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Thread: Tsunami's Account Talk

  1. #1537

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    Default Re: Tsunami's Account Talk

    I was unable to reach OPM on the phone today, nothing but endless busy signals. So I sent an email instead regarding the health insurance problem.
    I think I might have figured out the high annuity amount answer. My understanding from multiple retirement classes was that you don't get a penny of the FERS Supplement until OPM has finalized your annuity, then they give you full backpay for the FERS Supplement for however many months you weren't getting it. But if that's not true and you also get something like 80% of the FERS Supplement as part of your interim deposits, that would explain the higher amount (Are there any recent retirees out there that know the answer to that?...do you also get a portion of the FERS Supplement during the interim period?) The deposit was about 77% of the final total (FERS annuity plus FERS Supplement after deductions) amount I'm expecting, so that fits that theory. Maybe when I get my Online Services password (hopefully early next week) and can get into my account I'll see if that's the answer if there's some sort of statement for the interim annuity components.

    Market update...I think today's bottom finished a clear 5 waves down, which means after the bounce ends there will be another 5 wave drop, a wave C...which could be sharper and deeper than the initial 5 waves down but will be the time to get in. Perhaps the looming 2nd shutdown will provide enough of a scare to produce that drop next week. I've been playing the drops using TVIX in my Roth IRA and doing nicely.

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  3. #1538

    Default Re: Tsunami's Account Talk

    The 75% mark is what my buddy reports getting. According to him (retired last summer) annuity + supplement estimate is what comes in first month. Then second month is full amount plus what is owed to you, then third moth started being normal amount. Caveat is that he retired at the end of June so he got his leave payout the third week of July, his first retirement check came in the first week of August, 2nd one the first part of September and normal amount began in the first part of October. He said if he had retired the first of July then his first retirement check would likely not have come till the first week of September because of the way OPM processes packages.

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  5. #1539

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    Default Re: Tsunami's Account Talk

    Here's a long-term chart regarding the UE rate sell signal I mentioned below. Looks like there were a couple brief spikes above the moving average in the past that proved to be false signals, so it remains to be seen if the UE rate will fall back down and prove this to be a false sell signal.

    https://www.stockcharts.com/h-sc/ui?...07&a=442365228


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  7. #1540

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    Default Re: Tsunami's Account Talk

    Quote Originally Posted by Tsunami View Post
    I was unable to reach OPM on the phone today, nothing but endless busy signals. So I sent an email instead regarding the health insurance problem.
    I think I might have figured out the high annuity amount answer. My understanding from multiple retirement classes was that you don't get a penny of the FERS Supplement until OPM has finalized your annuity, then they give you full backpay for the FERS Supplement for however many months you weren't getting it. But if that's not true and you also get something like 80% of the FERS Supplement as part of your interim deposits, that would explain the higher amount (Are there any recent retirees out there that know the answer to that?...do you also get a portion of the FERS Supplement during the interim period?) The deposit was about 77% of the final total (FERS annuity plus FERS Supplement after deductions) amount I'm expecting, so that fits that theory. Maybe when I get my Online Services password (hopefully early next week) and can get into my account I'll see if that's the answer if there's some sort of statement for the interim annuity components.
    Hmm, per this the interim payment do NOT include any of the FERS Supplement as I thought:
    https://www.opm.gov/faqs/QA.aspx?fid...9-83c1ce4112fc

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  9. #1541

    Default Re: Tsunami's Account Talk

    Quote Originally Posted by Tsunami View Post
    Here's a long-term chart regarding the UE rate sell signal I mentioned below. Looks like there were a couple brief spikes above the moving average in the past that proved to be false signals, so it remains to be seen if the UE rate will fall back down and prove this to be a false sell signal.

    https://www.stockcharts.com/h-sc/ui?...07&a=442365228
    Thanks for the chart. Interesting overlay. Past couple of months have a similarity to the May-June 2008 action shown on that chart. If there is a correlation I am glad I got out.

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  11. #1542

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    Default Re: Tsunami's Account Talk

    Quote Originally Posted by Tsunami View Post
    Hmm, per this the interim payment do NOT include any of the FERS Supplement as I thought:
    https://www.opm.gov/faqs/QA.aspx?fid...9-83c1ce4112fc
    Got my Services Online temp password this afternoon...set up my account...although there's no statement, they give you the federal tax amount so I was able to figure out that my first interim annuity payment was about 85% of the estimated final amount I should get. So everything looks fine, no problem with the amount. I think my confusion was I forgot that they don't take out a dime for the health insurance premium from interim payments. They do that retroactively once everything is finalized. So all they take out is Federal tax: https://www.opm.gov/FAQs/QA.aspx?fid...8-1c22b8522b7d If my case is finalized in the average ~60 days I should get my annuity finalized right around April Fool's day.

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  13. #1543

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    Default Re: Tsunami's Account Talk

    Tsunami,

    Keep in mind they do not take out for dental insurance, if you are signed up for that as well. Also, if you live in a state that has state taxes, you will need to have money allocated for that as well.

    Once again, congratulations on your retirement.
    But first...Coffee

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  15. #1544

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    Default Re: Tsunami's Account Talk

    It took me a week to find the time in my busy retirement schedule to read this, but boy am I glad I did:

    Making Optimal Social Security Claiming Decisions by Daniel Amerman

    What an eye opener regarding social security and Medicare Part B. I'd urge anyone not already collecting SS to take the time to read that from start to finish. Looks like my plan to hold out as long as i can before collecting SS has just changed and I'll more likely be collecting at age 62 a few years from now. And regarding Medicare Part B, I've been on the fence, but now I'm falling off the fence toward the side of not applying for it. If I do decide to take Part B, then it would be prudent to start collecting SS at age 65 if I haven't already started by then. That's because of the huge premium increases you're likely to face during the period you're not covered by the hold harmless provision. The average 7.7% annual Medicare Part B premium increase https://www.fool.com/retirement/2017...emium-inc.aspx makes it a slam dunk not to wait to age 70 unless you're pretty certain you'll live well into your 90's.

    Anyway, a very good read, as is the other free stuff by Daniel Amerman on his website.

    P.S. - Ravensfan...moving to Florida next month, so no state taxes for us.

  16.  
  17. #1545

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    Default Re: Tsunami's Account Talk

    Quote Originally Posted by Tsunami View Post
    It took me a week to find the time in my busy retirement schedule to read this, but boy am I glad I did:

    Making Optimal Social Security Claiming Decisions by Daniel Amerman

    What an eye opener regarding social security and Medicare Part B. I'd urge anyone not already collecting SS to take the time to read that from start to finish. Looks like my plan to hold out as long as i can before collecting SS has just changed and I'll more likely be collecting at age 62 a few years from now. And regarding Medicare Part B, I've been on the fence, but now I'm falling off the fence toward the side of not applying for it. If I do decide to take Part B, then it would be prudent to start collecting SS at age 65 if I haven't already started by then. That's because of the huge premium increases you're likely to face during the period you're not covered by the hold harmless provision. The average 7.7% annual Medicare Part B premium increase https://www.fool.com/retirement/2017...emium-inc.aspx makes it a slam dunk not to wait to age 70 unless you're pretty certain you'll live well into your 90's.

    Anyway, a very good read, as is the other free stuff by Daniel Amerman on his website.

    P.S. - Ravensfan...moving to Florida next month, so no state taxes for us.
    There is more to Medicare Part B.

    There is a 10% penalty per year compounded if you do not sign up for Part B when eligible.

    If you are 65 and are covered under your employers health insurance you do not have to sign up for Part B (government retiree health coverage does not count). You can defer it until you no longer are covered by your employers health coverage and you have 6 months to sign up.
    If you are not covered by an employers health insurance program and you do not sign up for Part B when eligible then there is a 10% penalty per year.

    1st year 10% penalty
    2nd year 20% penalty
    3rd year 30% penalty, etc.

    As an example you wait 4 years after eligibility to sign up for Medicare Part B that would add an additional 40% to your monthly premium. This excides the possible 7.7% annual increase. That penalty will be tacked on every year.
    May the force be with us.

  18.  
  19. #1546

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    Default Re: Tsunami's Account Talk

    Yes, the Medicare penalty forces you to make the decision at age 65. For Feds covered by FEHB through retirement, I don't see that adding Medicare Part B makes financial sense. Part A covers the big stuff that matters most. Of course the FEHB plans push us to sign up for Medicare Part B since it saves them a lot of money, and they'll even waive copays if you do.

    My plan is, starting this year, I'm tracking every penny that my wife and I shell out in the various categories that correspond to Medicare Part A, B and D, so I'll have six rows on the budget spreadsheet that tracks that for 6+ years...and if by age 65 it looks like it's very unlikely that shelling out the Part B monthly premium will save us money, I won't get it. I'll do that for each of us separately. Of course things change later in life as your health deteriorates, so all I can to for that is use our parents/siblings as proxies...both of my parents are 85 and amazingly healthy for example (my stubborn dad refused neighbors help and spent yesterday shoveling up to four feet of snow drifts at their house in Washington), as are my siblings so far...so for me I'm leaning toward not getting Part B as of now...for my wife we might go the other way....but the decisions are 6 years away for me and 10 for her.

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  21. #1547

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    Default Re: Tsunami's Account Talk

    Tsunami,

    I have Federal BC/BS basic, plus Medicare Part A & B for myself and my wife and other than some drug costs we paid $0.00 last year for our doctor visits and procedures. Plus BC/BS reimburses each of us $600 on the Part B portion. I don't worry about the Part D since BC/BS has pretty good coverage. The one disappointing thing about Medicare is that it doesn't really cover; dental, eye and hearing. But who knows what will change in 6 to 10 years.

    Enjoy retirement.
    May the force be with us.

  22.  
  23. #1548

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    Default Re: Tsunami's Account Talk

    "Plus BC/BS reimburses each of us $600 on the Part B portion."

    NASA,

    Could you explain that? I wasn't aware that BCBS would send us $600/year per person if we get Medicare Part B. Why? That would be $1200/year and certainly changes the equation.
    Last year we had a total of $524 in copays that Medicare would have probably covered (or BCBS would have just dropped the copays), but that doesn't come close to the current premium of $134/month, times 12 months, times 2 people = $3,216.

    We've had Blue Vision and United Concordia for vision/dental for many years now and that's saved us a bundle.

    Market...OK, I'm grasping at straws now hoping for a pullback LOL...maybe a swing high today per the stars?
    http://timeandcycles.blogspot.com/


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