands of dollars lost if I don't keep harassing them to fix it.

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  9. #17

    Default Re: New Retirement Talk Page

    Quote Originally Posted by James48843 View Post
    If you don’t mind me asking, was your military service extremely complex mixes of different units, active times, deployments, etc?
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    I am not sure if mine is considered complicated.
    I have 9 years of USN active duty, USN Reserve after that with 2 deployments to Kuwait/Iraq in 2005-2006 and 2007-2008. I am also claiming for the 2008 NDAA which states"Under the 2008 National Defense Authorization Act, members of the Reserve Component who served at least 90 days during a fiscal year on a deployment in support of overseas operations such as the Iraq or Afghanistan campaigns are authorized to retire three months early for each 90 day period they served in any given fiscal year."
    So maybe claiming my early retirement (Dec-Jan -Feb) made it complicated (?)
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
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  11. #18

    Default Re: New Retirement Talk Page

    Update 10/22/2019:

    DFAS called and was advised that my claim for early 3 months military pension was approved (based on NDAA 2008). So, instead of my military pension starting last March 2019 (when I turned 60 YO), it will start December 2018. I guess, the only question now is "when will I receive the retroactive pay?"
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1


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  13. #19

    Default Re: New Retirement Talk Page

    Late Update on my USNR Military Annuity:

    I finally received my military annuity (retroactive from December 2018- November 2019) on December 11, less taxes and etc.

    Just a refresher, I submitted my application January 2019, 3 months before my 60th birthday and was received by VA on February 2019.
    I still do not fully understand why it took this long to process my annuity, over 10 months.

    I have 20% approved disability, so I have a VA waiver for this. VA waiver is mandatory from what I have read. Any inputs?
    The annuity is less than what I expected (maybe $70-$90 less.)

    As mentioned earlier, we have been tapping our TSP since August because our 6 months emergency fund, lasted only 5 months (March-August).
    Spouse will be turning 62 in a few months, so the FERS supplement will end, and Social Security will be claimed.
    I still have a year and a few months before I turn 62, and enjoy my FERS supplement.

    Advice to future military annuitants (Reservists), file your application at least 6 months before you turn 60 years old or as soon as you receive your eligibility notice.

    Happy New Year!
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  15. #20

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by Maricar19 View Post
    Late Update on my USNR Military Annuity:

    I finally received my military annuity (retroactive from December 2018- November 2019) on December 11, less taxes and etc.

    Just a refresher, I submitted my application January 2019, 3 months before my 60th birthday and was received by VA on February 2019.
    I still do not fully understand why it took this long to process my annuity, over 10 months.

    I have 20% approved disability, so I have a VA waiver for this. VA waiver is mandatory from what I have read. Any inputs?
    The annuity is less than what I expected (maybe $70-$90 less.)

    As mentioned earlier, we have been tapping our TSP since August because our 6 months emergency fund, lasted only 5 months (March-August).
    Spouse will be turning 62 in a few months, so the FERS supplement will end, and Social Security will be claimed.
    I still have a year and a few months before I turn 62, and enjoy my FERS supplement.

    Advice to future military annuitants (Reservists), file your application at least 6 months before you turn 60 years old or as soon as you receive your eligibility notice.

    Happy New Year!
    Congratulations on finally recieving your annuity. You are correct that your military retirement pay wil be reduced by the amount of the VA disability pay at 20% rating. Concurrent Retirement Disability Pay is authorized only if the VA disability rating is 50% or greater. Several groups have been lobbying to get this changed for years. Prior to 2004 there was no CRDP so that's something. My thoughts are that the current rules will never change. Are you getting the VA pay yet? Not sure how all that works for reserves.

    Here are some links to info about CRDP and CRSC.


    https://www.dfas.mil/retiredmilitary...RDP--CRSC.html


    https://www.dfas.mil/retiredmilitary...lity/crdp.html


    https://www.dfas.mil/retiredmilitary...lity/crsc.html


    PO

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  17. #21

    Default Re: New Retirement Talk Page

    Latest on Military and Federal Retirement:

    We found a letter from the VA (almost lost in our piles of unopened mail) notifying us that we haven't enrolled in Tricare Select. We called and were told that Tricare Select is free (no monthly premium), but is second payor to our BCBS insurance. Tricare Select has $3000 deductible.We were also informed that once we reach 65 years old, we qualify for Tricare for Life, also no monthly premium. But Tricare for life is secondary to Medicare and we must enroll with Medicare B to qualify. So, at 65, our health insurance hierarchy is Medicare first, then BCBS and then Tricare for Life. Can one have too much insurance? Is this a good thing or will it make our life too confusing?

    P.S. Thanks PO for the links.
    Emotions should never play a role in one's investing strategy!
    No to Greed...No to Fear!
    http://share.robinhood.com/mariloc1

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  19. #22

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by Maricar19 View Post
    Latest on Military and Federal Retirement:

    We found a letter from the VA (almost lost in our piles of unopened mail) notifying us that we haven't enrolled in Tricare Select. We called and were told that Tricare Select is free (no monthly premium), but is second payor to our BCBS insurance. Tricare Select has $3000 deductible.We were also informed that once we reach 65 years old, we qualify for Tricare for Life, also no monthly premium. But Tricare for life is secondary to Medicare and we must enroll with Medicare B to qualify. So, at 65, our health insurance hierarchy is Medicare first, then BCBS and then Tricare for Life. Can one have too much insurance? Is this a good thing or will it make our life too confusing?

    P.S. Thanks PO for the links.
    (I am following this thread- as I am in exactly the same boat starting later this year. Thank you for posting)


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  21. #23

    Default Re: New Retirement Talk Page

    Quote Originally Posted by Maricar19 View Post
    Latest on Military and Federal Retirement:

    We found a letter from the VA (almost lost in our piles of unopened mail) notifying us that we haven't enrolled in Tricare Select. We called and were told that Tricare Select is free (no monthly premium), but is second payor to our BCBS insurance. Tricare Select has $3000 deductible.We were also informed that once we reach 65 years old, we qualify for Tricare for Life, also no monthly premium. But Tricare for life is secondary to Medicare and we must enroll with Medicare B to qualify. So, at 65, our health insurance hierarchy is Medicare first, then BCBS and then Tricare for Life. Can one have too much insurance? Is this a good thing or will it make our life too confusing?

    P.S. Thanks PO for the links.
    My dad and mom had this exact setup and it worked very smoothly for them. If they got a bill it was a mistake. Occasionally a medical provider would forget to file with one of the insurance providers but for the most part it worked very well.

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  23. #24

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by Maricar19 View Post
    Latest on Military and Federal Retirement:

    We found a letter from the VA (almost lost in our piles of unopened mail) notifying us that we haven't enrolled in Tricare Select. We called and were told that Tricare Select is free (no monthly premium), but is second payor to our BCBS insurance. Tricare Select has $3000 deductible.We were also informed that once we reach 65 years old, we qualify for Tricare for Life, also no monthly premium. But Tricare for life is secondary to Medicare and we must enroll with Medicare B to qualify. So, at 65, our health insurance hierarchy is Medicare first, then BCBS and then Tricare for Life. Can one have too much insurance? Is this a good thing or will it make our life too confusing?

    P.S. Thanks PO for the links.
    No monthly premium is great.
    Government folks forget that when they retire and keep their Federal insurance, once they turn 65, they have to get Medicare Part B unless they are employed and are receiving insurance through their employer. Also BCBS basic will repay you up to $600 (I heard it might go up this year) of your yearly cost of Part B. Social Security will also take Part B payments out of your monthly check.
    May the force be with us.

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