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Hoping to retire soon
Old 04-28-2012, 09:08 PM   #1
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Hoping to retire soon

Hello all,

My first post, however I have been reading your posts for several years as non-member. I hope/plan to retire in three years from federal probation.

Very nervous about economy, but I am forced to retire at 57 anyway so why not plan to get out early if possible.
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Old 04-29-2012, 02:10 AM   #2
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Welcome to the forum.
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Old 04-29-2012, 10:23 AM   #3
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Welcome aboard.

Lots of good folk (including some LEOS) and tons of information here.

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Old 11-20-2013, 08:13 PM   #4
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Originally Posted by Federal LEO View Post
Hello all, My first post, however I have been reading your posts for several years as non-member. I hope/plan to retire in three years from federal probation. Very nervous about economy, but I am forced to retire at 57 anyway so why not plan to get out early if possible.
I have been offered a $30,000 high school teaching job starting August 2014. I currently make $166,331. My pension, FERS Supplement, and TSP IRS Min. Withdrawals = $95,000. Therefore, the teaching job would provide me with approximately $125,000 gross semi retirement salary. I am intrigued by (semiretirement) of having holidays and summers off. What do you think?
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Old 11-20-2013, 08:25 PM   #5
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What do you think?
I think you're delusional if you consider teaching high school being semi-retired.
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Old 11-20-2013, 08:36 PM   #6
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I think you're delusional if you consider teaching high school being semi-retired.
+1 if I was a student...or my kid.
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Old 11-20-2013, 08:47 PM   #7
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+1 if I was a student...or my kid.
Okay.... I get it. But after 25 years of a law enforcement career, having summers off does sound nice. No offense to the teachers out there.
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Old 11-20-2013, 10:05 PM   #8
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Okay.... I get it. But after 25 years of a law enforcement career, having summers off does sound nice. No offense to the teachers out there.
Holidays and some weeks during summers are nice but the days in between you may think you are back in law enforcement.

I'm not a teacher, my daughter is.

Welcome to the forum.
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Old 11-20-2013, 10:25 PM   #9
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My wife - the teacher - worked longer hours than I did in law enforcement. Spent more of her own money on purchasing supplies, as well.
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Old 12-05-2013, 11:38 PM   #10
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Hello all,

My first post, however I have been reading your posts for several years as non-member. I hope/plan to retire in three years from federal probation.

Very nervous about economy, but I am forced to retire at 57 anyway so why not plan to get out early if possible.
Additional years beyond your 20 or 25 or whatever you have had to reach your FERS/LEO retirement eligiblility age do not really add all that much to your base pension.

You've been faithfully contributing to your TSP ... yes? Got pretty much everything paid off? Have your eggs safely dispersed in different baskets? Then just do it brother, and don't look back! You'll be fine.
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Old 12-06-2013, 11:45 AM   #11
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Welcome to the forum. If you are passionate about the teaching. Give it a try for a year and see where it goes from there.
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Old 12-06-2013, 12:03 PM   #12
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An item for thought from the book What Color is Your Parachute? is to take a teacher or three from the same school where you are thinking of teaching out to lunch and ask them to talk about their job.

It might solidify your intentions or scare you away. Either one is a good thing if it saves you lots of grief later.
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Old 12-06-2013, 12:03 PM   #13
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Originally Posted by Federal LEO View Post
Hello all,

My first post, however I have been reading your posts for several years as non-member. I hope/plan to retire in three years from federal probation.

Very nervous about economy, but I am forced to retire at 57 anyway so why not plan to get out early if possible.
What is your age now?
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Old 12-07-2013, 11:07 AM   #14
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Congrats. I retire Jan 11, 2014, 25 years as a LEO, only 49. Time for a change of scenery. You mention minimum withdrawals from TSP. I believe at age 55, you only pay Fed/State Tax on TSP withdrawals, no more 10% penalty. Therefore, I believe you can tell TSP to give you what you want each month, i.e., monthly dollar amount withdrawal rather than Life Expectancy.

If you're interested, PM me as I am not sure if I am allowed to put external links on this message board and I'll send you a link to a free FERS LEO retirement booklet, updated annually, written by a now retired Fed LEO, Series 1811, that is probably the best booklet there is. He also does a non-leo Fed booklet for you regular Feds. :-)
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Old 12-07-2013, 11:47 AM   #15
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If you're retiring in Texas, you'll only pay federal taxes on your TSP. And, as Kaufmanrider says, no age-related penalty since you'll be age 55 or older when you retire. I will be taking annually-adjusted monthly withdrawals from my TSP. No annuity or rollovers. I recognize leaving my money in TSP as the best choice for me.
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Old 12-07-2013, 06:08 PM   #16
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FYI...Your FERS Supplement will be reduced if you go back to work and make more than about $15,120, (2013 level). If a retiree's earnings exceed the annual earnings limit, the supplement will be reduced by $1 for every $2 earned above that amount. LEO's may have different rules about the earnings limits...I am not sure, though.

Yes, you can also adjust your TSP monthly withdrawal amounts once a year, too. It can be done at the end of each year and the TSP has to receive form TSP-73 by Dec 15 for the upcoming year.

And hey...My last day is Jan 11, 2014, too!!!!
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Old 12-07-2013, 06:16 PM   #17
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And hey...My last day is Jan 11, 2014, too!!!!

Sure Dave, rub it in!!!
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Old 12-07-2013, 06:18 PM   #18
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LEO's can work and make as much as they want until they reach MRA, then the reduction you mention kicks in. For me that's 56.

Congrats on your retirement.


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FYI...Your FERS Supplement will be reduced if you go back to work and make more than about $15,120, (2013 level). If a retiree's earnings exceed the annual earnings limit, the supplement will be reduced by $1 for every $2 earned above that amount. LEO's may have different rules about the earnings limits...I am not sure, though.

And hey...My last day is Jan 11, 2014, too!!!!
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Old 12-07-2013, 06:25 PM   #19
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Hi Marty...Hang in there, it's almost over! I've been keeping track of you, too!

Having to work has been messing up my deer season this year. But not next year! It's going to be nice not having to work for money...
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Old 12-07-2013, 06:37 PM   #20
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As an ex-teacher......sometimes you get summers off.....sometimes you don't. I always had to take a certain number classes every 5 years or so to stay certified. If the job was that easy.....everybody would be doing it. Some people just can't handle being around kids.....let alone the other teachers And on the other side of it.....no way would I want to be a policeman.
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