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Thread: New Retirement Talk Page

  1. #13

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    Default Re: New Retirement Talk Page

    Quote Originally Posted by dave123 View Post
    After reading through this thread, I have a couple of questions that perhaps can be answered here. I hope I'm not hijacking anything.

    I work for the Federal Bureau of Prisons. I have a mandatory retirement coming up in June of 2020. It looks like I should start the paperwork soon? Even if it's mandatory?

    Does anyone know, more or less, when I will most likely get my first check?

    Thanx
    Good question and it varies. I hear you could be getting "a" PARTIAL check fairly quick ( 1-2 months, depending on what date you retire) IF you put in your request at least 4-6 months before you retire. However, it can take 6-8 months for them to precisely figure your FULL monthly payment amount , which then allows them to issue a retroactive payment for the difference PLUS your FULL monthly payment. I hear some folks say the interim checks are maybe 50-60%. Bottom Line: You need to have some money put aside to live on until the full check is getting issued to you.

    I do believe others on this site can provide better comment. I have not yet retired so I just am reporting what I hear.
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  3. #14

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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 canít 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. Iím 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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  5. #15

    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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  7. #16

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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 Iím using about what I am earning, so I canít really save up a big chunk of annual to carry me out. Like I say- Iím really feeling that Iím 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. Iím thinking perhaps end of January 2020 until September 2020, by which time Iím hoping the retirement pay will get sorted out.

    Itís gonna be a mess, I think.

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


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  9. #17

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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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  11. #18

    Default Re: New Retirement Talk Page

    Quote Originally Posted by James48843 View Post
    If you donít 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!
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  13. #19

    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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